Bulgarian President Vetoes Oil Refinery - Opposes Legal Changes That Would Have Enabled Sale of Facility
Bulgaria's President Rumen Radev has vetoed legal changes that would have given additional powers to a government-appointed administrator to oversee the country's only oil refinery, owned by Russian company Lukoil, the presidency announced.
The amendments, approved by parliament last week, expanded the authority of Lukoil Neftochim's special administrator, giving him the right to sell the refinery.
According to Radev, these modifications endanger the legal order, contradict the fundamental norms of European law and pose a risk to public finances. The presidency explained that the changes create challenges for the administrative and judicial supervision of Lukoil Neftochim, as they essentially constitute a form of “indirect nationalization” of assets and open up opportunities for abuse of power.
Radev also warned that these changes could damage Bulgaria's reputation and worsen the investment climate in the country.
Lukoil Neftochim and fuel retailer Lukoil Bulgaria have been included in US sanctions against Russian parent company Lukoil and its subsidiaries.
The decision to appoint a special administrator came after Swiss company Gunvor announced it was withdrawing from its bid to buy Lukoil's international assets. The move came after the US Treasury Department called Lukoil "a puppet of the Kremlin."
Bulgaria has until November 21 to decide what measures it will take regarding Lukoil Neftochim.
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