A group of US investors is in talks with the Bulgarian government to acquire a minority stake in the underground gas storage facility in Chiren - the only such facility in the country and a key regional hub for balancing and reversing flows in Southeast Europe, Reuters reported.
According to the information, the group includes Florida financier Stephen P. Lynch, who is trying to buy a gas pipeline connecting Russia with Germany, and infrastructure specialist Faye Wang, both of whom have the support of Brad Parscale - one of President Donald Trump's 2016 and 2020 election campaign managers, novini.bg specified
The investors are considering ways to participate in a government plan worth 285 million euros aimed at doubling the capacity of the only underground gas storage facility in Bulgaria, "Chiren", and Parscale is expected to attract American energy companies if the project materializes, the people familiar with the matter say.
Reuters refers to information from "five people familiar with the matter", without naming them by name.
Lynch and Wang's interest is not accidental. The expansion of the Chiren gas storage facility could turn Bulgaria into a gas hub for parts of Eastern Europe, Reuters sources say.
Chiren's importance to the European Union has grown since the expiration of the transit agreement between Ukraine and Russia at the end of last year. As the European Commission's policy is entirely focused on diversifying supplies, Bulgaria is emerging as a potential transit substitute and strategic backup route.
So with or without American investors, Chiren could play an important role in the coming years, while Greece, Serbia, Hungary and other countries in the region hesitate whether to continue relying on Russian gas supplies or increase imports from other countries, the agency notes, recalling that the last operating gas pipeline from Russia to Europe passes through Bulgaria.
Currently, the Chiren gas storage facility contains quantities of gas of Russian origin, supplied via "Turkish Stream", and remains under the operational control of "Bulgartransgaz" EAD - a subsidiary of Bulgarian Energy Holding EAD (BEH), which in turn is 100% state-owned.
However, the interest of American investors in a storage facility that still stores Russian gas, which is technically not subject to sanctions, marks a notable shift in capital exposure to this play, notes Oilprice.com.
According to the Wall Street Journal, Elliott Investment Management is also considering infrastructure related to Russian gas exports through Turkey, indicating a broader pattern of redirecting American capital into troubled or undervalued midstream assets.
Nationally, the Chiren gas storage facility is facing public procurement scrutiny. The European Public Prosecutor’s Office is investigating a €78 million expansion contract related to the facility, and the Bulgarian Ministry of Energy recently canceled the drilling contract and promised to resume the tenders in line with EU transparency rules.
According to April 2025 data reported by Serbia Energy, despite legal complications, over 87% of Chiren’s capacity for the 2025-2026 season has already been booked. According to industry observers, the site’s location and integration with Balkan transit routes make it a prime asset against the backdrop of changing gas flows and new investment schemes.
The US State Department has not commented on the proposed deal.