Bulgaria Tightens Foreign Investment Rules Amid Lukoil Ownership Change

Bulgaria Tightens Foreign Investment Rules Amid Lukoil Ownership Change

Bulgaria

In 2024, Bulgaria adopted amendments to the Investment Promotion Act, introducing a screening mechanism for foreign direct investment (FDI) linked to security and public order. Prime Minister Rosen Zhelyazkov announced the changes during a parliamentary hearing on protecting national interests amid the potential sale of the Lukoil Neftohim Burgas refinery, CE Report quotes BTA

Under the new rules, prior authorization is required for FDI involving energy production from petroleum products in critical infrastructure sites, such as Lukoil Neftohim Burgas. The Interministerial Council for FDI Screening has the authority to reject investments that could impact security, energy supply, or critical resources.

Zhelyazkov also noted that the state, holding a "golden share" in the company, can block certain General Assembly decisions. Unconfirmed reports suggest the refinery's management is seeking a sale price of around $2 billion.

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