Lukoil Ordered to Stop Operations in Bulgaria

Lukoil Ordered to Stop Operations in Bulgaria

А decision has been issued by the State Customs Agency terminating the license of Nefothim Burgas to operate the so-called excise storage facilities.

The decision pertains also to the oil terminal "Rosenets," both property of the Lukoil Bulgaria company.

The news was reported by the TV channel bTV Wednesday morning.

In a phone call to the TV station, the Director of the Customs Agency, Vanyo Tanov confirmed the news, explaining the move means "Lukoil" is stopping operations in Bulgaria, because it can no longer produce fuels. The order stems from the fact the company failed to install devices that send data for the sales to the National Revenue Agency, NRA.

"When the company complies with all that is required by the law, it can apply again for a new license," Tanov said, adding he did not yet know if the case will be referred to the Prosecutor's Office.

Top Bulgarian financial expert, Emil Harsev, commented for bTV that a price increase of fuels in the country is to be expected since the only oil refinery in Bulgaria is effectively closed. He says the decisions means the refinery can no longer receive oil thus it must stop production.

The move comes in the heels of a number of reports that Prime Minister, Boyko Borisov, is a close friend of the Lukoil Bulgarian CEO Valentin Zlatev and the company receives preferential treatment.

The decision has been handed to Lukoil on Tuesday, July 26 and is effective Wednesday.

Expect further details. (Source: Sofia News Agency)

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