Bulgaria's largest fuel retailer, Petrol AD, said it would invest 50 million euros ($63.3 million) in modernising 30 of its petrol stations by the end of the year.
The company currently owns 450 filling stations and 83 fuel depots throughout the Balkan country.
"This is the launch of the new investment programme ... We are planning to modernise between 90 and 100 elements of our current network," Tsvetan Dimitrov, Petrol's chief financial officer, told Reuters on Sunday.
Petrol said it would use some of the proceeds from a new bond issue to support the three-year investment programme and cover the overhaul of its stations and depots, boost financing and buy new oil cisterns to expand its operations in the Black Sea state.
Petrol is due to issue a five-year, fixed-coupon bond worth up to 125 million euros some time at the end of this month.
BTA news agency cited the company as saying it also plans to invest 100 million euros in the next three years in new construction, technology and a telecoms network.
Petrol's chairman of the supervisory board, Denis Ershov, was also cited as saying the company was interested in opening filling stations in neighbouring Romania, Serbia and Macedonia, but he gave no further details.
The company has an 18 percent share of Bulgaria's fuel retail market. It posted a net profit of 10.8 million levs ($6.99 million) last year on revenues of 559 million, versus 14.5 million and 490 million, respectively, a year earlier.
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