site.btaParliament Passes Conclusively Bill on Administrative Regulation of Economic Activities Involving Crude Oil and Petroleum Products

Sofia, July 12 (BTA) - Parliament Thursday passed conclusively the Bill on Administrative Regulation of Economic Activities Involving Crude Oil and Petroleum Products. The law imposes requirements for minimum statutory capital and collateral on wholesalers and retailers of such goods, and provides for hefty fines for offenders.

The law, with the exception of certain provisions, will take effect six months after its promulgation in the "Official Gazette".

The MPs rejected a motion of United Patriots MP Hristian Mitev for the law to take effect after notification to the European Commission.

The bill's sponsor, United Patriots MP Emil Dimitrov, said that the notification can be made in the six-month period until the entry into force of the law.

The bill triggered a heated controversy. Its opponents see it as being custom-made to serve the interests of large fuel suppliers. Small operators have protested, warning that the draft legislation will force them out of business. In a strongly worded statement on July 3, NFSB leader and Deputy Prime Minister Valeri Simeonov called the bill "disgusting" and "lobbyist" and said it caters to the interests of several large fuel companies and particularly Lukoil.