I don't see how the institute of the special manager will work effectively by November 21. It takes a month or two to institutionalize itself and start holding fuel auctions, buying fuel, and reconfiguring the installations of "Neftochim". This was said by the chairman of the Bulgarian Energy and Mining Forum, Dr. Ivan Hinovski, in the program "Metronome" on Radio "Focus".
For the institute of the special manager to start working effectively, time is needed. "There must be procedures, there must be a bylaw. This special manager must start holding tenders for the purchase of crude oil, prepare a diversification strategy. It must be technologically clear how long it takes to reconfigure the equipment and installations themselves", explained Dr. Hinovski.
According to him, within three months "Lukoil" can be reconfigured and start working with oil from Kazakhstan, Iraq, Libya. "If it turns out that we have enough reserves for a three-month period, which we must have by law, there may not be an increase in fuel prices. Much depends on the approach and professionalism of this special manager, how he will approach self-organization and institutionalization as a manager. Bulgaria has no experience in this regard. The organization of supplies of non-Russian oil is critical, this is the critical task“, the expert emphasized.
The introduction of the institute of a special manager does not mean nationalization of the refinery, he noted. "This is a statute adopted in international law, which says that in certain situations, when a given owner is in difficulties or in the process of market transformation and is particularly important for the country's economy, it is possible for the state to appoint a special manager to take over the effective work of this company until the issue of ownership of the enterprise is clarified“, explained Hinovsky.
He commented on the possibilities for the sale of "Lukoil“ after the withdrawal of "Gunvor“. "We have adopted a special law that the National Agency for National Security and Defense of the Republic of Bulgaria should give an opinion on whether the transformation or sale of this company is possible. That is, "Lukoil“ cannot independently decide on the form of the transformation. In case of unacceptable changes in the structure of this company, the CPC can take action on its own. The warehouses, the oil pipeline, the port could be divided into parts, but the refinery itself cannot be divided“, explained the chairman of the Bulgarian Energy and Mining Forum.
The Bulgarian energy holding could theoretically be a potential buyer of “Lukoil“, but not in practice, he believes. “This is a huge bite. BEH has a heavy bond loan&rdash; about 600 million euros. Before such a deal is approached, this loan should be cleared. It can only be cleared with funds from the budget. "I don't see which Bulgarian bank would give a loan to BEH to repay the banks financing this bond loan," the expert explained.
Ivan Hinovski also commented on the potential possibility of "Lukoil" filing a lawsuit against Bulgaria. "If we violate basic principles of international law, "Lukoil" may at some point condemn us."