Get the latest updates as we post them — right on your browser

. Last Updated: 07/27/2016

Refinery Freed of Debt

SOFIA, Bulgaria -- Bulgaria's government wrote off on Monday a $172.5 million debt to the Neftochim oil refinery, where Russia's largest oil company, LUKoil, recently acquired a majority stake, Bulgaria's state news agency, BTA, reported.

The company is unable to service the debt, the agency said, quoting from a report by Arthur Andersen and Creditanstalt, consultants in the sale.

LUKoil paid $101 million Oct. 12 for a 58 percent stake in Neftochim, which is located near the city of Burgas, 400 kilometers east of Sofia.

LUKoil also committed to invest more than $400 million in the company, considered to be the largest refinery in the Balkans.