Bulgarian Prime Minister Rosen Zhelyazkov has welcomed the Trump administration's clearance to allow potential buyers to negotiate with Russia's Lukoil about purchasing its foreign assets, including the Burgas refinery in Bulgaria.

Sofia

Bulgarian Prime Minister Rosen Zhelyazkov welcomed the US administration's decision to permit negotiations for the purchase of Lukoil's foreign assets after sanctions were imposed on the Russian oil company due to its involvement in financing the war in Ukraine. Speaking at a gas pipeline construction site, Zhelyazkov emphasized the importance of maintaining operations at the Lukoil-owned Burgas refinery to ensure market stability and protect jobs.

Lukoil's foreign assets, which represent about 0.5% of global oil production and are valued at approximately $22 billion, have faced increasing disruptions since the sanctions were enacted. The US Treasury Department has authorized discussions with Lukoil about asset sales through December 13 and allowed transactions involving Lukoil entities in Bulgaria until April 29, 2026.

Bulgaria welcomes US approval on Lukoil's foreign asset talks

The Bulgarian prime minister on Saturday welcomed the Trump administration allowing potential buyers to negotiate with Lukoil on purchasing its foreign assets, after the U.S. imposed sanctions on the Russian oil company for their help financing the war in Ukraine. Rosen Zhelyazkov spoke at a gas pipeline construction site to discuss efforts to secure the operation of Lukoil's Burgas refinery, after Bulgaria moved to seize the plant. He said the main goal is for the refinery to operate, for the Bulgarian market not to experience any difficulties, and for the refinery workers to be calm about their work and about the fact that this asset, a part of their critical infrastructure, will operate unhindered. Lukoil has faced growing disruptions to its foreign assets, which account for about 0.5 percent of global oil production since the U.S. sanctions were imposed last month. Lukoil's international assets are estimated to be worth about $22 billion, based on 2024 filings. The Treasury Department has authorized companies to talk to Lukoil through December 13 about buying its foreign assets, and allowed transactions involving Lukoil entities in Bulgaria until April 29, 2026.

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