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Russian Involvement in Eastern Europe's Petroleum Industry: the Case of Bulgaria
Global Market Briefings, Dec 2005
- Analyzes how Lukoil has managed to emerge as the categorical Russian leader in successful acquisitions abroad, and how the Russian takeover of Neftochim, the Black Sea refinery which accounts for 14% of Bulgaria's GDP and for 25% of the national budget.
- One of a series of reports which examines the emergence of a Russian foreign energy policy based on acquisitions of energy assets in the post-Soviet space by Russian entities and analyzes the political and economic implications of a new liberal Russian energy empire.
- Factual case studies, written by leading authorities on Russian hydrocarbons and critical energy infrastructure protection, on how acquisitions are being made with conclusions drawn on Russian negotiating practices in the transfer of ownership of foreign energy assets.
Russian energy companies are rushing to acquire assets abroad, and as Russia's hydrocarbon sector continues to prosper, Russian companies will maintain the potential to acquire an even larger role in the world. This report examines why and how Russian companies have entered foreign downstream and mid-stream energy markets over the past seven years. Special attention is paid to Lukoil's performance, as it has emerged as the largest oil company in the world and is leading successful acquisitions abroad. At the same time, an understanding of the motives of and role played by the Russian authorities is crucial to any examination of penetration of energy markets abroad.
Bulgaria: Russia's Involvement in Eastern Europe's Petroleum Industry provides instructive analysis of Lukoil's acquisition of Bulgaria's Neftochim refinery – the largest asset acquired by a foreigner in Bulgaria, as well as the largest refinery taken over by Lukoil abroad. In addition, the report provides a detailed examination of Russian involvement in Bulgaria's fuel marketing sector with a particular focus on the privatization of Bulgaria's main retail outlet owner – Petrol AD.
This unique study will assist energy industry professionals, policy experts, and decision makers who seek to make sense of the dynamic changes that have overcome not only the Russian energy complex but also in understanding the confluence of Russian private and public sector interest in controlling downstream assets in the former Soviet Union and Central and Eastern Europe regions.
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