June 23, 2024
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Bulgaria: Fuel exports exceeded 1 billion euros

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The export of fuels in the period from January to August 2023 amounted to 2.2 billion BGB (around 1.1 million euros), according to data from National Statistical Institute.

The primary exports consisted of A95 gasoline, diesel shipments to Ukraine, and fuel oil, not on the prohibited list.

The largest proportion of fuel exports comprises A95 gasoline, with sales totalling BGN 1.155 billion for 998 cubic meters.

Diesel follows, primarily destined for Ukraine, generating BGN 521 million from 325 thousand tons.

Local wholesalers and warehouse owners are active players in this market, acquiring fuel mainly from the refinery. Notably, not all of the exported diesel originates from the Lukoil Neftohim refinery.

For instance, “Insa Oil” imports fuel from Russia, processes it into diesel and exports it to Ukraine after desulfurization.

Low-octane gasoline exports contributed BGN 154 million from 161 thousand cubic meters, while special gasoline accounted for BGN 257 million from 266 thousand tons. Additionally, fuel oil exports surpassed BGN 162 million.

Bulgaria’s fuel export scenario drew attention following news of a two-year waiver from the European Commission regarding the import of Russian oil and fuels due to Bulgaria’s reliance on Russian supplies and the unfavourable location of the Burgas refinery.

In November, “Politico” reported that Bulgaria was aiding in bypassing EU oil sanctions against Russia. The publication highlighted an extra €1 billion raised for the Ukraine conflict through Russia’s major private oil company leveraging a “loophole” in EU sanctions – facilitated by Bulgaria – exporting domestically processed oil to third markets.

After parliamentary discussions and motions, the energy committee decided to phase out refined product exports from Russian oil starting January 1, 2024, and cease final oil imports from Russia on March 1, 2024.

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