Lukoil sale to require green light from Security Services

The sale of assets of the Russian oil company Lukoil in Bulgaria will only proceed following a decision by the Council of Ministers and approval from the State Agency for National Security (SANS), MPs stipulated during the first reading of amendments to the Investment Promotion Act. The amendments were proposed by the ruling parties with the support of DPS-New Beginning, BTA reported.

The draft law requires SANS to conduct a preliminary review and provide a written opinion before any transactions involving the disposal of company shares or equity stakes can be carried out. Any transactions carried out without a cabinet decision will be considered null and void.

"If the owners of Lukoil decide to sell, SANS and the Council of Ministers can vet the buyer. This is insurance," commented GERB leader Boyko Borisov.

However, Bogdan Bogdanov of PP-DB warned that the legislative changes would grant sole authority to the chairman of SANS.