Petrol AD maintains competitive fuel prices, not only following the international markets, but also as part of its policy of fairness to its customers. According to Petrol AD and its Bulgarian legal counsel, the injunction does not affect the company's operations other than preventing the sale of these petrol stations, which are already mortgaged in favour of Lukoil Bulgaria under the loan agreement between Petrol Holding AD, Petrol's parent and Lukoil Bulgaria. San Ramon: Chevron Corporation. About us | Petrol AD - She worked for many years at bTV and Nova TV. It's probable that profits are accumulated in this firm and thus make LUKoil appear to be a loss-making company," Tanov said at the time to Bulgarian media. [21], Bulgaria consumes about 35 TWh of electricity per year,[22] and some is exported. The following 8 pages are in this category, out of 8 total. Bulgarian communist leader Todor Zhivkov officially opens the Burgas refinery in 1963. Center for the Study of Democracy. Retrieved from http://www.iea.org/, Ivanova, I., & Tsolova, T. (2011, July 27). Fifty-one percent of the state's shares were sold to Bulgaria International Consortium. Rumen Spetsov, head of the National Revenue Agency, recently asked. Retrieved from http://www.kalmykia.eu/2012/the-president-of-the-world-chess-federation-and-ex-president-of-republic-of-kalmykia-kirsan-ilyumzhinov-has-bought-a-52-5-stake-in-bulgaria%E2%80%99s-largest-fuel-company-petrol-holding/, Turkeys Samsun-Ceyhan Oil Pipeline Shelved. [19], Most oil products are consumed by transport. Retrieved from http://www.reuters.com/article/bulgaria-lukoil-idUSL6E7IR0BX20110727, Jiruek, M., Vlek, T., & Henderson, J. (n.d.). The company dominates the Bulgarian market, the country's Anti-Monopoly Commission says, with nearly every vehicle on the roads in Bulgaria running on the fuel from the refinery in Burgas. In 2020, the refinery's alleged financial woes were again discussed in parliament. Retrieved from http://www.bp.com/content/dam/bp/en/corporate/pdf/bp-statistical-review-of-world-energy-2015-full-report.pdf, Bulgaria Ousted from Russias South Stream Pipe. These detailed sections provide much-needed insight into the oil sector of the country and are followed with information on Russian involvement and operations in its oil market. 11, prof. "Asen Zlatarov" Str. Request a demonstration of the EMIS service. ", "Bulgaria is rich with shale gas, but lacks political will to exploit it", "The New Power Map: World Politics After the Boom in Unconventional Energy", "How Putin Forged a Pipeline Deal That Derailed", "Could prolific Turkish gas play extend into Bulgarian waters? With more than 330 petrol stations under the Petrol brand, evenly distributed throughout the country, the company has the most developed fuel distribution network in the country. Bulgaria Torn Between Old Friends and New Partners over Crimea. [2][3], Energy prices are state controlled. " ", Petrol AD, Some Rights Reserved. But opting out of some of these cookies may have an effect on your browsing experience. Transhold Bulgaria Holding JSC Company Profile, Financial - digitGaps Fuels Our fuels for your needs [33], Wind power generated 2% of electricity in 2023. In this atmospherethe main taskof the Association was predestined - to contribute to the process of demonopolisation of the petroleum industry and to the promotion of the Constitutional right of free business initiative. PDF FB Brochure 112408 "Tonight, a heavy shadow of foreign interests has fallen over a member of the European Union and NATO," the Customs Agency said in the statement. The country imported over 90% of its natural gas from Russia via the Turk Stream pipeline under a 10-year contract,[18] which expired at the end of 2022. Tanov later spearheaded efforts to install meters on pipelines connected to the Burgas refinery, in a bid to better monitor exactly how much oil was coming into the refinery. The latest chapter in the history of the Burgas refinery dates back to its privatization in 1999 when the government approved the sale of 58 percent of the capital of Neftochim-Burgas. On April 1, 1932, the Bulgarian Joint Stock Company Petrol was established. Financial values in the chart are available after Petrol AD report is purchased. [7], The government has committed to phase out coal by 2038 but some miners say that a just transition has not been planned. International Affairs. (2006). This is a preview of subscription content, access via your institution. Russian oligarch buys Bulgarian Petrol Holding. [36] By the end of 2020 almost 1 GW of onshore wind power had been installed. Established in 1932, Petrol AD takes a pole position in the retail of fuels in Bulgaria. No credit card required. (2014). (2014). "LUKoil was the biggest contributor to the [state] budget, and then there were many lean years," Spas Garnevski, the first Bulgarian representative to sit on the board after the privatization of the refinery in 1999, explained to RFE/RL. Energy Sector Governance and Energy (IN)Security in Bulgaria. Their fuel types, prices, location, extras, photos and ratings all updated daily. Bulgaria's Petrol Holding reshuffles board of directors - media Give us a call or drop by anytime, we endeavour to answer all enquiries within 24 hours on business days. The projects included in the investment program of the company are developed through innovative solutions in compliance with the highest business standards. [20] Neftochim Burgas Refinery, the biggest oil refinery