In the days preceding the entry into force of the new ones American sanctions against Russian
energy sector, Bulgaria has undertaken one of the most radical moves in its
economic history.
The government in Sofia has appointed the director of the National Tax Agency, Rumen Spetsov, as the special manager of domestic operations. Lukoil - including the largest oil refinery in the Balkans, Neftohim in Burgas, which was owned by Lukoil since 1999.
Emergency measures
Although Bulgaria did not formally nationalize Lukoil, it established state control over
operations through a special administrator, which many describe as de facto nationalization.
This decision comes at a time when Bulgaria is under double pressure: US sanctions threaten to block the company's operations, and any stoppage in Burgas could cause a chain reaction in the country, which receives a huge share from that refinery. fuel and income.
This is also the reason why the parliament, despite violent political conflicts, last week approved a law that allows the state to appoint a temporary administrator.
The law on emergency measures related to Lukoil company's assets makes it possible
special administrator to sell shares and local business units to the new owner.
According to AFP, his decisions cannot be challenged in court. Such a solution
criticized by the Bulgarian opposition and President Rumen Radev, but the parliament nevertheless
overrode his veto.
The head of state said the parliamentary vote "undermined the rule of law", warning that Bulgaria could face huge costs if Lukoil decides to protect its interests in international courts.
The opposition also reacted harshly to the introduction of state administration over Lukoil, accusing the government of planning to hand over the refinery to companies close to the ruling coalition, which the government denied.
Potential collapse
US sanctions against Russian energy giants Lukoil and Rosneft, introduced due to
of the war in Ukraine, formally enter into force on November 21.
That opened a serious question: will the Burgas refinery, which supplies up to 80 percent of the market there, have to stop working.
Such a scenario would be a political and economic disaster for Bulgaria, so the government presented this radical decision as a last and necessary measure to save the refinery from blockade and maintain state control over the key infrastructure.
Portal Politiko states that the potential termination of Lukoil's work in Bulgaria could
accelerate the fall of the government and strengthen support for President Rumen Radev, whom opponents consider
pro-Russian politician.
Diplomatic tension grew on the Russian side as well: the Russian ambassador in Sofia, Eleonora Mitrofanova, told the TASS agency that the Bulgarian government's move "represents a dangerous precedent" and that the measures "resemble an expropriation law."
Special administrator Spetsov is not an unknown name in Bulgaria. As the head of the tax office
administration, he led processes against large tax debtors, worked under several governments and acquired
reputation as a tough professional. He also stands out as a former champion in bodybuilding - which he is
some media humorously used it, claiming that "the state needs someone who can present
the burden of this decision," writes AFP.
Minister of Energy Žečo Stankov said that the goal is to obtain an American license as soon as possible, which will enable the refinery to continue operating after November 21.
And that's exactly what happened: the US Treasury issued a temporary license
which fully approved transactions with certain Lukoil entities in Bulgaria
April of next year.
Bulgaria faces a dilemma
Bulgaria is now in an extremely delicate position. On the one hand, he tries to
remains a reliable partner of the USA and the EU in the application of sanctions against Russia. On the other hand, he must avoid
an energy collapse that could wreak havoc in the state.
The appointment of a special administrator and the provisional US license buy some time. In the coming months, negotiations on the possible sale of the refinery or its restructuring are expected, with the government trying to find a permanent solution that would enable the full functioning of the oil sector without relying on Russian capital.
By the way, as American sanctions approached, Reuters cited Bulgarian data
State reserve agencies that say Bulgaria has gasoline reserves sufficient for
just a month.
What is certain is that Bulgaria, in the midst of the biggest geopolitical crisis in Europe in the last few decades, will be the scene of a conflict of interests between America, Europe and Russia - and that the huge refinery in Burgas will remain the main training ground of that competition.
