Bulgaria purchased oil from Kazakhstan, Iraq, Tunisia to replace supplies from the Russian Federation
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Bulgaria in January 2024 began purchasing oil from Kazakhstan, Iraq and Tunisia for its only oil refinery in Burgas, which belongs to LUKOIL, reports Reuters with reference to data from traders and LSEG (London Stock Exchange Group). In 2023, Bulgaria ranked fourth in terms of oil imports from Russia by sea, purchasing an average of more than 100 thousand barrels per day, the agency notes.
According to LSEG data cited by Reuters, in January, two shipments of Kazakh KEBCO oil with a volume of 70 thousand tons each, one batch of Iraqi Basrah Light oil (76 thousand tons), as well as 33 thousand tons of oil from Tunisia.
According to traders surveyed by the agency, Kazakh oil KEBCO could become the main replacement for Russian oil for Bulgaria. At the same time, they note that the supply of oil of this grade on the market is limited, and the price is significantly higher than that of Urals.
LUKOIL has owned the Burgas refinery since 1998, investments in the modernization of the enterprise have since amounted to $3.4 billion. On October 14, 2023, the Bulgarian authorities announced an increase in tariffs for the transit of Russian gas through the country. 18 December Bulgarian parliament in first reading accepted a law banning the LUKOIL plant from refining Russian oil from March 1, 2024.
Read more in the publication “Kommersant” “LUKOIL says goodbye to Bulgaria”.
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