Lukoil Bulgaria CEO Announces Closure of Oil Refinery

Business » ENERGY | July 27, 2011, Wednesday // 12:37
Lukoil Bulgaria CEO Announces Closure of Oil Refinery: Lukoil Bulgaria CEO Announces Closure of Oil Refinery Bulgarian Finance Minister, Simeon Djankov, assuages fears of a fuel crisis in Bulgaria after the closure of the Lukoil refinery, the only one in the country. Photo by BGNES

The Lukoil refinery, the only one in Bulgaria, is in emergency operational mode in preparations to stop work, according to Lukoil Bulgaria's CEO, Valentin Zlatev.

Zlatev spoke upon leaving the emergency meeting with Finance Minister, Simeon Djankov, and the Director of the Customs Agency, Vanyo Tanov, where the three discussed the revoked license of Lukoil on two of its fuel storage facilities.

Currently, the Customs Agency is conducting a full inventory of the company, which is the largest fuel importer in Bulgaria by checking the available fuel in the storage in order to assess the amount of the excise owed by Lukoil. The authorities inform that upon full payment, the company would again be allowed to sell fuels, but until then it could trade only the quantities that are outside the refinery.

"Fuels and the license have nothing to do with each other. The Customs Agency is issuing an order to revoke the license of Neftohim Burgas and the "Rosenets" oil terminal. We abide by the law; we follow directions and are stopping the work of the refinery. Otherwise, I am as informed as you are," Zlatev told the reporters, adding it was likely Lukoil will hold a special press conference Thursday.

Meanwhile, before the meeting Djankov declared he was not at all nervous about revenues in the Treasury over the revoked license. He was also adamant Bulgaria is not in any danger of a fuel crisis, saying there are 420 licensed importers and fuel would be sufficient.

The Minister further pointed out both small and big companies must realize they are equal before the law.

Tanov reiterated the refinery cannot operate without the required electronic measuring devices Lukoil failed to install in its storage facilities, and can deal only with the fuels already outside the plant. He said the only other possibility for the company is to appeal his decision in Court, which would be a lengthy process.

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Tags: excise storage, license, rule, Vanyo Tanov, Customs Agency, Lukoil, Valentin Zlatev, Boiko Borisov, oil, refinery, Simeon Djankov

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