Purchase the Petrol AD report to view the information. Retrieved from http://www.balkanalysis.com/blog/2004/12/29/ambo-trans-balkan-pipeline-agreement-finally-signed/, Angelov, I. Purchase the Petrol AD report to view the information. Later, local private Naftex Bulgaria Holding acquired the stakes of the other owners in the consortium. Ovcharov told RFE/RL that it was not possible to "go very deep into the company's financial statements.". 12 Targovska Str Today the company is among the largest Bulgarian public companies by market capitalization. Join the club! Bulgaria-Russia: The Past, the Present, and the Future. Sofia: Executive Environment Agency at the Ministry of Environment and Water. But opting out of some of these cookies may have an effect on your browsing experience. 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. This category only includes cookies that ensures basic functionalities and security features of the website. Bulgaria's Petrol Holding to invest 100 mln euro, may - SeeNews Back Submit. This website uses cookies to improve your experience while you navigate through the website. [49], In 2023 the Center for the Study of Democracy made a plan for climate neutrality. Website: Radio Free Europe/Radio Liberty 2023 RFE/RL, Inc. All Rights Reserved. Bulletin on the State and Development of the Energy Sector in the Republic of Bulgaria. "In the case of LUKoil, the company produces crude oil, delivers it to the Burgas refinery, and then sells fuel," Martin Vladimirov, an analyst of the Sofia-based Center for the Study of Democracy, told RFE/RL's Bulgarian Service. Find contact details for 700 million professionals. 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. Binghamton: The International Business Press. Information about over 50 000 petrol stations from 26 countries in Europe. With over 300 filling stations throughout Bulgaria, Petrol is always close to its customers. (2003, July 29). A court did order the National Revenue Agency to release those audits. [40], By the end of 2020 about 1 GW of solar PV had been installed. Transhold Bulgaria Holding JSC Company Profile, Financial - digitGaps Oil Pipeline Projects to Bypass the Turkish Straits for Oil Transportation. We are Petrol AD. Fitch Affirms Bulgaria's Petrol AD at 'B-' despite Lukoil's claim Not the George Mitzov you were looking for? San Ramon: Chevron Corporation. In 1947 the Bulgarian oil industry was nationalized. In 1990, on the basis of the new legislation, the plant was reorganized into the state company Petrol. The chapter then concludes with an evaluation of the research indicators showing Russian activity in the oil sector of the country. [30] Bulgaria aims to phase out coal power (which is low quality lignite[31]) by 2038 or earlier. (2012, June 20). . (2014, August 8). Atlantic Council Issue Brief. Rumen Spetsov, head of the National Revenue Agency, recently asked. Fundamental for the successful implementation of its goals is the development of strong partnerships, products and services, environmental sustainability, and profitability. 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. Retrieved from http://www.iea.org/, Ivanova, I., & Tsolova, T. (2011, July 27). Borisovs Blind Mans Bluff with Putin. But instead of making cash hand over fist, the Russian-owned refinery regularly declares losses in Bulgaria. [4] Electricity is traded on the European market,[5] and analysts suggest that more interconnectors should be built. Enerdata. digitGaps report on Petrol Holding AD 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. Zashev, P. (2006). Nowadays Bulgarian petroleum and gas association take part in working groups toMinistry of Iconomics, Energy and Tourism, Ministry of Finance, Customs Agency. 'Petrol Holding' was founded in 1995 in Varna, Bulgaria and it started as a company trading in crude oil and petroleum products. Chimimport Plc owns 63.68% of shares in Zarneni Hrani Bulgaria AD (Chimimport Plc, 2013, p. 19). All rights reserved. Their fuel types, prices, location, extras, photos and ratings all updated daily. Today the company is among the largest Bulgarian public companies by market capitalization. "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. Subsequently, Naftex Bulgaria Holding AD increased its stake in Petrol AD by buying out the shares of the other participants in the consortium. Combined with LIQUI MOLY and created with care for your car and nature. In 2016, the then-representative of LUKoil in Bulgaria, Valentin Zlatev, was called before a committee in the National Assembly, Bulgaria's parliament, to address concerns over the firm's suspect flaccid financial results. [46][47][48], Russian gas from Turkstream transits to Serbia and Hungary. (2014, June 10). Tanov said his agency was probing whether LUKoil Neftochim Burgas was being sucked dry by a "Swiss-registered subsidiary that stands at the entrance and exit of the plant," apparently referring to Litasco. The chapter starts with an introduction and then presents the upstream, midstream, and downstream sections of the countrys oil value chain. Post-Soviet Affairs, 33(5), 335355. On July 1, 1999, after nearly two years of privatization procedures, the sale of the majority stake was completed. ! 