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Bulgaria’s National Assembly voted overwhelmingly in favor of granting sweeping powers to the future special manager of Lukoil Neftochim Burgas, approving on first reading amendments to the Law on the Administrative Regulation of Economic Activities Related to Oil and Oil Products. The decision came after a brief and contentious session, which lasted less than a minute in the Energy Committee before moving to the plenary hall. The amendments were supported by 130 MPs from GERB, DPS-New Beginning, BSP, TISP, one representative from APS, and four independents. Lawmakers from WCC-DB, Revival, APS, and MECH voted against, while two MPs from WCC-DB abstained. The Greatness party did not take part in the vote. Shortly after the bill passed on first reading, Stanislav Anastasov from DPS-New Beginning, one of its sponsors, called for an immediate second reading. The proposal sparked tension in the chamber, with Revival MPs objecting. However, session chair Kostadin Angelov of GERB ruled out a counter-proposal from Revival leader Kostadin Kostadinov, citing parliamentary rules. A brief verbal clash followed, prompting Angelov to cancel the vote on Anastasov’s request before giving the floor to Tsoncho Ganev of Revival, who accused the ruling majority of “trampling parliamentarism.” Despite objections from the opposition, the chamber moved forward with the second reading. The newly approved provisions give the special manager complete control over Lukoil’s operations from the moment of appointment, stripping shareholders and owners of their authority. The manager will be able to dispose of or alienate company assets beyond the scope of ordinary business, but only with prior approval from the Council of Ministers. Any transactions made in violation of this rule will be deemed null and void. In cases involving the sale of shares or stakes in the company’s capital, a market valuation will be mandatory. Such transactions will take effect only after the government approves the buyer, and this decision will also require prior consent from the State Agency for National Security (SANS). The proceeds from these sales will be deposited into a special account at the Bulgarian Development Bank (BDB). The Finance Minister will have six months to allocate the funds in line with the transferred rights, subject again to government approval and provided there are no regulatory barriers. Under the amendments, the special manager will also have the authority to sell, mortgage, or pledge company assets, with the bill explicitly stating that their acts are not subject to judicial or administrative review. The manager will be appointed by the Council of Ministers. The parliamentary majority’s push to approve the bill in a single day drew strong criticism from the opposition, particularly Revival, which warned that the move could open the door to a challenge before the Constitutional Court.
