Prista buys Texaco Overseas Holding's stake in Uz-Texaco

Prista Oil Holding EAD, part of the Prista Oil Group based in Sofia, Bulgaria, has acquired Texaco Overseas Holding Inc.’s 50.1% stake in Uz-Texaco LLC. The joint venture company produces engine oils and other lubricant products at the Fergana Oil Refinery. The government of Uzbekistan has approved the deal, the amount of which has not been announced, through a special resolution. The joint venture will be renamed Uz-Prista. In October, Uz-Texaco put into operation facilities for the production of synthetic motor oils under license by Prista Oil. Prista Ultra 5W-40 oil is already being produced, and the plan is to produce 450,000 liters by year-end. Uz-Texaco was set up in 1997 by Uznefteprodukt and Texaco, which is now part of Chevron Corp. Uzbekistan holds a 49.9% stake in the joint venture, which produces about 30 different lubricant products, including engine oils, hydraulic oils and transmission fluids. (November 22, 2011)