Lukoil Makes First Tax Payment in Deal with Bulgarian Government

Bulgaria received a 90 million lev ($49 million) advance tax payment Tuesday from Russia’s Lukoil as part of a recent deal to keep the oil company’s Bulgarian refinery running.

Under the deal announced Nov. 21, Lukoil would start taxing all profits of Lukoil Neftohim Burgas in Bulgaria in exchange for the ability to continue exporting some of the refinery’s products.

• The deal, combined with just-introduced windfall taxation, is expected to bring Bulgaria about 600 million lev in 2023 tax revenue. It must conform to European Union sanctions against Russia, which allow Bulgaria to import Russian oil until 2024 ...