American financiers seek role in Bulgaria’s strategic Chiren gas storage expansion

Two American investors, supported by Brad Parscale, former campaign manager for U.S. President Donald Trump, have approached Bulgarian officials about a potential investment in Bulgaria’s state-owned underground gas storage facility, which is primarily filled with Russian natural gas, according to five sources familiar with the matter, who spoke to Reuters.

The group is led by Stephen P. Lynch, a financier from Florida who has previously attempted to acquire a gas pipeline linking Russia and Germany, and another U.S. investor, Fei Wang. They are exploring opportunities to participate in a multi-million-euro government initiative aimed at doubling the capacity of Bulgaria’s only underground gas storage site, known as Chiren, the sources said.

With Parscale’s backing, the investors aim to expand storage capacity at Chiren and transform Bulgaria into a regional gas hub serving parts of Eastern Europe, the sources added. Lynch declined to comment through a spokesperson.

Underground gas storage facilities like Chiren are strategic assets that help operators manage large seasonal fluctuations in demand and profit from price changes by buying gas when prices are low and selling when prices rise.

Regardless of U.S. involvement, Chiren is expected to play a key role in the coming years as countries such as Greece, Serbia, and Hungary debate whether to continue importing Russian gas or increase supplies from alternative sources, including the United States.

Lynch and Wang are scheduled to meet with senior Bulgarian government officials in Sofia this week to discuss access to up-to-date data on Chiren and conduct an evaluation, the sources said.

An assistant to Bulgaria’s Prime Minister Rosen Zhelyazkov did not respond to inquiries regarding the planned discussions with the American investors.

Industry insiders described the talks as preliminary and exploratory, emphasising that no deal has been finalised. They noted that Parscale currently has a minor role in the early phase but could provide connections to U.S. energy firms if the project advances.

Earlier this year, Lynch sparked controversy in Europe by attempting to restore Russian gas flows through the Nord Stream pipeline amid diplomatic negotiations between Washington and Moscow aimed at brokering peace in Ukraine. Both German and EU authorities opposed this move.

Lynch’s new energy venture at Chiren unfolds amid tensions between the European Commission’s plan to phase out Russian gas imports by 2027 and several Eastern European countries that have increased their purchases of Russian gas recently and intend to continue doing so.

By Tamilla Hasanova