Prista Oil Holding in joint venture in Uzbekistan

Bulgaria’s Prista Oil Holding EAD has acquired 50.1% of Texaco Overseas Holdings Inc.’s stake in the Uzbekistan-U.S. joint venture Uz-Texaco LLC, which has been producing motor oils and lubricants since 1997. Uzbekistan President Islam Karimov signed a resolution on November 15, 2011 approving the deal. According to the agreement, the joint venture Uz-Texaco LLC will be renamed Uz-Prista JV LLV. The agreement also approved a project for the production of high quality mineral and synthetic, semi-synthetic oils and anti-freeze. Both Uz-Texaco and Prista Oil Group launched production of synthetic motor oils in Uzbekistan in October 2011. The Chairman of Prista Oil Group, Plamen Bobokov, said, “I am proud that Prista Oil was the one who pioneered the manufacturing of synthetic lubricants in Uzbekistan. This is the next step in achieving our target for establishing the Prista brand name outside the boundaries of Europe, in compliance with the vision of the shareholders and the strategy for the expansion of the company in the direction of Central Asia and the Middle East. Our set forecast for 2012 is for the joint venture to manufacture 49 million liters of lubricants, generating revenues of US$60 million U.S., out of which 4 million liters will be synthetic and semi-synthetic lubricants. The set marketing strategy provides for more than 50% of the volume to be exported to Central Asia and Eastern Europe.” (December 9, 2011)