on the Balkans, refines a large amount of the crude oil that eventually reaches the Bulgarian market as refined petroleum. Retrieved from http://www.gazprom-neft.com/press-center/news/1095253/, Geropoulos, K. (2009, September 7). The refinery is owned by LUKoil. In 1999, Bulgaria sold 51% of Petrol for USD 52 million to International Consortium Bulgaria, which included Naftex Bulgaria Holding, OMV Austria and Petrol Holding Group. The group is also active in providing transportation services. Contact Details: [10] Burning coal for heating pollutes the air in cities. George Mitzov email address & phone number | Petrol Holding Project Tax calculation will be finalised at checkout. And by nearly all metrics, LUKoil Neftochim Burgas, as the company is now called, is a huge success, generating some of the highest revenues in Bulgaria, totaling more than the equivalent of 40 billion euros ($45.7 billion) over the past 15 years. Hristo Ivanov, the co-chairman of Democratic Bulgaria, suggested in 2020 that LUKoil may have avoided paying the equivalent of 500 million euros thanks to transfer pricing. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. The remaining 47.5% is owned by Bulgarian businessman Mitko Sabev (Angelov, 2012). (2015). (n.d.). digitGaps report on Transhold Bulgaria Holding JSC delivers a detailed in-depth and comprehensive insights of the company, its history, corporate strategy, its businesses and structures, and company operations by examining its performance in local market and global economy . Among those that have expressed interest in the project are Overseas Private Investment Corporation (US Development Agency), Eximbank, Credit Suisse First Boston, European Union, European Bank for Reconstruction and Development, and others. The largest sources are coal and oil, followed by nuclear. Petrol AD (Bulgarian: ) is a Bulgarian oil distribution company which maintains the largest network of filling stations in the country, consisting of more than 330 retail outlets, 80 petrol depots and three petrol port terminals. 22 a Bratya Miladinovi St, Varna, Varna, 9000, Bulgaria. (2003, July 29). Current fuel prices in Bulgaria :: Fuelo.net By clicking on 'Allow' or any content on this site, you agree that cookies can be placed. However, the Russian energy concern, as its accounting statements indicate, is operating at a loss in Bulgaria. Balkans Crisis Supports US Corporate Interests. One key aspect, however, has changed: ownership. Bulgaria's Petrol Holding To Invest 50 Mln Euro in New Credit - SeeNews Litasco is registered in Switzerland and is a subsidiary of LUKoil, which acts as its exclusive buyer and seller on the international market. The chapter then concludes with an evaluation of the research indicators showing Russian activity in the oil sector of the country. These cookies do not store any personal information. The 450 Petrol fuel outlets have nit experienced any supply problems, the fuel retailer said on Monday. The Top 5 Richest People in Bulgaria - Novinite . (2004, December 29). All Petrol Club Grifon members can take advantage of various promo offers and surprises! [46][47][48], Russian gas from Turkstream transits to Serbia and Hungary. Bulgaria | SpringerLink However, with political pressure growing in Bulgaria, LUKoil did announce in 2021 that it would end the accounting practice of transfer pricing or appeal the National Revenue Agency's finding that it is liable to pay tax on the equivalent of 260 million euros. Then-Finance Minister Vladislav Goranov explained that the National Revenue Agency had twice registered huge negative results from the refinery. Petrol Holding to Invest Over 100 Mln Euro | | HBCBG Sofia: Center for the Study of Democracy. Among the first private companies in Bulgaria in terms of sales revenue; Among the largest private investors and taxpayers in the country; Among the companies with the largest capitalization on the Bulgarian Stock Exchange; Among the ten largest and most successful employers in the country; With more than 300 filling stations under the Petrol brand, evenly distributed throughout the country, the company has the most developed fuel distribution network in the Bulgaria. ", "Bulgaria will not hold talks to renew gas deal with Gazprom", https://www.azernews.az/business/211781.html, "Gazprom informs Bulgaria it will halt gas supplies as of April 27", "Russia halts gas supplies to Poland and Bulgaria", "Russia Gets Its Oil Into The EU Through Bulgaria. [11], Bulgaria is believed to have extensive natural gas resources[12] but, due to a successful campaign against hydraulic fracturing on land, only Black Sea exploration is permitted, such as at the Galata gas field. [30] Bulgaria aims to phase out coal power (which is low quality lignite[31]) by 2038 or earlier. Bulgaria's Petrol Holding to invest 100 mln euro, may - SeeNews Search "Ten years without profit, when you are a giant on the Bulgarian markethow is this possible?" The aim is to limit the enrichment of the former owners, and the purpose is to supply the national economy with the necessary oil derivatives through the branches in the country. (n.d.). Correspondence to Goranov's explanation was met by skepticism and doubts, especially among members of the then-opposition Democratic Bulgaria coalition, which demanded the country's revenue agency release its audits of LUKoil Neftochim Burgas. (pp. Pages in category "Oil and gas companies of Bulgaria". Home | Industrial Holding Bulgaria In K. Liuhto (Ed. ), Expansion or Exodus: Why Do Russian Corporations Invest Abroad? Nearly six decades later, Bulgaria's planned economy may be long gone, but the so-called champion continues refining oil into gasoline and other petroleum products. Washington, DC: U.S. Department of the Treasury. (n.d.). During all the years of LUKoil's control of the Burgas refinery, the Bulgarian state, as a minority stakeholder, has retained a seat on the company's corporate board. All projects in the companys investment program are implemented through innovative solutions in accordance with the highest international standards for control, quality, and environmental sustainability. [16] In April 2022, it was announced that Russia will suspend sending gas supplies to Bulgaria and Poland, in exchange for their refusal to pay in roubles. https://doi.org/10.1007/978-3-030-19839-8_6, DOI: https://doi.org/10.1007/978-3-030-19839-8_6, eBook Packages: Political Science and International StudiesPolitical Science and International Studies (R0). "The profits always go back to Russia.". Petrol AD (Bulgarian: ) is a Bulgarian oil distribution company which maintains the largest network of filling stations in the country, consisting of more than 330 retail outlets, 80 petrol depots and three petrol port terminals. 1. [50]. "Unfortunately, there are times when oil becomes so expensive that the fuels it produces [from it] are cheaper than the actual oil," said Zlatev, who is known to have been on friendly terms with many of Bulgaria's political elite, including former President Georgi Parvanov, and former Prime Minister Boyko Borisov. Premium 100 octane experience for the fans of high-octane numbers. And LUKoil's operations in Bulgaria enjoy all that. LUKoil Bulgaria further said that the management of Petrol Holding had repeatedly refused to negotiate the rescheduling of the debt payments. [28][29], Fossil fuel subsidy of coal power is expected to end by 2025. Currently Petrol AD is a joint stock company engaged in storage, transportation and retail of fuels and petrol products. During those years, Bulgaria's political elite have enjoyed chummy ties with LUKoil's Bulgarian representatives. . Oil Pipeline Projects to Bypass the Turkish Straits for Oil Transportation. Bulgarian Finance Minister Arsen Vassilev told RFE/RL that the audit of LUKoil Neftochim Burgas was not yet finished, adding that Prime Minister Kiril Petkov and other senior officials met in December 2021 with Vadim Vorobyov, first executive vice president of LUKoil. It buys crude oil from Russia's LUKoil and then sells it to the Burgas refinery. PDF Media Contact: News Release Gazprom Petrol Stations Network Opened in Bosnia and Herzegovina. 21.11.2013 Source: SeeNews; FFBH Petrol Holding, the majority owner of fuel retailer Petrol (5PET), has drawn up a reorganisation plan envisaging an investment of over 100m and ownership changes, majority shareholder Kirsan Ilyumzhinov said at a press conference. No declared profits mean no income taxes paid into Bulgaria's state coffers. [1], Bulgarian Energy Holding owns subsidiaries operating in different energy sectors: electricity: Kozloduy nuclear power plant, Maritsa East 2 thermal power plant, NEK EAD and Elektroenergien sistemen operator (ESO); natural gas: Bulgargaz and Bulgartransgaz; coal mining: Mini Maritsa Iztok (Maritsa East mines). BP Statistical Review of World Energy June 2015. Borisovs Blind Mans Bluff with Putin. How LUKoil Makes Millions In Bulgaria But Pays Almost No Tax London: BP plc. You also have the option to opt-out of these cookies. In 2003 the company received an award for issuer of the year, providing the most complete and accurate corporate information on the Bulgarian Stock Exchange. Owner of Vabo-1, casinos . SOFIA (Bulgaria), November 21 (SeeNews) - Bulgaria's biggest fuel retailer Petrol Holding has drawn up a healing plan envisaging an investment of over 100 million euro ($134 million) and ownership changes, majority shareholder Kirsan Ilyumzhinov said at a press conference on Thursday. [13][14][15], Bulgaria consumes about 3 billion cubic meters (bcm) of natural gas. Fitch Affirms Bulgaria's Petrol AD at 'B-' despite Lukoil's claim LUKoil's operations in Bulgaria do not explicitly contradict or violate the country's legislation, experts say, and appear to depend on an accepted accounting method: transfer pricing. Bulgaria's fuel retailer Petrol, which was established in 1932, is the country's former state petroleum product distribution monopoly. Kalmykia.eu. Russia's energy giant LUKoil appears to have a thriving business in Bulgaria, generating millions of dollars in refining revenue. Bulgaria 2020 - IAEA To view more information, Request a demonstration of the EMIS service. Retrieved from http://www.chimimport.bg/en/, Chimimport Plc. Website by, . DOI: 10.1145/973620.973692 Authors: Todor Stoilov Bulgarian Academy of Sciences V. Ivanova Abstract and Figures Optimization of the investments applying the portfolio optimization is considered.. [37] It has been estimated that there is potential for at least another 2 GW by 2030. That was no surprise as Burgas was equipped with Soviet-era technology and depended on oil imported from Russia for refining. March 25 (SeeNews) - Bulgaria's Petrol Holding will set up a new card payments company to replace its Transcard credit card issuer and will invest 50 million euro ($77.8 million) in developing its credit card business, it said on Tuesday.
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