Rumen Spetsov, the special manager of Lukoil in Bulgaria
Former Economy and Energy Minister Rumen Ovcharov sharply criticized the management of Lukoil under special manager Rumen Spetsov, describing the results as “catastrophic” after Parliament moved to limit the powers of the state-appointed administrator.
Speaking to Bulgarian National Radio, Ovcharov argued that the refinery’s production policy had caused serious financial losses, particularly regarding aviation fuel. According to him, jet fuel is currently the refinery’s most profitable product, yet output has remained far below capacity for two consecutive months.
“The refinery can produce 43,000 tons of aviation fuel per month. In April, only 15,000 tons were produced. This month it will be 18,000,” Ovcharov said. He claimed the decision was economically irrational because the difference in profit margins between aviation fuel and diesel reaches around 130 dollars per ton.
In his view, the explanation lies in export arrangements linked to companies selected by the management. “The companies chosen for export cannot export aviation fuel, so they export diesel instead,” he argued.
