Parliament tightens oversight of Lukoil's special commercial manager

The National Assembly has strengthened state oversight of the special commercial manager responsible for Lukoil's operations in Bulgaria, BNR correspondent Maria Fileva reported.

Amendments to the Law on the Administrative Regulation of Economic Activities Related to Oil and Petroleum Products (Fuels Act) now allow for judicial review of transactions involving the disposal of assets, shares and equity interests. Until now, such transactions were not subject to judicial review. Under the new provisions, the manager will also be required to submit monthly reports to the Minister of Economy, Investment and Industry.

The changes come a day after Economy Minister Alexander Pulev announced the appointment of a new special commercial manager for Lukoil in Bulgaria, replacing Rumen Spetsov, who was appointed last November. Pulev said Spetsov had been replaced for what he described as "complex reasons".

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"Evgeni Simeonov, the new manager, has the necessary professional experience, expertise and integrity to exercise effective, transparent and lawful control over the companies that are part of the Lukoil Group. He has worked for the Ministry of Economy for more than 10 years. We all count on socially responsible behaviour, greater transparency and oversight," the minister said.

Editor: Diana Tsankova

Edited and posted in English by E. Radkova