site.btaBulgaria Has "Historic Opportunity" to Re-acquire Lukoil Neftohim Refinery, Special Commercial Administrator Says

The state has a historic opportunity to re-acquire the Lukoil Neftohim refinery in Burgas, the company’s special commercial administrator, Rumen Spetsov, said Sunday in a bTV interview. "In the current crisis, we all see that the refinery is a vital, critical element of our structure. A large part of our entire economy depends on it," Spetsov pointed out.

According to him, Bulgaria can declare its interest and participate "in a secondary acquisition of the assets, part of the assets, or, let’s say, the local assets of Lukoil’s business in Bulgaria".

Asked whether he was proposing that Bulgaria buy back the refinery, Spetsov said that there is currently such "a historic opportunity" and that if the government and the Bulgarian Parliament take this argument seriously and consider the importance of the refinery, "then why not - if there is public consensus".

Asked what the potential price of the refinery might be, Spetsov said it would be the market price.

According to Spetsov, there is absolutely no risk to the supplies of gasoline, diesel, and aviation fuel in Bulgaria.

"All oil deliveries through the end of June and the beginning of July are secured. We have no problem with the oil supplies. The same applies to the quantities of diesel fuel, gasoline, and aviation fuel," Spetsov said.

He stressed that it is important for Bulgaria that the refinery in Burgas continues operating, which is why guaranteed deliveries and uninterrupted workflow are necessary. 

Asked about his possible removal as special administrator, he said that it is for the new government to decides and that he is ready to present a report on "everything that has been accomplished, and everything I will leave behind".

On November 14, 2025, the government headed by Prime Minister Rosen Zhelyazkov appointed Rumen Spetsov as special administrator of Lukoil’s companies in Bulgaria to oversee the operation of the refinery in Burgas.

In October, 2025, the US imposed sanctions on Lukoil and other Russian energy companies in a bid to pressure Moscow to end the war in Ukraine. The measures caused serious disruptions in the countries where Lukoil operates and forced the company to offer its international business for sale.

Lukoil’s companies in Bulgaria are four: Lukoil Neftohim Burgas, Lukoil Bulgaria, Lukoil Aviation Bulgaria, and Lukoil Bulgaria Bunker.

In January, Lukoil agreed to sell most of its international assets to the investment company Carlyle Group after a previous deal with Gunvor Group collapsed. However, the deal is subject to regulatory approvals, while the company is also holding talks with other potential buyers.

In April, the Office of Foreign Assets Control (OFAC) of the US Department of the Treasury extended until October 29 this year the licence allowing transactions with Lukoil’s companies in Bulgaria.