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Lukoil expands operations in Bulgaria

de Radu Rizea
Vineri, 28 martie 2008, 16:11 English | Business

Lukoil Bulgaria intends to buy the Iliantza oil base from the Bulgarian Petrol company. The company press office confirmed that the parties wait for the anti-monopoly institutions for approval, in order to sign the deal. Market players believe that the next step is for Lukoil to buy a part or all the Petrol chain of gas stations.

The Russian company denied so far the rumors in the Bulgarian press. Lukoil already holds an oil plant in Burgas, the control stock being obtained in 1999, for 101 million dollars.

At the beginning of 2005, Lukoil increased its participation to 93.16%, after buying 22.05% more of the shares at the high-quality fuel producer.

The plant processes some 6-7 million tons of crude oil per year. In a previous statement, Valentin Zlatev, head of Lukoil Bulgaria, said that the company analyzes the possibility to acquire specialized assets, like gas stations and oil plants, from Petrol. According to his statement, some 290 - 300 gas stations would be enough for Lukoil-Bulgaria, so that the anti-monopoly legislation would not be a problem. 

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