The company is reportedly waiting for regulatory clarity over the mandatory 5% biofuel mix, as there have been no steps taken pursuant to the directive.

The company’s executive director, Svetoslav Yordanov, said that Petrol AD is planning to renovate some of its existing sites in line with technical and ecological requirements.

Petrol AD has already given out 161 petrol stations to be managed by dealers, and is aiming to reach a target of 200, around half of the company’s total petrol station network.

The company has also put up around 100 petrol stations for sale, hoping to find buyers by the end of 2008. The news source reported that these 100 petrol stations are in underdeveloped regions and are not profitable.

Petrol AD is concurrently seeking to increase its network by opening new outlets in places with more traffic.