Home » SOCAR is interested in purchasing LUKoil business in Europe

SOCAR is interested in purchasing LUKoil business in Europe

The State Oil Company of the Republic of Azerbaijan (SOCAR) is
interested in purchasing the assets of the Russian company Lukoil
in Bulgaria, Azernews reports, citing local media
outlets.

Local Media Outlets claims that several institutions are
interested in buying Lukoil’s business in Bulgaria. It is noted
that although interest comes from two US investment funds and two
small oil companies, SOCAR is the most involved party.

According to the report, “Lukoil” is considering all possible
options for the future of Bulgarian business, including the sale of
the largest oil refinery from the Balkans “Lukoil Neftochim Burgas”
and the company’s extensive network of gas stations and oil storage
facilities in the country.

It is reported that with 220 gas stations and nine oil bases in
Bulgaria, “Lukoil” currently has a dominant position in the
production and storage of petroleum fuel as the main supplier of
aircraft fuel in the region.

According to information released the other day, “Lukoil” will
review its strategy regarding its assets in Bulgaria and analyze
the possibility of selling its business in the country.

“In connection with a significant change in the working
conditions of enterprises of the Lukoil group in Bulgaria, a review
of the strategy of this asset has begun. Various options will be
analyzed with the involvement of international consultants,
including the sale of business,” the company said in a
statement.

Earlier, the refinery “Lukoil Neftohim Burgas” in the Bulgarian
city of Burgas warned from the beginning of 2024 about the danger
of stopping production in connection with the abolition of quotas
for the export of petroleum products. Lukoil called on the
Bulgarian authorities to dialogue to find “a viable solution to
reduce risks without stopping production.”

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