Lukoil Bulgaria: Commercial Manager for Stable Supplies

The appointment of a special commercial manager for Lukoil's assets in Bulgaria is a key step, taken to ensure the stability of supplies and protect the national interest, said the Deputy Chairman of the Parliament Kostadin Angelov from GERB-SDS on BNT. The decision, which comes against the backdrop of imposed sanctions, aims to prevent potential problems in supply after a certain date in November, when the restrictions come into force.

Parliament made an important decision, expanding the functions of the special commercial manager of a critical infrastructure facility in the country. This became possible after amendments to the Law on Administrative Regulation of Economic Activities related to oil and petroleum products were adopted, which concern the introduction of the figure of the special commercial manager of Lukoil's assets.

"This decision was made to protect the national interest, to protect Bulgarian citizens and to ensure that there will be no problem after these sanctions come into effect after November 21," Angelov emphasized.

According to Angelov, the main function of the special manager is to guarantee uninterrupted supplies. "The most important thing is that the role of the special manager will be the security of supplies and a guarantee that Bulgarians will have fuels. This is our main goal," he added.

The Deputy Chairman of the Parliament provided details of the planned process regarding Lukoil and what measures are planned for the financial funds from a possible sale. "What is important, "Lukoil" will be valued at market value. It will be sold, if it is sold at all, to the one who gives the best price. The money that will be collected from this sale will go to a bank. Bulgaria is a guarantor of this. They will be stored in the Bulgarian Development Bank, in an account, and will be returned to the owners when the sanctions are removed. What is happening is discussed with both the US and the European Commission," Angelov explained. This underlines the importance of international coordination in these actions.

Angelov also touched upon the issue of a possible acquisition of the refinery by the Bulgarian Energy Holding (BEH), not excluding such a scenario. He distinguished this situation from nationalization. "Nationalization means something to be taken without payment, when we talk about payment in a special account, we are not talking about nationalization," he explained.

Regarding the upcoming budget, Angelov noted the restoration of dialogue with employers. He also expressed a position for a balanced budget. "For the left-wing parties, this budget is right-wing, for the right-wing parties, this budget is left-wing...fiscal stability is a goal for us," he concluded.