Tue, May 22 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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Employment Agency

Employment Agency

Kamelia Lozanova has been appointed the executive director of the Employment Agency, a position she has held ad interim since September 2011, following the resignation of her predecessor Rossitsa Stelianova. Prior to that, Lozanova was the agency's deputy executive director in charge of international projects and European programmes. She has been with the agency for more than 20 years. Lozanova has a degree in Slavonic philology from the St Kliment Ohridski University of Sofia.

Uniqa

Uniqa

Gloria Dimitrova has been appointed executive director and member of the managing board at Uniqa Life Insurance Bulgaria. Dimitrova began her career in 1998 at the insurance supervision directorate, but moved to the private sector and worked for professional services and insurance brokerage firm Marsh&McLennan and US insurer AIG, both in Bulgaria and the Middle East. She joined Uniqa as regional director for Sofia in 2010. Dimitrova has a degree in economics from the University for National and World Economy in Sofia and a master's degree in insurance from the Business Academy in Svishtov.

Beiersdorf

Beiersdorf

Bedros Kalfayan, general manager of skin care and cosmetics company Beiersdorf Bulgaria, will oversee the parent's company units in Romania and Moldova starting April 1. Following company restructuring, Beiersdorf's subsidiaries in the three countries were merged and are now one unit, part of Beiersdorf Central and Eastern Europe. Kalfayan joined Beiersdorf in 2007 as sales manager and was promoted to general manager in 2008. Prior to that, he worked for Axxon Bulgaria, Ferrero and Rubella. Kalfayan has a master's degree in industrial management from the Technical University in Sofia.

Kamenitza

Kamenitza

Yassen Lyubenov is the new head of marketing at Bulgarian beer brewer Kamenitza. Lyubenov has 12 years of experience in marketing in the fast-moving consumer goods sector and has started his career as assistant brand manager at Kraft Foods Bulgaria. He later became brand manager at Wrigley Bulgaria, with responsibilities for Bulgaria and Macedonia. Prior to joining Kamenitza, he was senior marketing manager at Wrigley Russia, where he was in charge of brand expansion into Ukraine, Belarus, Central Asia and the Caucasus. Lyubenov has a bachelor's degree in international business administration from the University of Lincoln, UK.

Hewlett-Packard

Hewlett-Packard

Sasha Bezuhanova has been appointed Hewlett-Packard public sector director for emerging markets, where she will oversee HP public sector activities in 63 countries, including Bulgaria. Bezuhanova will also be in charge of HP's relations with the European Union. Bezuhanova has been HP's public sector director for Central and Eastern Europe since 2008; before that she was general manager of HP Bulgaria since 1998. Bezuhanova has a master's degree in electronics from the Technical University in Sofia and has completed a managment programme at INSEAD.

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