Texaco Press Release - Texaco Acquires Equity Stake in Prista Oil in Bulgaria
FOR IMMEDIATE RELEASE: MONDAY, APRIL 3, 2000
LONDON, UK, April 3 - Texaco today announced that it has acquired a 25 percent equity stake in Bulgarian lubricant company, Prista Oil A.D.
Under the agreement, Prista will start to introduce Texaco's branded lubricants into Bulgaria. Prista will also continue to market its own lubricant brand.
Commenting on this agreement, Tom Neslage, President, Texaco Global Products, said: "This agreement reflects Texaco's commitment to the lubricants business in a region with substantial demand and an increasing focus on quality. It also further strengthens Texaco's involvement in the Balkans region.
"We are pleased to be partnering Prista, a company with an outstanding reputation. This partnership will benefit Texaco not only locally, but also through Prista's developing export markets," said Neslage.
Prista Oil, the market leader in Bulgaria, was established in 1995 by principal shareholders, Atanas and Plamen Bobokov. The company is currently developing its export market to adjoining countries, including Turkey and Moldova. Prista also runs a modern ISO9002 quality-accredited lubricant blending plant in Bulgaria.
Jointly commenting on the signing, Atanas and Plamen, said: " The international experience of Texaco coupled with the local success of Prista Oil should bring both companies great success in Bulgaria."
Updated: April 2000