Bulgarian Lubricants Maker Prista Oil Buys 92% of Hungary’s Bogdany Petrol for Undisclosed Sum

Bulgarian motor and industrial lubricants producer Prista Oil said on Friday it has bought 92% of Hungarian peer Bogdany Petrol for an undisclosed sum as part of its European expansion plans. The deal, signed last month, will be wrapped up by the end of June, the company said in a statement. “The acquisition of Bogdany Petrol is part of Prista Oil’s strategy to diversify input material and product supply […] and the end-product which will create an opportunity for improvements in management and marketing and therefore for a stronger presence and higher Prista Oil sales in eastern Europe, Central Asia, the Middle East and Africa,” Prista Oil said. Our ambition is to transform Bogdany Petrol from a regional market leader into one of the biggest companies in Europe on that segment,” the Bulgarian company’s board chairman, Plamen Bobokov, said in the statement. Prista Oil (www.prista-oil.com) has a network of four base oil storage and shipping terminals with a combined capacity of 52,000 cubic metres – two terminals in Korfez, Turkey; one in Odessa, Ukraine, and one in Varna, on the Bulgarian Black Sea. It has three plants – two in Bulgaria and one in Turkey, and co-operates with Belgrade’s oil refinery, Rafinerija Nafte. (June 19, 2009)