Bulgaria's Prista Oil Acquires Chevron Czech Republic

Prista Oil has two blending factories in Bulgaria, one in Hungary and one in Turkey. File photo

Prista Oil, Bulgaria’s biggest producer of brake-fluid and motor oil, has bought Prague-based Chevron Czech Republic for an undisclosed sum, the company announced on Monday.

No further details about the deal were immediately available.

The deal is in line with Prista Oil strategy to expand in Central and Eastern Europe, the Bulgarian company said in a press release.

Under the terms of the deal Prista Oil will continue to develop the Texaco brand in the next five years.

"Our partnership with Chevron is a key element of Prista Oil's strategy for growth and the implementation of its multibrand strategy," Plamen Bobokov, president of Prista Oil's board of directors, said in a company statement.

"We plan to strengthen this partnership and target more of Prista Oil's major markets as early as by the end of the year,” Bobokov added.

In November 2011 Prista Oil Group BV bought Chevron Corp’s stake in a blending plant in Uzbekistan.

Prista Oil bought Chevron’s 50.1% stake in Uz- Texaco, a Fergana, Uzbekistan-based blending joint venture with state-owned Uzbekneftgaz, for an undisclosed price.

Prista Oil has two blending factories in Bulgaria, one in Hungary and one in Turkey.

We need your support so Novinite.com can keep delivering news and information about Bulgaria! Thank you!