Lukoil has issued a firm warning to Bulgarian authorities, signaling that it will pursue legal action if Rumen Spetsov, appointed as the company’s special manager, obstructs the sale of its assets. The Russian energy giant is currently engaged in negotiations to find a buyer for its Bulgarian operations.

Parliament recently rushed to amend the law to grant Spetsov broad powers to make decisions regarding the sale of Lukoil’s shares and assets, following approval from the Council of Ministers. This intervention was added at the last minute, despite not being included in the original draft legislation. One of the most contentious provisions remains: Spetsov’s decisions would not be subject to judicial review. Opposition lawmakers have raised concerns that this could allow the special manager to sell off Bulgaria-based assets piece by piece.

In response to the legal changes, Lukoil released a statement emphasizing that it is taking all necessary steps to complete the sale of the refinery, gas station network, and other assets to a new owner. The company also stressed that it expects the special manager to act in full compliance with Bulgarian law, ensuring the continuity of operations, the supply of fuel to the domestic market, tax payments, and high social standards for refinery employees.

Lukoil highlighted its long-standing presence in Bulgaria, noting that over 25 years it has been the country’s largest investor and fuel supplier, a major employer, and taxpayer, maintaining strict industrial and environmental standards. Since 1999, the company’s cumulative investments in Bulgaria have exceeded USD 4.5 billion, approximately €4.1 billion.

The company also warned that it reserves the right to seek judicial protection to safeguard its legitimate interests if its rights are violated. Meanwhile, Reuters reported that US oil majors Exxon Mobil and Chevron are exploring potential acquisitions of parts of Lukoil’s international holdings, citing industry sources.