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UPDATE 1- Bulgaria's Prista Oil buys Chevron Czech Republic s.r.o.

Author Dena Popova
UPDATE 1- Bulgaria's Prista Oil buys Chevron Czech Republic s.r.o.

SOFIA (Bulgaria), August 5 (SeeNews) - Bulgarian motor oils and industrial lubricants producer Prista Oil acquired Prague-based Chevron Czech Republic s.r.o. as part of its strategy to expand in Central and Eastern Europe, Prista Oil said on Monday.

As part of the deal, Prista Oil will continue to develop the Texaco brand in the next five years, the Bulgarian company said in a press release.

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"Our partnership with Chevron is a key element of Prista Oil's business strategy for growth and promotion of the company's multibrand strategy," Plamen Bobokov, president of Prista Oil's board of directors, said in the press release. "Our plans are to strengthen this partnership to cover more of Prista Oil's major markets by the end of the year."

In 2011 Prista Oil bought a 50.1% stake in Uzbek joint venture Uz-Texaco from Texaco Overseas Holdings Inc.

Chevron Czech Republic s.r.o., a distributor of Chevron motor oils and lubricants on the Czech market since 1998, has annual sales of 1.5 million litres and annual revenues of 4.0 million euro, the press release added.

Prista Oil Group (www.prista-oil.com), based in the Bulgarian Danube port city of Ruse, is a holding company whose main line of business is production of car batteries and lubricants. Its blue-chip unit Monbat [BUL:5MB], which is listed on the Sofia bourse, is in charge of the car batteries manufacturing operations.

In December the company said it plans to start building a lubricants recycling plant in Ukraine in 2013.

In April Prista Oil it said it invested a total of 1.7 million euro ($2.2 million) in the expansion and upgrade of its Hungarian plant Bogdany Petrol.

($=0.7698 euro)

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