United Kingdom Prolongs Lukoil License for Operations in Bulgaria

The United Kingdom has decided to extend the validity of the general license covering Lukoil’s subsidiaries operating in Bulgaria, the Ministry of Energy announced. The move follows ongoing coordination between the Bulgarian government and international partners since the introduction of sanctions, with authorities stressing that these efforts are aimed at maintaining stability for both citizens and businesses.

According to the Ministry, the government’s actions since the sanctions were imposed have helped ensure continuity in the country’s energy sector. Officials said work is continuing with foreign partners to protect jobs, guarantee the uninterrupted functioning of the Burgas refinery, and safeguard Bulgaria’s overall energy security.

The general license applies to several entities: Lukoil Bulgaria, Lukoil Neftochim Burgas, Lukoil Aviation Bulgaria, and Lukoil Bulgaria Bunker. It initially came into force on November 14, 2025. After a series of discussions between the Bulgarian Minister of Energy and international counterparts, the license has now been extended until August 13, 2026. Under the original terms, it was due to expire on February 14, 2026.

The extension comes against the backdrop of sanctions imposed by both the United States and the United Kingdom on Lukoil over Russia’s war in Ukraine. In response, the Bulgarian authorities appointed a special manager at the Burgas refinery. The purpose of this measure is to ensure that the refinery’s financial flows are not used to support Russia’s military actions.

Looking ahead, a key decision remains pending in Washington. On April 20, the United States is expected to rule on whether to extend its own derogation for Lukoil. This decision is likely to come immediately after Bulgaria’s early parliamentary elections, which are expected to be held on April 19.

At the same time, Lukoil’s foreign assets, estimated to be worth around $22 billion, have attracted significant international interest. Among the companies reported to be considering a potential acquisition are Chevron and the investment firm Carlyle.