Банкеръ Weekly

Briefs

OVER 40% OF OIL-STATIONS IN BULGARIA ARE ILLEGAL

There are 2,500 oil-stations operating in Bulgaria, but over 40% of them are in the grey sector of the economy, Petrol joint-stock company managers announced. A great number of the small stations where oil products are sold do not meet the technical and quality requirements for this kind of activity. Revenues from illegal oil-stations do not enter the Treasury, and the fuels they sell do not meet the quality requirements, the managers added.Petrol AD is not going to speculate with the oil prices offered by the producers. The company will apply accurately the prices of LUKoil, underlined the company Executive Director, Svetoslav Yordanov. Fuel consumption is expected to exceed the growth of GDP by 1% in 2003, Yordanov said. The company will invest more than EUR30MN in the expansion of its activity next year. Part of this money will be used for development of the infrastructure. Internet service kiosks and a fast food chain will be opened as well. EUR7MN will be invested in the construction of ten shopping centres. The company's business plan also stipulates the building of a laboratory that will control the quality of fuel. It will be the most modern lab on the Balkan peninsula and will be located in the oil base in Iliyantsi. Up to now, Petrol has invested EUR1MN in the equipment of nine permanent laboratories for oil products quality control. Petrol AD will keep increasing the number of autogas installations, which is currently 28.Petrol's revenues for the past three years amount to EUR955MN. Its profit will reach BGN500MN by the end of the current year, announced Petrol managers.

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