Azerbaijan’s Ambassador to Bulgaria, Huseyn Huseynov, said that Azerbaijan remained receptive to considering the acquisition of Bulgaria’s Lukoil Neftohim Burgas oil refinery. However, as of now, there has been no concrete proposal put forth for consideration, as stated by the Ambassador. His remarks have been echoed in various media outlets in Azerbaijan, Russia and Ukraine in recent days.
Despite the establishment of an office by the Azerbaijani state oil company SOCAR in Sofia earlier this year, Ambassador Huseynov emphasized the necessity for a specific proposal from Sofia, detailing terms and conditions, for earnest consideration by SOKAR and the Azerbaijani state.
The context of this prospective acquisition stems from Bulgaria’s decision to gradually limit Russian oil imports. This legislative move by the Bulgarian parliament aims to reduce Russian crude utilization in the Lukoil refinery to 80% until the close of 2023, followed by a complete cessation in October 2024. Additionally, Bulgaria has imposed a 60% tax on profits for the Burgas refinery, offering a reduction to 15% post-asset sale. (Novinite/Business World Magazine)
