Bulgarian company Prista Oil has signed a strategic cooperation agreement with Belgrade's oil refinery, Prista Oil President Plamen Bobokov said on Wednesday.

Prista Oil wants to develop its range of motor oil, which is popular on the Serbian market, and increase its market share from 18 per cent at present to 40 per cent within a year and become the market leader within a several years.

Prista Oil wants to support the Serbian market with their experience, expertise and technical decisions, aiming to upgrade the quality and reliability of the product to the level of other European and global brands, Bobokov said. The company plans to open 200 sales points around Serbia for its products, investing several million euro to this end.

Bulgaria's Ambassador to Serbia Georgi Dimitrov said that Bulgarian investments in Serbia since the beginning of 2006 have added up to some 70 million euro, making Bulgarian business a strategic partner of that country's economy. Bulgaria ranks among the top ten home countries of foreign investment in Serbia, while major retail chains like Mr. Bricolage and Technomarket are entering the Serbian market through Bulgaria, Ambassador Dimitrov said.