Lukoil eyes Bulgarian expansion.(Brief Article)

Lukoil could be poised to boost its 58pc stake in Bulgaria's 150,000 b/d Neftochim refinery in the Black Sea port of Burgas. The Russian firm is tipped as a likely buyer of a 15pc stake, consisting of preferential shares originally earmarked for employees.

Burgas operator Lukoil-Neftochim last month suggested that a foreign buyer is being sought for the stake, and observers see the parent company as the most likely contender. A recent survey revealed that only around 10pc of the plant's 7,500-strong workforce is expected to exercise an option to buy shares at the preferential rate of 6.9 levs ($3.25). Neftochim shares currently trade at 7 levs.

At the current …