Deputy Prime Minister and Finance Minister Galab Donev has stated that any decision on a potential state buyback of the Lukoil Neftokhim refinery must be preceded by a detailed assessment of its value, risks, and long-term benefits for the country.
Responding to a question about how such an acquisition could be financed, Donev said “an assessment must be made, to see what the value is and what the benefits are that the state would have from this asset, can it manage it?” He added that the issue is not currently part of the government’s formal agenda.
The statement comes after the special commercial administrator of the refinery, Rumen Spetsov, suggested that Bulgaria could have a “historic opportunity” to regain control of the asset. According to him, the estimated market value of the refinery and related holdings ranges between 20 and 30 billion dollars.
The debate over Lukoil Neftokhim is taking place against the backdrop of ongoing international sanctions pressure on Russian energy assets linked to the war in Ukraine. Since 2022, the United States has progressively tightened restrictions on Lukoil, affecting its financial operations, access to the dollar system, and cross-border transactions involving its subsidiaries.
