Lukoil refinery saves USD 8 million following the removal of intermediary

The cessation of Russian oil imports has not affected the price of fuels produced by the Burgas refinery, Lukoil Special Commercial Administrator Rumen Spetsov told the parliamentary Committee on Economic Policy and Innovation. The company now operates entirely on a market-based principle, with 86% of its capacities in use. The Switzerland-based intermediary Litasco has been removed, allowing for better negotiation of oil purchase and fuel sale prices. ''Eight million dollars have been saved during the two months since Litasco was removed as intermediary'', said Rumen Spetsov.

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Rumen Spetsov also noted that the company is under constant monitoring by the United States, with every transaction being checked. He rejected suspicions that Russian oil is entering the refinery in violation of sanctions, BTA reported.

Edited by Ivo Ivanov

Translated by Kostadin Atanasov