Israel-based Petro Group is in talks with a Bulgarian company that is building an oil refinery to acquire a controlling stake in the company, Israeli business publication Globes has reported.

Petro Group plans initially to invest E15 million in the company, which is close to completing the construction of the refinery. The Bulgarian firm is also constructing a biodiesel plant. According to Globes,this is the first time that Petro Group has shown an interest in refining activities.

Petro Group recently abandoned its plans to strike a $60 million deal to acquire 110 gas stations and convenience stores in the US, citing financial findings in preliminary investigations. The deal would have added to Petro Group’s existing 280 US petrol stations.