Outgoing Bulgarian Energy Minister Zhecho Stankov described the extension of the general license for Lukoil subsidiaries in Bulgaria until August 13 as more than a bureaucratic formality, calling it a key measure of economic stability for the country. He spoke on-site at the Maritsa East 2 TPP, highlighting the significance of the decision.

Further reading: United Kingdom Prolongs Lukoil License for Operations in Bulgaria

Stankov explained that the extension followed intensive discussions with British authorities, including the embassy and the Ministry of Finance. Bulgaria had argued that a three-month period was insufficient for reliable planning, and the negotiations ultimately secured a longer derogation. He emphasized that no funds from the four Bulgarian Lukoil companies would flow to the parent company abroad.

A critical factor in the talks was the insurance of crude oil shipments, largely underwritten by London-based companies. Without the extension, supplies faced serious risk due to expiring coverage.

According to Stankov, the August 13 extension provides three main advantages: it allows the refinery to negotiate raw materials with long-term certainty and potentially better prices, ensures the security and stability of employment at Bulgaria’s largest refinery, and maintains reliable fuel supplies for end consumers.

“The extension gives us peace of mind that operations will continue smoothly,” Stankov said, noting that his team had worked intensively in recent days to secure the outcome.