Hungarian oil group MOL Magyar Olaj- és Gázipari Nyilvánosan Muködo Részvénytársaság (BUSE:MOL) is participating in a tender to acquire the Bulgarian oil refinery of Russia's PJSC LUKOIL (MISX:LKOH), Hungarian prime minister Viktor Orban was cited as saying by Bulgarian media. MOL is among seven participants in the tender and the only one from the European Union, state broadcaster BNT reported on December 22, 2024. Speaking at a press conference following a recent visit to Bulgaria, Orban said that the decision on the sale ultimately lies with Bulgaria, noting that he has received assurances that the country would not obstruct gas deliveries to Hungary, according to the report.
The announcement comes as Orban seeks to secure energy supplies for Hungary ahead of the expiration of Ukraine?s transit deal for Russian gas on January 1, 2025. The transit pipeline through Ukraine is a major route for Russian gas to Europe, but Ukraine has confirmed it will not renew the agreement due to Russia's aggression. Hungary also receives Russian gas through the TurkStream pipeline, which bypasses Ukraine, as well as through other routes via Romania.
Lukoil is looking to sell the refinery ? the biggest in Southeast Europe ? after the Bulgarian parliament last year ended the country?s exemption from EU sanctions imposed on Moscow over Russia?s invasion of Ukraine.
Last month, Swiss-based Litasco, the international supply and trading arm of Russia's Lukoil, denied reports that it is in talks with a Qatari-UK consortium for the sale of the Bulgarian refinery.
