Thu, Feb 09 2012

LUKoil, Petrol seal 463.5M deal

Fri, Apr 25 2008 16:46 CET

byElena Koinova

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Russian oil processing company LUKoil and Bulgaria's fuel retailer Petrol shook hands on April 24 over a deal that reconciled a long-running dispute between the two and looks set to trigger a reshuffle in the fuel retailer market.

Under the agreement, cleared on April 24 by Bulgaria's anti-trust authority CPC, the two companies agreed to the withdrawal of all lawsuits against each other and to the sale of 75 gas stations and a fuel depot in Sofia's Iliantsi neighbourhood of Petrol to LUKoil.

The value of the transaction is 463.5 million leva, 305 million leva of which are payable for the gas stations and the remainder for the fuel depot.

LUKoil will pay in two instalments. The first is due by the middle of the year and the rest by the year's end.

The deal is costly to Petrol because half the stations are among the company's most profitable. They account for 238 million leva of Petrol's annual sales or 30 per cent of annual revenues, company representatives told Dnevnik daily.

According to experts, the deal will even the market shares of the two companies to 18 per cent. So far Petrol was the largest fuel retailer with a 20 per cent market share, ahead of Shell and OMV with a market share of, respectively, 16 per cent.

The trend is that the top four companies will even out their shares in four years' time.

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Appointments

British Council

British Council

Lyubov Kostova was appointed country manager of British Council Bulgaria effective January 1, replacing Tony Buckby, who left in October 2011 to take a similar position at British Council Greece. Kostova has been with British Council Bulgaria for 11 years, as public communications manager and, since 2008, as the head of project and partnerships department. Prior to joining the British Council, Kostova was head of international activities at the National Academy for Theatre and Cinema Arts (NATFIZ). She has a degree in Indian studies from Kliment Ohridski Sofia University.

CEZ

CEZ

Stefan Apostolov is the new chief executive of CEZ Razpredelenie Bulgaria, the power transmission subsidiary of Czech energy company CEZ in the country. He replaces interim chief executive Ales Damm, who remains the chairperson of the CEZ Razpredelenie management board. Apostolov has 30 years of experience in the energy sector, joining CEZ in 2007 as director of customer service and was later appointed as head of business development. Apostolov has a master's degree in electric systems from the Belorussian National Technical University in Minsc, management diplomas from Open University London and New Bulgarian University, as well as a master's degree in business administration from Plovdiv University.

Rompetrol Bulgaria

Rompetrol Bulgaria

Alexander Albin has been appointed chief executive of fuel distributor Rompetrol Bulgaria, replacing Nichita Sorin, who left to become chief executive of Rompetrol Gaz in Romania. Albin was previously chief executive of Rompetrol Georgia. He has more than 15 years of experience in the oil and gas industry; prior to joining Romania's oil group Rompetrol in 2008 as an adviser, he oversaw operations at Atyrau refinery in Kazakhstan, owned by Rompetrol's parent company KazMunaiGaz. He previously held top management positions at two other leading Kazakh oil and gas companies.

BASF Bulgaria

BASF Bulgaria

Valentina Dikanska is the new general manager of chemical industry giant BASF subsidiary in Bulgaria, taking over from Herbert Fisch, BASF vice president for Southeastern Europe. Dikanska, who started her career as an expert in the Finance Ministry, joined BASF Bulgaria as director of finance and administration in 2002. She becomes the first Bulgarian to hold the top management position in the company in its 40-year history on the Bulgarian market. Dikanska holds a master's degree in economics from the University for National and World Economy in Sofia.

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