Sat, Nov 21 2009

Company Briefs

Fri, Oct 03 2008 10:00 CET 140 Views

EKO AND OPET/AYGAZ DEAL
The Bulgarian Commission for Protection of Competition greenlighted fuel distributor Eko Bulgaria to acquire peer Opet/Aygaz. The deal would ensure that Eko is one of the top five fuel dealers on the local market, Bulgarian-language daily Dnevnik reported on September 30. Eko is part of Greek Hellenic Petroleum. In June, the company said that it would pay 35.25 million euro to buy Opet/Aygaz Bulgaria from Turkish company Koc Holding. The deal added 17 petrol stations to Eko's network, expanding it to 75 units.

DIESEL AND PETROL
Lukoil Neftochim Bourgas has started construction on two new production sites for diesel and petrol fuels, with a view to meeting the European standard Euro-5. As a requirement of the European Union, the standard is obligatory as of January 1 2009, Bulgarian-language daily Pari reported on September 30. Euro-5 determines the production of fuels with ultra low level of sulphur up to 10ppm.

KREMIKOVTZI'S DUTIES
Vorskla Steel Bulgaria, owned by Ukrainian tycoon Konstantin Zhevago, has finally paid 22 million leva in overdue salaries owed to Kremikovtzi steel mill employees for the months of June and July 2008. Bulgarian-language daily Monitor said on September 30 that more than 500 people also received 795 000 leva in social funds for food and other essentials. Vorskla Steel has a subcontracting deal with Kremikovtzi and has pledged to pay overdue salaries at the steel mill. Kremikovtzi's output for the period August 26-September 24 was 57 500 tons of steel. The planned volume of 70 000 tons for September was reached, Vorskla Steel said.

SMALLER PROFITS
The Blagoevgrad subsidiary of state-owned tobacco company Bulgartabac expected a profit of 15 million leva for 2008, half as much as for 2007, Bulgarian-language daily Pari reported. The company said that production has not decreased, but the higher excise duties ate into its profits. Expectations for 2009 and 2010 were similarly downgraded for the same reason.

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