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BULGARIA


CAPITAL: SOFIA
MONETARY UNIT: LEV
REFINING CAPACITY: 115,240 B/CD
OIL PRODUCTION: 1,000 B/D
OIL RESERVES: 15 MILLION BBL
GAS RESERVES: 210 BCF

The Bulgarian government increased its efforts in 2000 to sell state-owned companies to reform the economy and raise money to pay government debt.

The state privatization agency approved the $101 million sale of its 58% interest in the refiner Neftochim to Russia's OAO Lukoil. The sale was completed Dec. 1.

Lukoil, Russia's leading oil producer, said it planned to invest $90 million in Lukoil Neftochim's 115,240-b/d refinery at Burgas and in a Bulgarian retail network.

Lukoil would spend $70 million at the refinery and $20 million to build or lease 30-40 gasoline stations.

Neftochim planned to supply products to up to 120 gasoline stations and capture a third of the retail market. Neftochim began producing only unleaded gasoline in June 2000.

Meanwhile, OMV AG of Austria bought 25 gasoline stations in Bulgaria from Petrol AD, adding to the three it operated. OMV planned to expand to 35 service stations in 2001 and to 70 by 2005.

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