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Russia Halts Oil Export, Bulgaria Demands Guarantees
Date: 02/05/2011
Russia Halts Oil Export, Bulgaria Demands Guarantees

Bulgaria's Economy and Energy Minister, Traicho Traikov, has asked for guarantees from Russia for enough fuels for the country's market amidst reports that the Federation is halting oil export.

On Sunday, on the grounds of an unprecedented global fuels crisis, Russia stopped exporting oil products with Russian media reporting that fuels export tax has gone up on May 1 by 44% to reach USD 408 per ton. With the measure, the Russian government aims at making oil products export less profitable and to overcome the crisis on its internal market.

Traikov has asked guarantees from the only oil refinery in Bulgaria – Lukoil Neftohim Burgas. An official response is yet to be received.

Darik radio cite their own sources saying the refinery imports only raw oil, not oil products, meaning the Russian decision would not have a direct effect on the volumes for Bulgaria.

It also remains unclear how the latest developments will influence raw oil prices, and consequently, fuel prices in Bulgaria.

Topic: Economy

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