When the latest US sanctions against Russia’s oil industry hit last month, Bulgaria had an urgent problem. One of the companies targeted, Lukoil PJSC, owned the country’s biggest oil refinery, a legacy of cozy ties with Moscow.
The government decided to seize the Neftohim facility near the Black Sea and Lukoil’s other assets. It revoked shareholders of any rights and appointed a manager to negotiate a potential sale. It took a parliamentary committee just 26 seconds to undo 26 years of ownership and endorse the move ahead of a
The unexpected turn of events has led to ...