The Swiss group "Litasco", part of "Lukoil" and a shareholder in "Lukoil Neftochim - Burgas" and "Lukoil Bulgaria", has notified the Bulgarian authorities of an investment dispute and the possibility of an international court. This is stated in an official statement published on the company's website, quoted by BTA.
On February 19, "Litasco" sent a notification stating its intention to use all legal means, including initiating arbitration proceedings before the International Court of Settlement of Investment Disputes. The company refers to the agreement between the Swiss Confederation and the Republic of Bulgaria for the protection of investments, as well as the Energy Charter Treaty.
According to “Litasko“ the measures taken by the Bulgarian authorities against its divisions constitute a violation of the country's international commitments and illegal alienation of investments without compensation.
The company recalls that in November the Bulgarian parliament adopted legislative changes that introduced external management of companies in the group, including “Lukoil Neftochim Burgas“ and “Lukoil Bulgaria“. According to “Litasko“ these actions, as well as the termination of the terminal concession in the port of “Rosenets“, have had a significant negative impact on its investments and have led to significant losses.