Bloomberg Claims KazMunayGas Still in Running to Buy Bulgarian Refinery

Kazakhstan's national oil company KazMunayGas (KMG) remains in contention to acquire Lukoil's refinery in Burgas, Bulgaria, despite earlier reports suggesting otherwise, according to BNN Bloomberg.
Citing two sources, Bloomberg reports that KMG is discussing financing options with the Vitol group, Kazakhstan's primary oil trader.
If successful, the potential deal, valued at approximately $1 billion, could be completed within a month. A key condition of the sale is that no funds would be transferred to Russia.
Financial analyst Jonathan Lamb views the potential acquisition as favorable for KMG, noting that the Burgas refinery would operate outside Kazakhstan's production quota system.
The purchase would also double KMG's European refining capacity, with the billion-dollar price tag considered relatively low.
European countries have increased importing of Kazakhstan's oil, purchasing about 80% of oil shipped through the CPC pipeline.
Bulgaria, which banned Russian oil imports in January 2024, has increased its imports of Kazakhstan's oil to 40% of its supply.
Lukoil decided to sell its Burgas refinery, citing "discriminatory laws and unfair, politically motivated decisions."
While the Financial Times reported in November that KMG had withdrawn from the bidding process in favor of a Qatar-British consortium, Litasco, the refinery's main shareholder, quickly denied these claims.
KMG, Lukoil, and Bulgaria's Ministry of Energy have not commented on the potential deal.
Original Author: Nikita Drobny
Latest news
- First Official Visit: Kazakhstan’s New Defense Minister in Moscow for Talks on Military Cooperation
- Pashinyan and Aliyev to Meet in Abu Dhabi Amid Peace Talks
- Uzbekistan Sentences Two for Fighting in Ukraine
- Two Major Gas Plants to Be Built in Mangystau Region
- Activist Accused of Wallet Theft After Demanding Water Access Now Plans to File Complaint
- Kazakhstan Launches Green Investment Fund at International Forum
- Original Picasso Lithographs to Be Exhibited in Kazakhstan
- Court Delivers Verdict in Almaty Hostel Fire Case, But Questions Remain
- Toqayev Highlights Water Security as a National Priority
- Preliminary Hearings Begin in Case Against Perizat Kairat
- Trump’s Comments on Russia and China Surface in Audio Recordings
- Gollum and Two Stadiums: Comic Con Astana 2025 Opens in Astana
- Taraz Prosecutor’s Office Confirms Irregularities in Tender Process
- Chinese to Invest 70 Billion Tenge in "Underground" AI Project in Kazakhstan
- Thermal Power Plant Projects: Kazakhstan Looking for Alternatives for Russian Contractors
- Shymkent Theater Officials Accused of Embezzling Over 136 Million Tenge
- Ashgabat Responds to Media Report on Internet Access
- Rare Glimpse: Red-Listed Lynx and Secretive Badgers Filmed in the Wild
- Kairat Forward Becomes Youngest Kazakhstani to Score in Champions League
- Orda's Editor-in-Chief Targeted in Questionable Ownership Maneuver