109128). Petrol Holding | LinkedIn The company was established in April 1932, in the capital city of Sofia, and privatized in 1999. 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). To view more information, Request a demonstration of the EMIS service. Transhold Bulgaria Holding JSC is a subsidiary of Petrol Holding JSC. [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). Tom Vlek . The oil products' retail market has been thoroughly liberalized, with many players including Petrol Holding AD (operating over 500 petrol stations through its subsidiaries Petrol AD, Naftex Petrol EOOD, and Petrol Gas OOD), Lukoil Bulgaria Ltd. (over 220 petrol stations), Shell Bulgaria EAD (over 110 petrol stations), OMV Bulgaria OOD (95 . The refinery is owned by LUKoil. On February 18, 1948, the Grand National Assembly passed a law on the state monopoly over petroleum products. Sofia did make sure that it retained a so-called golden share in the newly privatized firm, guaranteeing, in principle at least, a voice in any strategic decisions. (2004, December 29). All Petrol Club Grifon members can take advantage of various promo offers and surprises! Current prices Platts McGraw Hill Financial. Centre for Research on Globalisation. IHB is a holding company managing a portfolio of companies. Provided by the Springer Nature SharedIt content-sharing initiative, https://doi.org/10.1007/978-3-030-19839-8_6, http://pipelinesinternational.com/news/ambo_pipeline_deal_clears_another_hurdle/011027/, http://www.balkanalysis.com/blog/2004/12/29/ambo-trans-balkan-pipeline-agreement-finally-signed/, http://neurope.eu/article/russian-oligarch-buys-bulgarian-petrol-holding/, http://www.dw.com/en/why-putin-is-courting-bulgaria/a-18663257, http://www.bp.com/content/dam/bp/en/corporate/pdf/bp-statistical-review-of-world-energy-2015-full-report.pdf, http://www.euractiv.com/section/europe-s-east/news/bulgaria-ousted-from-russia-s-south-stream-pipe/, http://www.euractiv.com/section/energy/news/bulgaria-s-government-to-collapse-over-south-stream/, http://www.chevron.com/documents/pdf/annual-report-supplement-2015.pdf, http://www.chimimport.bg/uf//dl/statements/individual.eng/Annual%20Report%202014%206C4%20ENG.pdf, http://wire.seenews.com/news/nis-raises-count-of-gazprom-fuel-stations-in-serbia-to-13-475310, http://en.interaffairs.ru/experts/542-bulgaria-russia-the-past-the-present-and-the-future-on-the-135th-anniversary-of-the-establishment-of-diplomatic-relations-between-the-countries.html, http://www.platts.com/latest-news/oil/london/interview-trans-balkan-ambo-oil-pipeline-still-8572004, http://www.gazprom-neft.com/press-center/news/1095253/, http://www.novinite.com/articles/107574/Borisov, http://www.reuters.com/article/bulgaria-lukoil-idUSL6E7IR0BX20110727, https://doi.org/10.1080/1060586X.2017.1341256, http://www.neftochim.bg/assets/components/lukoil/pdf/bg/financial_reports/2014.pdf, http://www.globalresearch.ca/articles/MEN307A.html, http://www.mi.government.bg/files/useruploads/files/budget/bulletin_energy_2012_eng.pdf, www.atlanticcouncil.org/images/files/publication_pdfs/403/BulgariaEnergy_ECIssueBrief.pdf, https://www.rt.com/business/bulgaria-petrol-ilyumzhinov-deal-287/, https://www.energy-community.org/portal/page/portal/ENC_HOME/DOCS/622178/0633975AAD5C7B9CE053C92FA8C06338.PDF, http://www.energycharter.org/fileadmin/DocumentsMedia/Presentations/CBP-Straitsbypass.pdf, 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/, http://www.upi.com/Business_News/Energy-Industry/2013/04/23/Turkeys-Samsun-Ceyhan-oil-pipeline-shelved/24281366711120/, https://www.treasury.gov/press-center/press-releases/Pages/jl0287.aspx, http://www.reuters.com/article/us-bulgaria-russia-idUSBREA390AW20140410, Political Science and International Studies, Political Science and International Studies (R0). London: Enerdata. Retrieved from http://www.globalresearch.ca/articles/MEN307A.html, Ministry of Economy of the Republic of Bulgaria. In: Russian Oil Enterprises in Europe. PDF FB Brochure 112408 London: GMB Publishing Ltd. Williams, M., & Tsolova, T. (2014, April 10). Former President of the Republic of Kalmykia and President of the World Chess Federation (FIDE), Kirsan Ilyumzhinov, became a majority owner of the largest Bulgarian fuel distributor "Petrol Holding". COPYRIGHT 2022 NEW EUROPE | ALL RIGHTS RESERVED. Spetsov said in November 2021 that his agency was conducting a massive audit of LUKoil's Bulgarian operations. On April 1, 1932, the Bulgarian Joint Stock Company Petrol was established. Experience COMMERCIAL DIREKTOR Petrol Holding View 's full profile See who you know in common Get introduced Contact directly . Retrieved from http://www.neftochim.bg/, . Bulgaria | SpringerLink Litasco is the key player in the transactions, Vladimirov explained. How huge sales equals meager revenue is something that doesn't compute