Bulgarian parliament approves end of Lukoil's oil terminal concession

The Bulgarian parliament today approved ending Russian oil company Lukoil's concession to operate an oil terminal near the Black Sea port of Burgas, Reuters reported. It is the only specialised oil terminal on Bulgaria's Black Sea coast. According to the bill's sponsors, ending the concession will prevent Russia from using Bulgarian facilities to finance the war in Ukraine. Bulgarian lawmakers hope the move will speed up Bulgaria's accession to the Schengen area, which has no internal border controls.

The terminal has been under Lukoil's control since 2011, when the Russian company was awarded a 35-year concession to operate it. The approved measure stipulates that Lukoil will be able to continue operating the terminal after the concession ends, but will have to pay fees to the Bulgarian government.

The terminal serves Bulgaria's only refinery, which has a capacity of 196.000 barrels per day and is owned by Lukoil. In January, Bulgarian lawmakers passed a measure allowing the government, if necessary, to take control of the refinery for up to one year.