The multi-million dollar investment will take place over the next four years as Lukoil aims to almost treble its petrol station footprint in Bulgaria. Currently, the company operates 110 forecourts in Bulgaria but plans to have 292 sites selling its fuel in the Balkan country by 2010.

The investment is expected to swell Lukoil’s Bulgarian market share to 10%, PetrolWorld points out.

The development comes in conjunction with a planned investment of $750 million to upgrade Lukoil’s Bourgas refining plant. The facility is the largest oil refiner in the Balkan region and it services all of Lukoil’s petrol forecourts in Bulgaria.