Bulgaria, State Oil Company will be closed

, SEE Energy News

Bulgarian Minister of Economy and Industry Korneliya Ninova said, while presenting the 2022 draft budget before the relevant Parliamentary Committee, that the State Oil Company will be closed. She added that the draft legislation regarding the company closure will be submitted soon.

However, Minister Ninova said that the question of storing the oil reserves is still open. The Ministry is considering the companies which have the legal obligation to store the reserves. They can pay for that obligation, which the state can purchase and store. It would be the state’s responsibility to guarantee that they are not dependent on private interests, on a particular company that may or may not be storing them.

She added that sometimes less strict control in this field suggests that not all parties are doing their duty of keeping stocks. She believes that the Government must secure storage locations, and the relevant companies must pay for them. The State Oil Company was established in 2020 with the aim to manage storage and replenishment of the country’s oil reserves.