Sofia fears for fuels supplies as US sanction deadline looms
SOFIA – A US licence allowing negotiations over the sale of Lukoil’s international assets expires on Saturday, but Bulgaria’s petrol stations and the Balkans’ largest refinery are not expected to stop operating.
US sanctions are pushing the Russian oil group to divest itself of its international assets, including the Burgas refinery, but no sale has yet been agreed.
Saturday’s deadline applies to General License 131G, issued by the US Treasury’s Office of Foreign Assets Control (OFAC). It permits negotiations over the sale of Lukoil International, the Vienna-based holding company that owns refineries in Burgas and Ploiești, as well as a stake in an Iraqi oilfield.
The licence covers talks, due diligence and contingent contracts. Any completed sale would require separate approval from Washington, subject to three conditions: Lukoil must fully relinquish control, the proceeds must be placed in a blocked account under US jurisdiction, and the company must receive no windfall.
