Bulgaria moves to seize Lukoil assets due to US sanctions, while Romania remains undecided on its strategy.
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Bulgarian authorities are moving quickly to take full control of Lukoil’s operations in Bulgaria after the Russian energy giant lost potential buyers for its international assets following US sanctions. The Bulgarian Parliament urgently passed legislation allowing the state to assume complete control over Lukoil’s business, including its main refinery and extensive network of gas stations, with the government planning to appoint special administrators. Meanwhile, Romanian authorities have not yet announced a definitive decision regarding Lukoil’s presence in Romania; they are currently clarifying their stance with the US while considering options, viewing nationalization as a last resort. Lukoil has struggled for years to sell its Petrotel refinery due to outdated facilities. In Bulgaria, the government seeks a six-month temporary waiver from US sanctions to ensure energy security during the transition.
