Bulgarian Parliament Curbs Special Manager's Powers at Lukoil Refinery
Legislative Changes and Impact on Lukoil Operations in Bulgaria
SOFIA, June 4 (Reuters) - The Bulgarian parliament approved on Thursday legislation limiting the powers of a new special manager overseeing Lukoil's operations in the country, local media reported.
Lukoil's Presence in Bulgaria
Russia's Lukoil is one of the largest motor fuel retailers in Bulgaria and runs the country's sole refinery, Burgas.
Details of the Legislative Amendments
Introduction and Purpose of Amendments
• The amendments to the legislation were introduced by the ruling party of Prime Minister Rumen Radev who came into office after winning an April 19 parliamentary election.
Restoring Oversight
• The party said they were aimed at restoring judicial and government oversight of the manager's actions, including those related to ownership changes.
Appointment of New Special Manager
• Economy Minister Alexander Pulev announced on Wednesday the appointment of a new special commercial manager for Lukoil in Bulgaria, replacing the previous manager who was appointed last November. Pulev said in a statement that the previous manager was replaced for "complex reasons".
Context: U.S. Sanctions Waiver
• The changes to the legislation come after the Trump administration extended a sanctions waiver in April allowing Lukoil's service stations in the country to operate until late October.
(Reporting by Alex Lefkowitz; Writing by Angeliki Koutantou; Editing by Emelia Sithole-Matarise)
