Two American financiers, one of whom has ties to former US President Donald Trump’s campaign, have initiated talks with Bulgarian officials over a potential investment in Chiren, Bulgaria’s state-owned underground gas storage facility, according to Novinite. According to multiple sources familiar with the discussions, the interest centers on joining a government-backed plan to double the facility’s capacity.
The investors – Stephen P. Lynch and Fei Wang – are exploring how to enter the project, which is seen as strategically significant due to its role in storing Russian natural gas. The facility, Bulgaria’s only such storage site, has been considered vital for balancing seasonal gas demand and navigating fluctuating market prices. The investors are reportedly backed by Brad Parscale, who managed Trump’s 2016 and 2020 campaigns. The group’s ambition is to transform Bulgaria into a regional energy hub for Eastern Europe, making full use of the expanded storage at Chiren.
Sources say Lynch and Wang are expected in Sofia this week for meetings with senior Bulgarian officials. Their aim is to access updated technical data on Chiren to assess potential participation in the project. The Bulgarian Prime Minister’s office declined to comment on the meetings.
Though early-stage and exploratory in nature, the talks mark a significant development amid ongoing debate in Europe about the future of Russian gas imports. Parscale is said to have had only a limited role so far, but could facilitate connections with American energy firms if the plan progresses further.
Lynch has been a controversial figure in Europe. Earlier this year, during sensitive U.S.–Russia discussions over Ukraine, he attempted to revive Russian gas deliveries via one of the Nord Stream pipelines beneath the Baltic Sea. That initiative was firmly rejected by both German and EU authorities. Now, with the European Commission pushing for a full halt to Russian gas imports after 2027, Lynch’s involvement in the Chiren project is likely to stir further debate.
Bulgaria, as both an EU and NATO member, sits at the crossroads of regional energy politics. The TurkStream pipeline – currently the last active conduit for Russian gas into Eastern Europe – runs through its territory. In spring, Bulgarian authorities approached several U.S. investors with an offer to acquire a stake in the Bulgarian section of TurkStream. While no agreement was reached, the move drew criticism from domestic opposition parties, who claimed it was an attempt to cloak Russian gas infrastructure with an American veneer.
The Chiren expansion could appeal to both camps in the region: those who seek to continue using Russian gas and those aiming to shift to alternative suppliers, including the U.S. According to Martin Vladimirov, an analyst with the Center for the Study of Democracy in Sofia, any new storage capacity will be strategic – but it also requires oversight. He warned that safeguards must be put in place to ensure the facility is not misused to store Russian gas funneled through third countries like Turkey, a scenario that would undermine the EU’s decoupling efforts.