Lukoil Bulgaria: No grounds for concern over fuel supplies on Bulgarian market

There are no grounds for concern regarding the availability of fuels on the Bulgarian market or their prices, Lukoil Bulgaria said in a statement published on its official website. Lukoil’s subsidiaries in Bulgaria continue to operate under normal conditions under the leadership of the appointed special commercial administrator, Rumen Spetsov, the statement said.

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The statement comes after the Swiss-based company Litasco, a member of the Lukoil group and a shareholder in Lukoil Neftochim Burgas and Lukoil Bulgaria, announced that on February 19 it had sent a notification to the Bulgarian authorities declaring its initiation to initiate international arbitration proceedings to settle investment disputes.

In November, following international sanctions imposed by the United States and the European Union, the Bulgarian parliament appointed a special commercial administrator to oversee Lukoil’s Bulgarian subsidiaries. Days later, Lukoil announced that it reserved the right to seek legal protection of its rights and legitimate interests in Bulgaria.

Edited by Ivo Ivanov

Translated by Kostadin Atanasov