The transaction is part of an out-of-court settlement between both the companies. Lukoil Bulgaria and Petrol differed with each other regarding a contract of 2001 for the sale of fuels of Lukoil’s Bourgas-based refinery in Petrol’s fuel stations.
With the settlement of that dispute, the contract will be replaced with fuel delivery agreements. As a result, Lukoil Bulgaria will get control of 75 petrol stations in various parts of Bulgaria and a fuel base as well. The filling stations are valued at BGN156.1 million and the product storage facility or fuel base at BGN80.9 million.
Svetoslav Yordanov, Petrol’s CEO, opines that the agreement will have a positive effect on the development of the fuel market, according to the Pari Daily.
