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. Last Updated: 07/27/2016

LUKoil Buy in Balkans

SOFIA, Bulgaria -- LUKoil, Russia's largest oil company, acquired a majority stake Tuesday in the Balkans' largest oil refinery for $101 million, the BTA news agency reported.

The deal gives LUKoil a 58 percent share in the Neftochim refinery, located on the Black Sea, near the city of Burgas, 400 kilometers east of Sofia.

The government will still be able to veto decisions on a suspension or substantial decrease of oil processing or fuel production, and on granting access to the company's port facilities or pipelines.