Lukoil Sale Window Closes Without Deal for Balkans' Largest Refinery

A US license allowing negotiations for the sale of Lukoil's international assets, including the Burgas refinery in Bulgaria, expires on Saturday without a deal. The license, General License 131G, permits talks but any sale requires separate US approval. Bulgaria faces a difficult position as Washington pressures Lukoil while Sofia seeks exemptions to protect domestic fuel supplies. The Bulgarian Constitutional Court struck down provisions allowing the refinery's administrator to sell without judicial review, complicating the process. Meanwhile, EU sanctions against Russia were approved but Lukoil founder Vagit Alekperov was removed from the list at Bulgaria's request. Crude supplies remain uncertain after earlier warnings that stocks would last only until end of July, though purchases have resumed. The US could extend the license, as it has done seven times since November.