In brief
London – The UK Treasury announced a fresh extension of the general licence for Lukoil Bulgaria entities, setting a new expiry date of 26 February 2027. The extension, which originally took effect on 14 November 2025, is seen as key to maintaining oil supply and refinery operations in Bulgaria. Bulgarian Economy Minister Alexander Poulev praised the move as a result of close dialogue with UK partners and essential for the security of crude oil deliveries.
London, 28 October 2026 (BTA) – The UK Treasury has extended the general licence that allows Lukoil Bulgaria subsidiaries to carry out business transactions, setting a new expiration date of 26 February 2027.
The licence covers four subsidiaries: Lukoil Bulgaria EOOD, Lukoil Neftochim Burgas AD, Lukoil Aviation Bulgaria EOOD and Lukoil Bunker Bulgaria EOOD. It permits the companies to make payments and carry out other transactions related to their normal business activities without breaching the UK sanctions regime.
Originally effective from 14 November 2025, the licence has been extended several times, most recently on 28 October 2026. The extension is described by the Bulgarian Economy, Investment and Industry Ministry as a step toward ensuring stability and predictability for the companies’ operations in Bulgaria and security of crude oil supplies, as well as the uninterrupted operation of the Burgas refinery.
Bulgarian Deputy Prime‑Minister and Economy, Investment and Industry Minister Alexander Poulev said the extension is the result of active dialogue at the government level under Prime Minister Rumen Radev and talks with British partners and the British Embassy in Sofia.
"The licence extension is essential for maintaining key business operations, including crude oil deliveries and tanker insurance. British insurers are crucial to the functioning of the supply chain, providing insurance for more than 90% of the tankers delivering crude oil. Maintaining the ability to work with British companies and UK‑linked partners is an important condition for ensuring continuity of operations," he said.
The UK extension follows a parallel move by the U.S. Department of the Treasury, which extended authorization for certain transactions involving Lukoil’s Bulgarian subsidiaries until 24 April 2027.
After sanctions were imposed, Lukoil announced plans to sell its international assets and has been considering offers from potential buyers. The licence extension is intended to help safeguard supply chains and protect the stability of the Bulgarian economy and consumers.
