Rumen Spetsov has officially been registered in Bulgaria’s Commercial Register as the special commercial administrator of Lukoil Neftochim Burgas. Together with Swiss citizen Evgeni Manyakhin, Spetsov now serves as one of the legal representatives of the company. Before taking on this role, he was the Executive Director of the National Revenue Agency (NRA). His appointment by the Council of Ministers, under Decision No. 796 dated November 14, 2025, followed the provisions of the Law on the Administrative Regulation of Economic Activities Related to Oil and Oil-Derived Products.

The current Management Board of Lukoil Neftochim Burgas, whose mandate runs until June 21, 2026, comprises Dimitar Dobrev, Rosen Grigorov, Stanimir Bulanov, Evgeni Manyakhin, and Alexander Georgiev. The Supervisory Board includes Alexander Velichkov, Bulat Subaev, Cornelis Pieter van de Putte, and Tsvetan Tsirkov.

The timing of Spetsov’s registration is closely linked to the new U.S. sanctions on Lukoil and Rosneft, set to take effect on November 21, 2025. In response, Bulgaria amended its legislation on oil and petroleum product activities on November 7, granting special commercial administrators expanded powers over critical energy infrastructure. This legal adjustment aims to support Bulgaria in ongoing negotiations with the U.S. regarding the sanctions. Shortly before the sanctions were due to apply, the U.S. Treasury’s Office of Foreign Assets Control (OFAC) issued a license allowing transactions with Bulgarian Lukoil entities until April 29, 2026. The UK also imposed a temporary hold on its sanctions against these entities, valid until February 14, 2026.

OFAC’s sanctions initially threatened to block Lukoil from financial operations starting November 21. In anticipation, Bulgarian authorities designated a special manager to oversee Lukoil’s operations during the reprieve period. Although industry expectations leaned toward an energy sector professional, the government selected Spetsov, whose background is in revenue collection and administration. In the three weeks leading to the sanctions announcement, Bulgaria revised the law, overcoming a presidential veto to endow the future special administrator with broad authority. Political sources indicate that Bulgaria requested the U.S. to extend the sanctions reprieve, a request that appears to have been granted.

Concerns have arisen within opposition circles regarding the adequacy of Bulgaria’s petroleum reserves and their compliance with legal requirements. Meanwhile, Lukoil has petitioned Washington for a sanctions delay, and reports from Russia have speculated about a potential takeover by state-owned Rosneft, which is also affected by the sanctions.

As part of his registration, Spetsov declared he possesses “no less than five years of professional experience in management in the field of economic activities related to oil and oil products.” This, alongside the Council of Ministers’ appointment decision and six supporting documents signed by both Spetsov and Economy Minister Petar Dilov, was submitted to the Registry Agency.

The appointment has drawn criticism from political figures. Asen Vassilev, leader of the “We Continue the Change” (WCC) party, argued that Spetsov does not meet the legal criteria for a special manager, which requires five years of experience in the oil sector and asset management within the industry. He described the government’s decision as a “bad joke” rather than a serious selection.

Spetsov himself offered minimal comment to bTV, stating, “I am not responsible for this choice. There are others who chose me.” With his new role, he will step down from the NRA, with Deputy Prime Minister Tomislav Donchev confirming that a replacement is being sought.

Donchev also indicated that the next steps depend on ongoing discussions in Washington, adding that some negotiations may occur without Bulgaria’s direct participation. The reprieve granted by the U.S. allows Lukoil’s operations in Bulgaria to continue under the oversight of its special commercial administrator until the end of April 2026.