Vladislav Panev, from the “Acceleration” Club and a former MP with the “Green Movement,” described the appointment of Rumen Spetsov as a special manager of Lukoil Bulgaria as surprising, yet ultimately logical, in an interview with Bulgarian National Radio.

Panev suggested that the existing management team of Lukoil is likely to remain in place, with Spetsov’s role focused on supervising financial flows to ensure they do not reach Russia. “The special manager will sign off on matters but probably will not act as a direct manager of operations,” he said during the interview.

Highlighting the tight timeframe of two weeks for action, Panev noted the difficulty of finding an international operator to take over refinery management under such conditions. He emphasized the need to prevent the emergence of companies at Lukoil’s entrances and exits that could siphon off assets, reminiscent of the 1990s, while ensuring the refinery continues to operate smoothly.

On the issue of selling the refinery, Panev explained that while Bulgaria can manage the facility sovereignly, independent sale would be challenging due to its private ownership. He cautioned against panic or hysterical approaches, noting that the situation remains serious but manageable.

Panev described the current situation as a “postponed bomb,” delayed by six months, and stressed that there is a clear plan in place, meaning there is no need for “crescendo talks.” He outlined two possible paths: Plan A involves waiting for a buyer acceptable to the U.S., sufficiently distanced from Kremlin influence, to allow the transaction and potential lifting of sanctions. Plan B would see Bulgaria pushing specifically for a deal involving the Burgas refinery, a more complicated route that would likely involve audits of past Lukoil Neftokhim operations, including tax evasion and other regulatory issues, to compel the company to sell parts of its assets through sanctions or fines.