site.btaVelichie MP Ilieva Says US Sanctions on Lukoil Will Push Prices Up

Sanctions imposed by the United States on Lukoil will certainly affect the market and push prices up, Velichie MP Maria Ilieva told journalists in Parliament on Thursday. She noted that this was her personal opinion and did not commit the entire party to it.

Ilieva explained that such sanctions distort market competition and could discourage foreign investors. In her words, there would be little incentive to invest in a country if investors cannot be confident that their capital is safe and protected from possible sanctions.

The MP also commented on the regular session of the Karlovo Municipal Council, whose agenda includes an extraordinary item on approving a zoning plan for the construction of a gunpowder production plant. She said there had been talk of an investment of about EUR 1 million, with the German company Rheinmetall holding a 51% stake and the Bulgarian partner 49%, and noted that the plan was already being implemented.

Ilieva added that residents of Karlovo were concerned about the lack of public discussion on the project. Such investments should require the consent of local residents, she said, adding that there was no environmental assessment for the area.