Bulgarian lubes marketer Prista Oil bought Chevrons controlling stake in Uz-Texaco in Uzbekistan and started producing lubricants there, as part of its expansion into Central Asia and the Middle East. Terms were not disclosed.
Fergana, Uzbekistan-based lubricant blender Uz-Texaco was a joint venture between state-owned Uzbekneftegaz and Chevrons Texaco Overseas Holdings Inc. Prista Oil is Bulgarias biggest finished lubricants producer, and it acquired Chevrons 50.1 percent stake in the JV, which is now renamed as Uz-Prista, a Prista spokesman told Lube Report.
Uz-Prista plans to produce mineral, synthetic and semi-synthetic lubricants, as well as antifreeze. In 2012 we are set to manufacture 49 million liters of lubricants, out of which 4 million liters should be synthetic and semi-synthetic lubricants, and to generate revenue of $60 million, Prista Chairman Plamen Bobokov said in a statement. The companys marketing strategy calls for more than 50 percent of the volume to be exported to Central Asia and Eastern Europe (Ukraine and Moldova).
Prista Oil pioneered the manufacturing of synthetic lubricants in Uzbekistan. It is the next step to achieving the companys target to establish its brands outside Europe, Bobokov stated. This is in accordance with the strategy for expansion of the company in Central Asia and the Middle East.
Uzbekneftegazs Fergana API Group I base oil plant will supply the blender up to 3,000 tons of base oil per month for its production activities in 2012 and 2013, under the deals terms.
Prista started cooperation with Uz-Texaco in mid-2011, providing licensing for production of a full assortment of motor oils. The Uzbekistan Daily report in October that the first batch of Prista brand 5W-40 motor oils produced amounted to about 10,000 tons.
According to Pristas web site, the company last year produced 66,000 tons of lubricants, up from 59,000 tons in 2009.