A consortium led by American billionaire and investor Todd Bowley is interested in the international assets of “Lukoil“, including the “Lukoil Neftochim Burgas“ refinery. This is a potential deal, not a completed acquisition, Investor.bg and “Sega“ reported, citing publications by “The New York Times“, “Financial Times“ and “Bloomberg“.
The Russian company's international portfolio is valued at around $20 billion. It includes oil and gas fields, gas station networks and refineries in Bulgaria, Romania and the Netherlands. According to the “New York Times“, quoted by Investor.bg, the consortium around Bowley plans a production capacity of over 350,000 barrels per day after the acquisition of the three European refineries.
The deal has not yet been signed
Bowley's group has not yet finalized an agreement with “Lukoil“. The proposal is in an advanced stage, but the scale of the negotiations and the final structure of the deal have not been publicly clarified. The deal will also require regulatory approvals from the US authorities.
The consortium includes Middle Eastern investors related to the royal family of the United Arab Emirates, as well as Qatari investors. The US Development Finance Corporation, known as DFC, is expected to acquire about 15% of the new company. Bowley will likely have a minority stake, but his group and the US government will have a majority of seats on the board of directors, reports „Sega“.
Interest in the assets has intensified after a previous agreement between „Lukoil“ and the US investment company Carlyle expired without final approval. The arrangements for the purchase of Lukoil International were signed in January 2026, but were not completed due to the lack of the necessary regulatory approval from the Office of Foreign Assets Control of the US Treasury Department.
What does this mean for the Burgas refinery
„Lukoil Neftochim Burgas“ has a capacity of about 190,000 barrels per day and is the largest refinery in the Balkans, Reuters reports. It is connected to the sales network of “Lukoil Bulgaria“, as well as to fuel storage and distribution activities.
“Lukoil“ announced in December 2023 that due to the changed working conditions in Bulgaria it was analyzing various options for its business, including a sale. “Various options will be analyzed, including a sale of the business“, the company said at the time.
It remains to be seen whether the consortium around Bowley will receive final approval for the acquisition and under what conditions the international package will be transferred. Until the completion of these procedures, the ownership of the refinery in Burgas does not change.
Sources: investor.bg, segabg.com, investing.com