Bulgaria, the only EU member state allowed to continue importing Russian oil by sea after an embargo imposed by the EU bloc in December, increased imports from other regions in October in an effort to cut purchases from Russia, LSEG data and calculations show. Reuters agency, quoted by Agerpres.

Last month, Bulgaria said it was ready to completely abandon Russian oil by October 2024 and plans to reduce Moscow’s share of imports to 80% by the end of this year.

In October, Bulgaria imported almost 200,000 tons of oil that does not come from Russia, mainly from fields in Norway, Egypt, Kurdistan and Azerbaijan, according to LSEG data. This is the most non-Russian oil imported in one month this year.

In 2023, Bulgaria relied almost entirely on imports from Moscow. Russian crude oil accounted for 92% of Bulgaria’s imports between January and September, the highest share of all oil imports in recent years. In 2021, the share of Russian crude oil was below 70%.

According to Reuters calculations, the share of oil coming from Norway, Egypt, Kurdistan and Azerbaijan was about 8% in January-September.

The only active refinery in Bulgaria, Burgas Neftohim, is owned by the Russian company Lukoil and processes 196,000 barrels per day (b/d). Oil is supplied by Lukoil.

Traders say Bulgaria’s high imports of Russian oil come amid Lukoil’s need to find a safe haven for its embargoed oil.

The tightening of the oil market in Europe makes it difficult to find alternative supplies for the Burgas refinery, traders add.

The Minister of Economy of Bulgaria and representatives of Lukoil did not respond to a request to comment on the information.