Lukoil Maintains Right to Legal Protection in Bulgaria

The Russian energy corporation "Lukoil" announced today that it reserves the right to seek legal protection of its rights and legitimate interests in Bulgaria. The decision comes after the appointment of a special commercial manager who will manage the company's assets in the country, reports the Reuters news agency. This development is significant, given the scope of "Lukoil"'s activity in Bulgaria.

In a statement, the energy giant states: " "Lukoil" is taking all necessary steps to complete the sale of the refinery, the network of gas stations, and other assets in Bulgaria to a new owner and expects the activity of the special manager not to hinder this process"." This comment underlines the company's willingness to adapt to the changing situation, but also hints at potential challenges to these plans.

In addition, "Lukoil" expresses the expectation that the appointed special commercial manager will act in strict compliance with applicable law. This is important to ensure the continuity of the companies' activity in Bulgaria, with the aim of providing fuels for the Bulgarian market, paying taxes, and maintaining high standards of social policy towards the refinery workers.

Last week, the Bulgarian government decided to appoint Rumen Spetsov as a special manager of "Lukoil"'s companies in the country. His role will include monitoring the work of the refinery in Burgas. The entry into force of US sanctions, scheduled for November 21, is a key factor in this decision. If necessary, Spetsov will prepare the sale of the Russian giant's assets.

For more than 25 years, the company has played an important role in Bulgaria. It has been the largest investor and fuel supplier, as well as a major employer and taxpayer. "Lukoil"'s cumulative investments in the country since 1999 amount to over $4.5 billion. This underscores the scale of their activity and the potential impact of the changes.

"Lukoil International" (Lukoil International GmbH), the company that owns the group's foreign assets, including those in Bulgaria, received a general license from the Office of Foreign Assets Control (OFAC) of the US Department of the Treasury. This license, valid until December 13, 2025, aims to facilitate the sale of "Lukoil_q_'s foreign assets. This fact indicates that the company is seeking to comply with international requirements and restrictions.