Energy experts and economists have urged the Bulgarian government to consider purchasing the Lukoil refinery in Burgas, following growing concerns over the potential future ownership of the facility. Official reports indicate interest from companies in Kazakhstan, Azerbaijan, Hungary, and Qatar. These experts, in a letter to Bulgarian institutions, have raised alarms regarding the ongoing Lukoil case and the potential for Russian-linked interests to take control of the refinery.

Evgeniy Kanev, speaking to Bulgarian National Radio, expressed skepticism about the likelihood of a buyer without ties to Russian interests being chosen. He emphasized that, while the state holds a "golden share" in the company, which grants it some control over the refinery’s operations, it does not directly influence the choice of a buyer. However, he noted that the Commission for the Protection of Competition would oversee any deal and could ensure that the purchase does not involve a broader acquisition of Lukoil’s operations.

Kanev highlighted that Bulgaria’s problem stems from Lukoil’s vertical integration. The company operates not only a refinery but also a wholesaler and a network of gas stations, which gives it a substantial influence over the market. This concentration of power means that many market players in the country rely on Lukoil for fuel, making it difficult for them to access alternative sources. He urged the state to step in and take control of the refinery, reselling it only after ensuring that the new buyer follows proper practices and does not monopolize the market.

The economist underscored the importance of this move for national security, asserting that Bulgaria’s strong public finances would allow the state to make such a purchase. Kanev also pointed out that no other country in Europe faces a situation similar to Bulgaria’s, where Lukoil holds such a dominant position in the market.

Source: BNR