Банкеръ Weekly

Briefs

PRISTA OIL LOOKS AT FOREIGN MARKETS

The Rousse-based company Prista Oil announced it would build two plants this year - in Turkey and the Ukraine. The company has been producing refined petrol products for the Bulgarian market for ten years now. Within that time it acquired the controlling package (90%) of MONBAT - Montana, and Maintaining the Clearness of Sea Waters - Varna, and succeeded to get a firm hold in the branch. However, LUKoil Neftochim, which has ten times higher sales proceeds, remains the leader in the sector. The first of the projects will be implemented in the region of Izmir, Turkey. According to the management of the company (owned by Bobokovs Bros.), the enterprise will be opened in June and will be the most modern producer of lubricants in Bulgaria's southern neighbour. The new plant's annual output is preestimated at about 80,000 metric tons, and working positions will be opened for 150 Turkish emigrants from Bulgaria. USD6MN will be invested in the enterprise. Prista Oil intends to settle firmly on the Turkish market, occupying 15% of it.The company is building a similar plant in Odessa, but its capacity will be half of that in Izmir. The amount of the investment is almost the same - USD5MN, but part of the money is earmarked for the construction of a sea terminal for storage and transportation of lubricants. Prista Oil promises to provide jobs to 100 ethnic Bulgarians living in the Odessa district and to acquire 15% of the Ukrainian market of lubricants. Meanwhile, on Wednesday (February 12) the general meeting of shareholders in the Rousse-based company made a decision for the merger of Prista Oil's subsidiary Prista Production - Sofia into the parent company. The Commission for the Protection of Competition (CPC) allowed that transformation as early as in the beginning of last month. According to the CPC, the merger of the subsidiary into Prista Oil is not concentration of economic activity under the Protection of Competition Act. At the present stage the annual output capacity of Prista Oil is about 40,000 t of lubricants.The company has subsidiaries in Romania and Hungary and trade representative offices in Serbia and Macedonia.

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