German company Verbio Vereinigte BioEnergie, the biggest biofuel producer in Europe, said on Monday it was considering plans to invest up to 100 million euro in a biofuel production facility in Bulgaria.

The announcement came after Verbio CEO Claus Sauter met with Bulgarian Energy Minister Petar Dimitrov. The company wants the new facility to be located close to a port and Bulgaria's city of Varna on the Black Sea is one of the options under consideration.

If Verbio goes through with the plan, it would produce both biodiesel and bioethanol, making Bulgaria a major source of biofuel in south-eastern Europe. The local partner of the German concern is Evroetil JSC.