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Turkey's KOC Holding Leaves Bulgaria
Business | April 6, 2008, Sunday // 00:00
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The leading Turkish conglomerate KOC Holding is going to discontinue its economic activities in Bulgaria selling its energy company Opet/Aygaz Bulgaria.
According to publications in the Turkish press, the likely bidders for the KOC Holding assets in Bulgaria are the Greek company Helenik Petrolium, the Russian energy giant Lukoil, and the Austrian OMV.
Opet/Aygaz Bulgaria was established in July 2003 as a joint venture of OPET and AYGAZ, two of the biggest energy companies of KOC Holding. Its first gas station was opened in 2004 in the Sofia residential complex Mladost. The company presently has 17 gas stations in Bulgaria.
A press release of KOC Holding explained that the divestment was caused by a decision to concentrate on Turkey's internal market. The owners also cite Bulgaria's tangled market situation as a reason to leave the country.
KOC Holding's investment in Bulgaria was its first investment abroad. At that time the Turkish conglomerate stated its intention to invest USD 100 M and to open 100 gas stations.
Several months ago KOC Holding sold its chain of retail stores in Sofia called Rammstore.
According to publications in the Turkish press, the likely bidders for the KOC Holding assets in Bulgaria are the Greek company Helenik Petrolium, the Russian energy giant Lukoil, and the Austrian OMV.
Opet/Aygaz Bulgaria was established in July 2003 as a joint venture of OPET and AYGAZ, two of the biggest energy companies of KOC Holding. Its first gas station was opened in 2004 in the Sofia residential complex Mladost. The company presently has 17 gas stations in Bulgaria.
A press release of KOC Holding explained that the divestment was caused by a decision to concentrate on Turkey's internal market. The owners also cite Bulgaria's tangled market situation as a reason to leave the country.
KOC Holding's investment in Bulgaria was its first investment abroad. At that time the Turkish conglomerate stated its intention to invest USD 100 M and to open 100 gas stations.
Several months ago KOC Holding sold its chain of retail stores in Sofia called Rammstore.
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