Bulgaria currently holds sufficient fuel reserves to meet the needs of both businesses and citizens for an extended period, according to Assen Asenov, Chairman of the State Agency “State Reserve and Wartime Stocks,” in an interview with BGNES.

Under the Law on Mandatory Stocks of Oil and Petroleum Products, the agency is required to maintain a 90-day reserve, though operational reserves held by private companies also contribute to national readiness. “The stocks we report are calculated assuming zero production and imports, which means the country is well-prepared to meet demand over a long timeframe,” Asenov explained. The law specifies that 30 days of reserves are funded by the state budget, while the remaining 60 days are maintained by private operators. The agency monitors these stocks monthly, both in its own facilities and across the private sector.

When asked about increasing reserves ahead of the government’s review of the Lukoil refinery in Burgas on November 21, Asenov said that while the agency currently lacks the budget to purchase additional fuel, it is prepared to do so if government funds are allocated. He also noted that the State Reserve remains in close contact with the Ministries of Energy, Internal Affairs, Transport, and the Customs Agency, as well as private operators, to ensure that the Intervention Plan can be implemented promptly if required.

This comes after the United States imposed sanctions on Lukoil, the largest Russian oil company and owner of the Neftokhim refinery in Burgas, due to Russia’s ongoing war in Ukraine. Following the sanctions, Prime Minister Rosen Zhelyazkov convened a government meeting to outline measures to secure the country’s fuel supply. Energy Minister Zhecho Stankov confirmed that inspections and monitoring of fuel stocks will be prioritized, and the government is prepared to act if necessary.

Lukoil, meanwhile, announced plans to sell its international assets, operating under an OFAC cease-and-desist license, and may seek extensions to maintain ongoing operations. The European Commission has indicated that it does not currently see an immediate threat to energy security within the EU due to these sanctions.