Lukoil Bulgaria Brags about Complying with 'One Third' of Law

USD 27 M will have to be invested by Lukoil Bulgaria to install the electronic measuring devices required by law. File photo

Nearly one third (30%) of the electronic measuring devices, required by law, have been already installed by Lukoil Neftohim Burgas.

The information was reported Saturday by Ilshat Sharafutdinov, Chief Engineer of the only oil refinery in Bulgaria, owned by the Russian Lukoil.

"We are mounting the devices in full compliance with the Excise Warehouses Act. We measure the raw oil, intermediary products, and the end products. This is 100% accountability, which we provide to all State institutions that check us non-stop, including the Customs Agency," Sharafutdinov is quoted saying.

He explained the only difference between the old way of measuring fuel and the new devices is time, without any human factor interference in both cases.

"In general, this must be a right move, but it had not been realized anywhere in the world yet, so we cannot witness it," the Head Engineer commented, adding USD 27 M will be needed to install all required devices.

When asked if the investment would influence fuel prices in Bulgaria, Sharafutdinov pointed out that in any market economy investments must be covered by profits.

"We have reiterated numerous time that fuel prices are determined by the market and international oil prices. Only the market will show how much fuel will cost," he stressed.

The Lukoil saga emerged at the end of July when the Customs Head, Vanyo Tanov, issued an order to revoke Lukoil's license to operate excise warehouses over the company's failure to install the required electronic measuring devices within the deadline.

The Court, however, returned the license, and the refinery resumed fuel production.

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