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LUKoil Restarts in Bulgaria

LUKoil resumed output at the Neftochim Burgas refinery in Bulgaria after winning a court case against that nation's decision to revoke storage permits held by the company after the Finance Ministry said LUKoil failed to install gauges that allow authorities to remotely calculate excise duty.

"The plant is gradually resuming normal mode of operation," according to a statement from the refinery Tuesday. "Fuel sales are also restored. The seals banning fuel import and sales were removed."

The customs office in Sofia will appeal the ruling, said Ana Svilarova, a spokeswoman for the department. Bulgaria asked oil traders to use the gauges linked to the customs office 15 months ago.

LUKoil's unit said it borrowed $11 million to install them by the end of the year.

(Bloomberg)

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