Petrol Sells Assets To Lukoil In a 237 Mln Euro Deal

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Petrol Sells Assets To Lukoil In a 237 Mln Euro Deal

Petrol Jsc () and Lukoil Bulgaria have signed an agreement settling all issues between the two companies, Petrol announced today. The deal will also settle all lawsuits between the two companies.

As part of the agreement, Petrol sells assets (75 gas stations in different Bulgarian cities, as well as the Iliantsi petrol center in Sofia) to Lukoil. The gas stations are valued at a total of 156.1 mln euros, while Iiantsi center is sold at 80.9 mln euros.

Both sides agreed to end the current petrol distribution contract, which has been the reason for arguments for 15 years, and to replace it with another contract for fuel deliveries to Petrol gas stations and to the company's wholesale unit Naftex Petrol. The Commission For Protection of Competition has given green light to the agreement.

Mitko Sabev, chairman of Petrol Supervisory Board, said “ We are satisfied with the new agreement. It suits the interests of both sides and is opening new business perspectives before both companies. It will no doubt contribute to the development of the market in Bulgaria. The value of the deal is of milestone importance for the industry. I would like to express my personal satisfaction that after so many years of disputes, we managed to remain friends with our colleagues in Lukoil.”

Sevtoslav Yordanov, Petrol CEO said “ This agreement reflects our management's efforts towards expansion on the market. The most important thing here is that the we have reached an agreement in which both sides win.”

In the last minutes of today's trade session, Petrol stock touched the maximum price limit for the day at 7.80 leva per share.

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