for more and more officials in Bulgaria. (2014). Clear strategy on future developments and dividend policy, the use of bond market instruments, the application of international accounting standards and international audits, in addition to the use of state-of-the-art high-tech management and communication solutions, guarantee Petrol ADs shareholders that they are invested a company with huge potential. The management of Petrol AD is guided by the pursuit of high quality. Bulgaria. (2014). [6], Over a billion euros that the EU Just Transition Fund might have given has not been, because the government has not submitted plans for a coal phase out in Stara Zagora, Kyustendil and Pernik. The two active reactors cover almost half of Bulgaria's electricity demand. By clicking on 'Allow' or any content on this site, you agree that cookies can be placed. Ministry of Environment and Water of the Republic of Bulgaria. Give us a call or drop by anytime, we endeavour to answer all enquiries within 24 hours on business days. Petrol AD opened the first of its kind for Bulgaria self-service filling stations for your convenience and speed. RFE/RL requested comment from Zlatev about whether Bulgarian officials had ever raised tax issues with him. The PetrolPlaza audio version is presented to you by UNITI expo, the leading retail petroleum and car wash trade fair in Europe. [43][44] Geothermal heating of some schools is being trialled. NewEurope.eu. Home | Petrol AD - Annual Activity Report 2014. 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 . AMBO Pipeline Deal Clears Another Hurdle. [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. The remaining 47.5% is owned by Bulgarian businessman Mitko Sabev (Angelov, 2012). No credit card required. Ivan Kostov, the Bulgarian prime minister at the time of the privatization, said only Russian companies had expressed an interest in acquiring the Burgas refinery. . Looking for more than just a company report? [2] Petrol AD has adopted a two-tier management system with a Management Board and a Supervisory Board. This story is part of New Europe's Premium content. During those years, Bulgaria's political elite have enjoyed chummy ties with LUKoil's Bulgarian representatives. 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 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. . Retrieved from http://www.energycharter.org/fileadmin/DocumentsMedia/Presentations/CBP-Straitsbypass.pdf, The President of the World Chess Federation and Ex-president of Republic of Kalmykia Kirsan Ilyumzhinov Has Bought a 52.5% Stake in Bulgarias Largest Fuel Company Petrol Holding. The largest sources are coal and oil, followed by nuclear. Treasury Sanctions Networks Providing Support to the Government of Syria, Including For Facilitating Syrian Government Oil Purchases from ISIL. Mitko Sabev, Chairman of Petrol Holding As the country's capital, Sofia is the largest city in Bulgaria. Russian Oil Enterprises in Europe pp 85103Cite as. The Top 5 Richest People in Bulgaria. (n.d.). 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. Postal Code: 5500. Retrieved from http://www.chimimport.bg/uf//dl/statements/individual.eng/Annual%20Report%202014%206C4%20ENG.pdf, Daskalovic, D. (2015, May 6). More than a quarter of the population are estimated to be in energy poverty, as some buildings are not well insulated. Chevron Corporation. Dominant market position, high demand, robust revenue. And that describes perfectly LUKoil's operations in Bulgaria. About 200 TWh of energy in Bulgaria is consumed each year which is about 28 MWh per person, somewhat over the world average of 20 MWh. Retrieved from www.atlanticcouncil.org/images/files/publication_pdfs/403/BulgariaEnergy_ECIssueBrief.pdf, OAO NK Rosneft. Need ongoing access to company, industry or country information? Sabotaging the boss in the European Commission or just flirting with the Balkan strongman? LUKoil Neftochim Burgas had paid the equivalent of 78 million euros in corporate tax, "but actually operated at a loss for the last three years (2013, 2014, 2015)," Zlatev noted. On August 4, 1999, the company was privatized by the consortium led by Naftex Bulgaria Holding AD and including OMV (Austria) and Petrol Holding Group AD. 0.23%. So boasted Todor Zhivkov, then-communist leader of Bulgaria, when the country's first oil refinery at Burgas on the Black Sea coast launched operations in 1963. Retrieved from http://www.novinite.com/articles/107574/Borisovs+Blind+Mans+Bluff+with+Putin, International Energy Agency. Retrieved from http://www.litasco.com/, Lukoil Neftochim Burgas AD. (PDF) Portfolio optimization of investment decisions on - ResearchGate 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. Now both "Neftochim" and "Petrol" are private and follow the rules of the market economy.Afterachieving this first goal, Bulgarian Petroleum and Gas Association directs its activities towards the co-operation with the State authorities and the other non-political organisations in the process of harmonization of Bulgarian