Evgeni Simeonov, special commercial administrator of Lukoil’s group of companies in Bulgaria, told BTA on Thursday that lifting the ban on exports of diesel and jet fuel from Bulgaria would improve the financial performance of Lukoil Neftohim Burgas, which in turn would lead to higher tax revenues for the State budget at the end of the year.
He was asked to comment on Wednesday’s decision of Parliament to lift a ban on fuel exports introduced at the end of October 2025.
Simeonov said the refinery would be able to export quantities of diesel and jet fuel exceeding the needs of the Bulgarian market. He stressed that, under the refinery’s internal calculations and contracts, fully meeting domestic demand in Bulgaria is the top priority. The special commercial administrator was adamant that only surplus quantities will be exported.
This will in no way affect Bulgarian consumers, who will be supplied with the fuel they need, because all contracts of Lukoil Neftohim Burgas clearly stipulate that domestic demand is met first, said Simeonov. Consumers should therefore be assured that there will be sufficient fuel, he added.
Asked about figures released Wednesday by Deputy Minister of Economy, Investments and Industry Mihaela Karadimova suggesting that the value of the product being held back could reach about USD 197.6 million, Simeonov said the financial result cannot be forecast based on just one or two months of data available in September. Final profit and taxes depend on developments in international oil prices and armed conflicts through the end of the 12-month financial reporting period, he said.
“We will be able to give an accurate figure for the expected benefits and revenues for the State at the year’s end, when we have the full period, because managing such a strategic company is not a matter of one, two or three months. Longer periods of the financial year have to be considered. An accounting and financial year is 12 months. We cannot determine from one or two months in which we have positive results whether the company will make a profit and how much tax it will pay,” Simeonov said.
The Lukoil special commercial administrator said exports would not affect prices for end consumers in Bulgaria. Prices depend on international quotations and production costs, rather than on whether surplus quantities are sold abroad, he said. Prices are affected by international quotations and the costs associated with processing crude oil and petroleum products. Exports cannot affect them, Simeonov said. There is no risk of a shortage because the Bulgarian market is supplied first.
Simeonov dismissed as unfounded opposition claims made on Wednesday that lifting the ban on diesel and jet fuel exports would mean the State was losing control and anyone would be able to export fuel indiscriminately. He also dismissed as absurd claims that specific oligarchs had influenced the decision to lift the ban.
He noted that exports are carried out through regular tender and competitive procedures in line with established industry rules, including customer checks. “All companies have undergone initial checks, known in the oil business as KYC, or Know Your Customer. There is a list of companies approved to work with Lukoil Neftohim Burgas, and we have approved them as well. We send them an enquiry, and they respond by expressing or declining interest and making an offer for the price at which they would like to purchase the fuel. Once we collect all the offers, we select the one that is economically most favourable for the company and sign a contract,” said Simeonov.
The Lukoil special commercial administrator declined to name specific export destinations at this stage, as this would depend on the best offers received and approved. He identified the Mediterranean, Western Europe and other markets as potential destinations for diesel and jet fuel exports. Logistics and preparations for shipments by vessel or rail tankers take time and require planning at least one to one and a half months in advance, meaning that actual deliveries will not start immediately on the day after the amendment is published in the State Gazette, he said.
Regarding reports about US investor Todd Boehly who secured the backing of the US government and Gulf power brokers with ties to the Trump family to bid for Lukoil’s international assets, the special administrator explained that, as the State-appointed operational manager, he is responsible for managing the assets in Bulgaria. The local company has no involvement in, or information about, negotiations for the sale of international assets at parent-company level, he said.
Diesel Exports Will Not Put Domestic Market at Risk, Lukoil Special Commercial Administrator Tells BTA THE NEWS FROM BULGARIA – NEWS AGENCY 2009-2025 2026-09-24 16:49:25
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