Owner of Bulgaria's Lukoil Neftohim denies sale claims

Swiss-based Litasco has not appointed any public or private organisation to seek potential buyers or conduct any sale negotiation on its behalf, the company said in a press release on Wednesday.

"According to the European legislation on private property protection, as well as usual business practices, any intention to buy an asset belonging to another company must first be discussed between counterparts involved, and only following such discussions – with the authorities of the country, where the assets are located," Litasco stated.

The comment was issued after Bulgarian finance minister Assen Vassilev told the Financial Times earlier this week that Bulgaria is aware of expressions of interest in the purchase of Lukoil Neftohim Burgas, but is not involved in the sale process.

Geneva-headquartered Litasco coordinates crude oil and feedstock supply, off-taking and sale of petroleum products and petrochemicals produced by the Neftohim refinery in Burgas and Petrotel in Romania. Litasco also has storage facilities in the Netherlands, Scandinavia, the Mediterranean and the Black Sea.

Litasco owns 99.85% of Lukoil Neftohim Burgas, according to its most recent annual report published by the commercial registry office.