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Bulgaria's Oil Shift and Lukoil's Challenges
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Bulgaria is replacing Russian oil imports with crude from Kazakhstan, Iraq, and Tunisia in 2024, as a waiver from an EU embargo allows for continued Russian oil imports. Lukoil, operating the Burgas Refinery, faces increased costs and potential asset sales due to government taxes. The tight market for sour barrels in Europe is impacted by the lack of availability of Urals and Kurdish oil.
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How might the shift in Bulgaria's oil imports impact its relationship with Russia and the EU?
What geopolitical implications could arise from the tight market for sour barrels in Europe and the lack of availability of Urals and Kurdish oil?
What strategies can Lukoil employ to mitigate the increased costs and potential asset sales in Bulgaria?
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