site.btaUPDATED CC Leader Vassilev Opposes Possible Acquisition of Lukoil by Bulgarian Energy Holding

Continue the Change (CC) leader Asen Vassilev opposed an idea for the Bulgarian Energy Holding to acquire Lukoil’s Bulgarian assets, speaking to journalists after a meeting of the party's National Council.

Earlier on Saturday, in a televised interview, BSP floor leader Dragomir Stoynev said that the best possible scenario is for the Bulgarian Energy Holding (BEH) to acquire Lukoil. He also said that when drafting the legislative amendments in relation to a special administrator for the company, a possibility that BEH could purchase the refinery was also considered.

“The people who bankrupted Bulgartabac, gave us the State Oil Company, which, after spending tens of millions, did nothing and was shut down. They gave us the so-called ‘people’s stores’, and we’re still waiting to see even one open. Now they want to exercise their managerial skills on the largest refinery in the Balkans, with gasoline and diesel supplies at the stations, and even fuel for airplanes, depending on them. I don’t think that’s a good idea.”

Vassilev expressed skepticism that the refinery’s assets could realistically be valued at USD2-3 billion USD.

“When you’re acquiring an asset of such scale, an international one, you work with some of the world’s largest investment banks. Huge teams are involved, usually spending around 12 months conducting a full assessment of the assets, reserves, market readiness, and everything else, and only then do they decide on the price and method of acquisition. This is not like buying a pair of shoes.”

Regarding Lukoil, Vassilev commented on Friday’s parliamentary decision, saying it expanded the powers of the special administrator, allowing them to sell the refinery not to the Bulgarian state, but “to whomever they want, at whatever price they want.”

According to Vassilev, this opens the door to potential international arbitration claims. “It’s no coincidence that in Germany, where a special administrator was appointed back in 2022, ownership has still not been taken away,” he said.

Vassilev concluded that any law derogating private property rights in Bulgaria must be referred to the Constitutional Court, adding that “a constitutional appeal against this law will definitely be filed.”

Vassilev also insisted that the government should revise the draft budget for next year and submit it to the National Assembly.

“The draft budget for next year has not been submitted yet,” said Vassilev, adding that the topic is being overshadowed by discussions surrounding Lukoil. “The reason we don’t have a budget is that this budget simply doesn’t work - it takes from the pockets of Bulgarian citizens and businesses just to fill the piggy banks of Peevski and protect his enforcers,” Vassilev said. He described the situation as “absolutely outrageous,” citing the planned salary increases in the Anti-Corruption Commission, where wages are expected to rise by over 100% in a year.

“It’s high time for the mandate holder to step into their role, rather than stand on the sidelines,” Vassilev said. He added that GERB must decide “whether they will behave like a right-wing party and refuse to allow tax increases.”

Earlier, Continue the Change announced that the party’s National Council had elected Nikolay Denkov as deputy chairman. The council also adopted ethical guidelines for party members.