MOSCOW, November 19. /TASS/. Lukoil is working on selling its assets in Bulgaria to a new owner, the company said in a statement, adding that it does not expect the external administrator to hinder the process.

"Lukoil is taking all necessary steps to complete the sale of the refinery, the filling stations network and other assets in Bulgaria to a new owner and expects that the activities of the external administrator will not impede this process," the statement reads.

The company expects the external administrator for its assets in Bulgaria to ensure their normal operation and supply of fuel to the country's market.

"Lukoil expects that the external administrator will act in strict compliance with applicable law to ensure the continuity of operations, including maintaining the normal functioning of these entities to supply the Bulgarian market with fuel, pay taxes, and uphold the high standards of social policy towards refinery employees that have been established and maintained by Lukoil," according to the statement.

The company also noted that it reserves the right to seek judicial remedies to protect its rights and legitimate interests if they are violated.

On November 14, the Republic of Bulgaria adopted a law providing for the introduction of external management at Lukoil Neftochim Burgas, Lukoil Bulgaria and other Lukoil Group entities in the country. As of November 17, all powers of the governing bodies of those entities have been transferred to an external administrator.

Lukoil International GmbH, which consolidates Lukoil Neftochim Burgas, Lukoil Bulgaria and other Lukoil Group entities in Bulgaria, has obtained from the US Department of the Treasury's Office of Foreign Assets Control (OFAC) a General License valid until December 13, 2025 for the purpose of facilitating the sale of the Russian company’s international assets.

For more than 25 years of operations in Bulgaria, Lukoil has been the country's largest investor and fuel supplier, a major employer and taxpayer, with its cumulative investments having reached over $4.5 bln since 1999, the company stressed.

Lukoil said earlier that it was negotiating the sale of its foreign assets with several potential buyers and would announce the deal after reaching final agreements and receiving the necessary permits.