Outgoing Minister of Energy, Zhecho Stankov: Bulgaria Secures Extension of Derogation for Four Lukoil Companies

Bulgaria has secured an extension of the derogation concerning the operations of four Lukoil companies in the country until 13 August, following intensive talks with UK institutions. The announcement was made by outgoing Energy Minister Zhecho Stankov during a visit to the state-owned Maritsa East 2 thermal power plant on February 11.

Stankov said that detailed discussions had been held in recent weeks with representatives of the British Embassy, the UK Treasury and the relevant sanctions authority. The Bulgarian side succeeded in convincing its partners that the initial three-month derogation had been too short.

The United Kingdom has therefore postponed sanctions affecting Lukoil’s companies in Bulgaria until 13 August.

“We managed to persuade our partners that a longer derogation was necessary,” said outgoing minister Stanko. “A large proportion of the tankers delivering crude oil are insured by London-based companies. As the previous derogation was due to expire this weekend, it was crucial to obtain an extension of the general licence this week.”

He added that the extension would provide predictability and a longer-term outlook for the refinery, helping to safeguard jobs and enable the purchase of crude oil under longer-term contracts, potentially at more favourable prices.

“In other words, Bulgarian citizens will benefit from these advantages,” he said. “I am extremely pleased and satisfied with the work of the entire team. We have worked tirelessly in recent days, maintaining constant communication with our counterparts.”

According to Mr Stankov, extending the derogation until 13 August ensures continued crude oil supplies, protects jobs, maintains operations at the largest refinery in the Balkans and guarantees fuel deliveries to end consumers, without cause for concern.