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GERB leader Boyko Borissov, DPS-New Beginning leader Delyan Peevski
Bulgaria is moving toward a framework that would allow the state to take part in a possible acquisition of Lukoil’s Bulgarian operations, with a significant expansion of the financial role of the Bulgarian Development Bank. Ruling parties GERB, DPS-New Beginning, BSP and TISP have jointly filed amendments for the second reading of the 2026 state budget law that would open the door for the BDB to participate in transactions involving Russian-owned companies. The proposal appears aimed at enabling state involvement in any future transfer of Lukoil’s assets in the country.
The changes introduce a new possibility for the government to issue up to 2 billion euros in state guarantees, equal to roughly 3.9 billion leva, without presenting any formal motivation. The text submitted by Kostadin Angelov of GERB, Kiril Dobrev of BSP, Pavela Mitova of TISP and Yordan Tsonev of DPS-New Beginning authorizes the Council of Ministers to activate these guarantees when needed under provisions related to oil and petroleum activities. These parts of the law concern national security considerations, particularly regarding the management of critical infrastructure and the government’s right to appoint a special commercial manager in companies involved in the storage, transport or trade of oil products.
Such a manager has already been installed in Lukoil’s four Bulgarian companies. Former National Revenue Agency head Rumen Spetsov currently oversees their operations under an earlier government decision. The proposed amendments would now give the BDB the option to raise large-scale financing through loans from domestic or international institutions or by issuing bonds of up to 3.73 billion euros, around 7.3 billion leva. The state would back this financing with guarantees included in the budget.
Until now, state guarantees for the BDB have been limited to two areas: the energy efficiency program for multi-family buildings for 2026 to 2030, and the investment program for municipal projects. These commitments amount to 1.73 billion euros. If the Lukoil-related guarantees are added, the ceiling for 2026 would rise to 5.8 billion euros, over 11.4 billion leva.
Earlier this month, GERB leader Boyko Borissov estimated the value of Lukoil’s Bulgarian assets at between 2 and 2.5 billion dollars. Specialists have noted that the longer the process drags on and as exemptions under United States sanctions come to an end, the market value of these assets could continue to decline. Lukoil’s parent group has said it prefers to sell all its international operations in one coordinated transaction. Any deal, however, must receive approval from Washington. Several foreign companies have shown initial interest, though only a portion have signaled willingness to purchase the entire package of assets.
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