site.btaDeputy Parliament Chair Angelov Does Not Rule Out Lukoil’s Acquisition by Bulgarian Energy Holding

In a Bulgarian National Television interview on Sunday, Deputy National Assembly Chair Kostadin Angelov did not rule out a possibility for the Bulgarian Energy Holding to acquire Lukoil’s Bulgarian assets. Asked whether BEH could participate in the purchase of the refinery, Angelov said that not a single scenario can be ruled out. "It is very important to see what price will be offered," he said.

On Friday, the Bulgarian Parliament expanded the powers of a future special commercial administrator (SCA) who will oversee the Bulgarian assets of Russian oil giant Lukoil. The move strips current shareholders of their voting and disposal rights, granting the SCA full control, including authority to approve or sell shares in the country’s largest refinery.

The appointment of a special administrator aims to ensure the stability of fuel supplies, said Angelov.

“Nothing is being done in a rush. In this situation, the state has shown backbone. This decision was made to protect the national interest, to safeguard Bulgarian citizens, and to ensure there will be no problems once the sanctions come into effect after November 21,” Angelov said.

According to Angelov, the primary task of the special administrator is to maintain supply stability.

“The most important thing is that the role of the special manager is the security of supplies** and to guarantee that Bulgarians will have fuel. This is our main goal.”

Angelov explained how the government will proceed and what safeguards are planned for the financial proceeds from Lukoil’s potential sale.

“What is important is that Lukoil will be valued at market price. It will be sold, if it is sold at all, to the buyer who offers the best price. The funds collected from this sale will be placed in a bank. Bulgaria guarantees this. They will be kept in an account at the Bulgarian Development Bank and returned to the owners once the sanctions are lifted. This approach has been discussed with both the United States and the European Commission,” Angelov said.

Of the 2026 budget, Angelov said that dialogue with employers has been restored.

“For left-wing parties this budget is right-wing, for right-wing parties it is left-wing. Fiscal stability is our goal,” he added.