Банкеръ Weekly



Lukoil Garant- Bulgaria - the pension fund of the Russian oil giant received a licence for pension provision activities in Bulgaria. It was licenced on November 30. Lukoil Bulgaria and Lukoil Neftochim are the shareholders in the newly established company, each holding 50% of its shares. The fund was established in August 2000, that is why it was late in applying for a licence. Court registration is to be finalized soon, and later on - the registration of the pension funds, which it intends to establish. The owners are planning to set up three of the four types of pension funds, provided for in the law. Lukoil Garant Bulgaria does not intend to register a fund through mass privatization vouchers.

The newly licensed company is headed by Kyril Chervenkov. According to its managers, the effective operation of Lukoil Garant Bulgaria will start not earlier than the beginning of next year. The management intends to offer the customers the full range of insurance services provided in the law. Bulgarian branches of Lukoil employ about 10 000 people. These are the potential customers of the company. Naturally, it has a good opportunity in attracting other chemical and petrochemical workers. All these factors are a prerequisite for Lukoil Garant Bulgaria to become one of the biggest players in the pension insurance market.

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