Bulgaria to replace manager of Lukoil Neftohim Burgas refinery

The Bulgarian government will replace Rumen Spetsov as special commercial manager of the assets of the Lukoil Neftohim Burgas oil refinery, Prime Minister Rumen Radev has announced.

During a cabinet meeting, he said the proposal was submitted by the economy minister, Caliber.Az reports, citing Russian media.

Earlier, Bulgaria’s parliament approved, at first reading, amendments limiting the powers of the special commercial manager. The changes were introduced to the law regulating economic activities related to oil and petroleum products.

Under the new rules, the special manager of a company’s assets will be required to submit monthly reports to Bulgaria’s economy minister. The amendments also introduce enhanced judicial oversight of decisions concerning the disposal of company property, shares and ownership stakes.

In November 2025, Bulgarian authorities adopted legislation imposing external management on Lukoil Neftohim Burgas, Lukoil Bulgaria and other Lukoil Group companies operating in the country.

In accordance with the law, management of the affected companies was transferred to a special commercial manager on November 17, 2025.

According to the company, the measures significantly affected the investments of Litasco SA in its Bulgarian subsidiaries and resulted in substantial losses for the group.

By Bakhtiyar Abbasov