Bulgaria's Russian-owned Lukoil Neftochim refinery, the largest in the Balkans, recovered its operating license Tuesday after months of disagreement with customs and revenue authorities, a court said.
Bulgaria
's Russian-owned
Lukoil Neftochim refinery, the largest in the Balkans, recovered its operating license
Tuesday after months of disagreement with customs and revenue authorities, a court
said.
In an out-of-court settlement, the operator agreed to install all the meters at
its refinery and
Black Sea
oil terminal required by
Bulgarian customs and revenue agency officials to better monitor flows and
prevent tax fraud.
The customs service agreed in turn to revoke a previous decision to remove the
company's operating license and the
Sofia
administrative court said it has decided to halt all court proceedings on the
case.
Neftochim lost its license in July after failing to install the required
additional meters. After a halt of several days in production and sales, the
refinery challenged the move in court and managed to obtain a court ruling
allowing it to remain in operation during legal proceedings.
Neftochim had already installed all the necessary meters in the 142,000
barrels-per-day refinery, customs checks found earlier this month, while the
company has also promised to upgrade its oil terminal within 18 months.
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