Prime Minister Denkov: It is better to collect Lukoil's excess profits than to rush to cancel the derogation

Energy / Bulgaria
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The realistic and meaningful solution is to collect the excess profits of Lukoil Bulgaria from the difference in the prices of Russian and non-Russian oil, rather than rushing to cancel the derogation for processing Russian oil. This was stated by Prime Minister Nikolay Denkov to journalists in Blagoevgrad.

With the latest changes in the Corporate Income Tax Act from October this year. about 60% of the excess profits of Lukoil Bulgaria must enter the state treasury by December 31, 2023. "We expect Lukoil to comply with the laws. I don't believe in words. What we all want is for these taxes to enter the treasury as soon as possible and no later than the end of the year," the Prime Minister was emphatic. This was also the focus of the discussion that took place this morning with the leaders of the parties supporting the government.

The Prime Minister once again defined as impossible the proposal to suspend Lukoil's derogation within seven days. "This means that the refinery will run out of oil in 10-15 days when its reserves run out. There is a difference between Lukoil being able to work with non-Russian oil and having it available," added Denkov. "Yes, the refinery can operate with different oil, but it is secured by long-term contracts, and these require months of negotiations. This was the main reason for the derogation to be done in stages," he stressed.

The proposal that the funds collected from the excess profits of "Lukoil Bulgaria" be used as compensations for reducing the price of fuels may be punishable by the European Commission. "I would be cautious to say exactly how these funds will be used." It will certainly benefit the people," said Denkov.

The Prime Minister also commented on the expectations that pensioners will receive Christmas allowances this year, although such are not foreseen in the budget for 2023. It is much more important to increase pensions so that elderly people receive BGN 50 every month instead of once or twice a year as a bonus and for someone to gain popularity, the Prime Minister said. “This conversation is not over. Let's see the implementation of the budget in the month of November, then we will discuss again", he added.

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