The state should in principle own its strategic assets and should never have sold them. This was said in the program “Crossroads” on “Nova TV” by energy expert Yavor Kuyumdzhiev.
Texts in the Budget 2026 law give rise to analyses that the state is preparing to buy “Lukoil” if necessary. The proposal is to provide additional state guarantees if necessary and to find financing within the framework of 2 billion euros through the Bulgarian Development Bank (BDB), so that the state can buy the refinery and gas stations.
“I do not agree that the state is not a good manager. It manages the NPP, manages NEK and many other companies. Ownership does not matter at all if they are managed by experts and politicians do not interfere, because when they do, problems arise,” Kuyumdzhiev believes.
He explained that it is possible for these companies to exist without political interference. “An example is the Czech Republic, where CEZ, one of the largest companies, is 67% entirely state-owned. There are very strict rules on how the company is managed - 20% of the profits go to the state budget”.
“There may be behind-the-scenes interests in the purchase of “Lukoil”, but on this issue I think two things. First - 2 billion euros will not be enough to pay a fair price to the current owner. Obviously, this will be some form of loan that will be granted to the Bulgarian National Bank with state guarantees. They will be 2 billion “live” money that can be used to buy “Lukoil”. It costs about 8 billion, from what I have read”, the expert explained.
According to him, this money can also be used to provide working capital for the refinery, because at the moment the crude oil is bought for it by the parent company. “Our refinery has never bought oil on world markets”.
“Buying oil is a very complicated procedure. It can be mastered, but it is also very capital-intensive, because no one will give quantities of oil without being paid for. When it is produced somewhere in the world, it has to travel 1-2 months to reach our refinery. It takes time to be processed into fuels, to be sold and to collect the money. Which means that the turnover of funds is about 3-4 months”, Kuyumdzhiev believes.
According to him, the amount needed for the refinery's working capital is exactly around 2 billion euros. “Nobody in the world will give it this money without state guarantees”, the expert added.
“Another option is for “Lukoil” to be a public joint-stock company, in which the state owns 50%, and the rest are owned by leading world companies. These 2 billion euros will be enough, but they will not be enough for 50%. This again leaves open the question of where the money for working capital will come from”, Kuyumdzhiev explained.