The Lukoil Neftohim Burgas refinery in Bulgaria will be permitted to purchase crude oil from any counterparty registered in Switzerland starting July 1, according to a report by TASS.
Evgeny Simeonov, trading asset manager at the facility, confirmed the new procurement rights, which take effect in early July.
The development provides the refinery with a broader pool of potential suppliers, leveraging Switzerland’s role as a hub for commodity trading.
This flexibility could help stabilize feedstock availability for the plant, which has faced supply challenges amid shifting geopolitical dynamics in the region.
The move comes as the United States maintains a 60-day suspension of sanctions on the production, sale, and transport of Iranian crude oil.
The suspension, which follows diplomatic negotiations in Switzerland, has created a window for increased trade flows involving Iranian barrels, though the temporary nature of the waiver adds uncertainty to long-term supply planning.