Bulgarian Oil and Gas Association chair Svetoslav Benchev told NOVA NEWS that running something as massive as the Lukoil refinery would be a nightmare for the government since it basically controls the entire economy. The guy thinks the budget provision letting the state grab it is more like a backup plan if negotiations between the current owner and potential buyers fall apart or geopolitics shift in weird ways.
Benchev hopes Bulgaria does not go full seizure mode and nationalize the thing because that creates messy consequences for everyone involved, especially since oil operates in a free market without price controls like electricity or gas have. He worries the state will push for artificially low prices that wreck the business itself and wonders how Bulgaria avoids getting destroyed by arbitration sanctions if it takes the refinery without proper agreements, pointing to Serbia as a warning about what could happen if US-Russia relations stay frozen.
Benchev hopes Bulgaria does not go full seizure mode and nationalize the thing because that creates messy consequences for everyone involved, especially since oil operates in a free market without price controls like electricity or gas have. He worries the state will push for artificially low prices that wreck the business itself and wonders how Bulgaria avoids getting destroyed by arbitration sanctions if it takes the refinery without proper agreements, pointing to Serbia as a warning about what could happen if US-Russia relations stay frozen.
