site.btaEconomic Policy Committee Proposes Much More Gradual Abandonment of Russian Oil Input at Neftochim Refinery
The National Assembly Committee on Economic Policy and Innovation proposes that the Lukoil Neftochim refinery in the seaside city of Burgas should gradually switch to processing petroleum of non-Russian origin by October 1, 2024. The committee adopted on second reading amendments to the Act on Control over the Implementation of the Restrictive Measures in View of Russia's Actions Destabilizing the Situation in Ukraine.
The idea is to make the abandonment of Russian crude-oil input less abrupt than suggested by the amendments approved by the full House on first reading. The National Assembly had resolved provisionally that Lukoil Neftochim should make the transition within 30 days of the adoption of the amendments.
According to the new proposal, the share of crude oil of Russian origin processed by the refinery should be no more than 80% until the end of 2023, no more than 75% until March 31, 2024, no more than 50% until June 30, 2024, and no more than 25% until September 30, 2024. In the meantime, Neftochim's fuel sales should not fall below the average level of the last five whole financial years.
From October 1, 2024 onward, Lukoil Neftochim will be expected to process only oil of non-Russian origin. The Customs Agency will be tasked with monitoring the implementation of the refinery's obligations and reporting about that to the Ministry of Finance.
The Economic Policy and Innovation Committee approved a plan for Lukoil's advance payments on its profit. According to the Ministry of Finance, the company has made only one such payment this year, back in spring.