site.btaGovernment Replaces Lukoil Special Commercial Administrator

The Cabinet replaced Wednesday the special commercial administrator of the Lukoil assets in Bulgaria, Rumen Spetsov, Economy, Investment and Industry Minister Alexander Poulev said after the government's weekly meeting. 

Spetsov's successor is Evgeni Simeonov.

In Poulev's words, the change was backed unanimously by the Security Council and endorsed by the Council of Ministers.

The Minister cited "complex but overwhelming motives" for the change.

He said the newly appointed special administrator has the expertise and professional experience necessary to ensure effective, transparent and lawful oversight of the Lukoil group companies.

Simeonov has been with the Economy Ministry for over 10 years, beginning in 2026 as a junior expert and going up to senior positions including head of the State Agency for Metrological and Technical Surveillance, Poulev said.

Spetsov has been special administrator since November 2025.

The figure of the special commercial administrator gained prominence in the public domain after such an executive was appointed in November 2025 to oversee Lukoil's four operations in Bulgaria as the Russian oil group became subject to US sanctions. In February 2026, Litasco SA, a Geneva-based member of the Lukoil Group and the immediate shareholder of Lukoil Neftohim Burgas AD and Lukoil Bulgaria EOOD, claimed that the imposition of external management over these two and other businesses of Lukoil in Bulgaria and other actions taken by Bulgaria resulted in significant losses to the group and amounted to unlawful expropriation of Litasco's investments without compensation. Litasco said it intended to pursue all available legal remedies.