AmCham Bulgaria Position on Crude Oil and Petroleum Products Stocks Act

On June 8th 2021 The American Chamber of Commerce in Bulgaria, the German-Bulgarian Chamber of Industry and Commerce, the Bulgarian-Swiss Chamber of Commerce and Belgium-Bulgaria-Luxembourg Business Club sent a joint letter to Mr. STEFAN YANEV, PRIME MINISTER OF THE REPUBLIC OF BULGARIA regarding the Crude Oil and Petroleum Products Stocks Act.

We were directly contacted by companies in various industries for assistance with the state institutions regarding changes in the Crude Oil and Petroleum Products Stocks Act., adopted in June 2020, promulgated in State Gazette No. 51 of 2020, in force from 05.06.2020.

The firms expressed their concerns about these changes creating significant difficulties for a wider range of businesses. In practice, through those amendments to the Crude Oil and Petroleum Products Stocks Act, Directive 2018/1581 of the European Commission of 19.10.2018 on amending Directive 2009/119 / EC (14.09.2009) is transposed.

In essence, the 2020 amendments do not follow the principles of proportionality and balance of the directives which are transposited in the national  legislations. This often leads to negative social and economies effects on debtors. This concern is deepening both because of the excessive administrative and bureaucracy burden, as well as of the expected excessive fines in failure to observe the Crude Oil and Petroleum Products Stocks Act provisions.

We request the initiation of a broad and timely public debate for a more detailed examination of the case. We expect its resolution in a way that will allow Bulgarian and International investors and employers to continue operating in Bulgaria in a sustainable and lawful manner.

“The region lying between the Baltic, Adriatic and Black Seas has huge potential, great people, and business leaders with visionary acumen. These are critical factors for a sustainable growth and development. This region needs fresh capital to fuel new trans-border innovative projects of mutual benefit. That is why AmChams in the 3Si region should cooperate with governments, investment funds and entrepreneurs to unlock this potential for a great future together. We at AmCham Bulgaria are glad to cooperate with so many stakeholders and institutions in making the 2021 3Si Sofia Business Forum a success to all and an important step forward of the 3Si Initiative,” says Olivier Marquette, AmCham Bulgaria President.