Oil transport insurance in the Black Sea soars to $2.5 million

The Chief Operating Officer of Lukoil in Bulgaria said insurance costs for oil-carrying ships in the Black Sea have risen in recent months from about $200,000 to $2.5 million per vessel, raising crude transport costs and putting additional pressure on fuel prices in Bulgaria.

The operations manager of "Lukoil" company in Bulgaria announced that the insurance costs of oil-carrying ships in the Black Sea increased from about 200,000 dollars to 2.5 million dollars for each ship in recent months, which caused the cost of transporting crude oil to rise and put double pressure on fuel prices in Bulgaria.