“From a legal perspective, Lukoil cannot sell its business in Bulgaria before the U.S. sanctions come into force on 21 November 2025. Accordingly, it would be prudent for the Bulgarian government to seek a postponement from the U.S. administration to prevent adverse consequences for the country,” stated the managing partner of Andrey Delchev & Partners – Eurolex in an interview with Bulgarian National Television.
In the interview, Andrey Delchev reviewed the full process of how oil is financed, supplied, and produced in Bulgaria. He pointed out that selling Lukoil is especially complicated because four different companies should be examined in terms of legal, financial, tax, and technical issues. Only then an attractive offer can be put together, acceptable to the company’s private owner. On top of that, recent changes in the law now require approval from the State Agency for National Security for any refinery sale, making the deal even more difficult.
As a reminder, on 22 October 2025, the United States imposed sanctions on Lukoil and Rosneft, limiting their ability to carry out financial transactions because of the ongoing war in Ukraine. As a Director of the Bulgarian Oil and Gas Association and a leading oil and gas expert in Bulgaria, Andrey Delchev is taking part in consultations between the government and the oil sector to help identify the best possible solution for the country.
Watch the entire interview here.
