Lukoil making efforts to sell its assets in Bulgaria, hopes external administrator will not obstruct

MOSCOW. Nov 19 (Interfax) - Lukoil said that all powers have been transferred to the external administrator as of November 17 after the adoption of a law in Bulgaria introducing external administration at enterprises belonging to the company.

Lukoil expressed the hope that "the external administrator will act in strict accordance with the applicable legislation for the purpose of continuing the organizations' activities, will ensure their normal operation to supply the Bulgarian market with fuel, pay taxes and maintain the high standards of social policy towards the plant's employees established and maintained by Lukoil."

Lukoil International GmbH, which includes Lukoil Neftohim Burgas, Lukoil Bulgaria and other Lukoil organizations in Bulgaria, has received a general license from the U.S. Treasury Department's Office of Foreign Assets Control (OFAC) until December 13, 2025, for the purpose of selling international assets.

"Lukoil is making the necessary efforts to complete the transaction and sell the plant, the filling station network and other assets in Bulgaria to a new owner, and expects that the activities of the external administrator will not obstruct this. The company reserves the right to judicial protection of its rights and legitimate interests in case of their violation," the company said.

The accumulated investment of Lukoil since 1999 have amounted to more than $4.5 billion.