Copyright novinite
Political party "Democratic Bulgaria" (part of WCC-DB) has voiced concerns over potential Russian influence in the proposed sale of Lukoil’s international assets. The Russian oil company recently confirmed that it received an offer from the multinational Gunvor to acquire its foreign holdings. Gunvor acknowledged the preliminary nature of the negotiations, which are subject to approval from European and U.S. regulators. “We want a Western investor, completely free of Kremlin ties,” said MP Ivaylo Mirchev, highlighting fears that financial flows from Lukoil could support pro-Russian groups in Bulgaria, posing risks to national interests. Party colleague Bozhidar Bozhanov also criticized any rise in tax or social security contributions, insisting that the burden should remain stable. Gunvor, founded in 2000 by Russian oligarch Gennady Timchenko and Swedish businessman Torbjörn Törnqvist, initially focused on exporting Russian oil via Estonia. Timchenko, a close associate of Putin, built extensive Kremlin connections through his early oil ventures, while Törnqvist brought global trading experience. By 2007, Gunvor controlled major Russian oil transit volumes and rapidly expanded its infrastructure, including tanker fleets, terminals, and refineries across Europe. The company also diversified into gas, coal, electricity, and emissions trading. Following U.S. sanctions on Timchenko in 2014, Törnqvist purchased the majority of his shares to shield the company, and Gunvor gradually distanced itself from Russian crude. Today, it trades limited Russian volumes and focuses on markets in Asia, Africa, the Middle East, and the Americas, as well as LNG and other energy commodities. Despite these efforts, Gunvor’s history remains controversial. The company has faced allegations of bribery, smuggling, and opaque practices, including fines in Switzerland and the U.S., and is frequently linked in diplomatic reporting to Putin-era Russian energy capital. As a potential buyer of Lukoil’s assets, Gunvor faces scrutiny over the origins of its capital and its true ownership structure. For Bulgaria, the key questions will be not only who legally owns the refinery but who ultimately controls it, making regulatory approval and transparency essential.