legislation with theAcquis Communautaireas a step towards the integration of Bulgaria into theEuropean Union. That was no surprise as Burgas was equipped with Soviet-era technology and depended on oil imported from Russia for refining. About Petrol Holding Petrol Holding, one of the leading Bulgarian companies with consolidated sales of BGN 1.5 billion, was founded in 1995 in Varna, Bulgaria. (2013, April 23). Bulgaria, Romania and Croatia ready to fully participate in the Schengen area, Selection of EU special representative to the Gulf: Risky business for the EUs High Representative, G20: European Commission announces 210 million in food assistance for most vulnerable worldwide, FIFA World Cup 2022: MEPs to discuss workers rights with Qatari Labour Minister, Putin must pay: The British politician-turned-Philanthropist building a humanitarian empire in Ukraine, Cyber Defence: EU boosts action against cyber threats, Ukraine Reconstruction: Commissioner Simson visits the country to boost the support for Ukraines energy system, Putin Must Pay: Call for reparations to Ukraine, A secret 56 mln operation to remove Russia from a post-Soviet country, The last deception, worse than the first*. Reuters. As a result of the mass privatization, about 25% of the company's shares become the property of privatization funds and industrial shareholders. [19], Most oil products are consumed by transport. 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. "LUKoil Neftochim Burgas is the only refinery on the planet that is losing money," Rumen Gechev, a lawmaker from the Bulgarian Socialist Party, told the assembly at the time. What appears to be a financial sleight of hand is often used by companies that control the entire production process -- from the supply of raw materials through to the final product and its sale. Swiss-based Credit Mediterranee Acquires 52.5% Stake in Bulgaria's Four old and unsafe VVER-440/230 reactors (4 x 408 MW net) were taken off-line in 2004 and 2007). The companys management relies on high professionalism, ethics and fairness to its partners to achieve its ambitious corporate goals. Necessary cookies are absolutely essential for the website to function properly. Supplement to the Annual Report. Using this method, a barrel of oil weighs 132.754393162 kg. Petrol Holding AD Company Profile, Financial and Strategic SWOT Purchase this report to view the information. These cookies will be stored in your browser only with your consent. 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. Bulgaria's fuel retailer Petrol, which was established in 1932, is the country's former state petroleum product distribution monopoly. Currently Petrol AD is a joint stock company engaged in storage, transportation and retail of fuels and petrol products. SOFIA (Bulgaria), November 14 (SeeNews) - Bulgaria's biggest fuel retailer Petrol Holding has replaced most of the members of its board of directors and has appointed Russian businessman De Category:Oil and gas companies of Bulgaria - Wikipedia [10] Burning coal for heating pollutes the air in cities. Bulgarian communist leader Todor Zhivkov officially opens the Burgas refinery in 1963. "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. - COMMERCIAL DIREKTOR - Petrol Holding | LinkedIn However, long-term share of solar power is much lower. (n.d.). [4], Last edited on 17 December 2022, at 16:34, Learn how and when to remove this template message, "Petrol AD - SeeNews - Business intelligence for Southeast Europe", "Investegate |Petrol AD Announcements | Petrol AD: Annual Financial Report", https://en.wikipedia.org/w/index.php?title=Petrol_AD&oldid=1127958700. Find the most convenient station for you! NIS Raises Count of Gazprom Fuel Stations in Serbia to 13. Retrieved from http://www.reuters.com/article/us-bulgaria-russia-idUSBREA390AW20140410. [13][14][15], Bulgaria consumes about 3 billion cubic meters (bcm) of natural gas. Retrieved from http://www.cpc.ru/. Synergon holds majority stakes in enterprises operating in the following industries - trade and services, tourism . The state holds a 100% stake in the holding company. LUKoil Bulgaria further said that the management of Petrol Holding had repeatedly refused to negotiate the rescheduling of the debt payments. [33], Wind power generated 2% of electricity in 2023. (2013). Pages displaying short descriptions of redirect targets, https://www.capital.bg/biznes/energetika/2023/07/04/4503320_sriv_pri_toka_ot_vuglishta_i_rekord_za_vei_prez_juni_v/, "Bulgaria Consolidates Five Energy Companies into Holding", "Bulgaria announces birth of energy giant with new holding company", "Bulgaria-Romania day-ahead market coupling completed", "Think-tank: Bulgaria will be a net importer of electricity after 2030", "Bulgaria risks 10 billion over coal addiction", "Will Bulgaria manage to escape the gas trap? [3], Established in 1932,[4] Petrol AD occupies a leading position in the distribution of fuels and oils in Bulgaria. One key aspect, however, has changed: ownership. 1 follower 1 connection.