Chevron Global Lubricants announced last month that it has sold its 25-percent stake in Bulgarian lubricant marketer Prista Oil AD. The U.S. energy company said it sold its interest to Marsdale International LLC, which it described as a legal entity ofPrista.
Prista, which is based in Sofia, claims to be the largest lube supplier in Bulgaria. Chevron acquired its share of the company through its 2001 merger with Texaco, which had bought into Prista the year before.
In a July 7 news release, Chevron said the relationship with Prista worked out well but had run its course.
The joint venture between Chevron and Prista Oil has been a success since its inception in 2000, Vice President of Supply Chain Barbara Burger said. However, the time is right for an agreement that will allow both parties to develop their respective interests in the region. Chevron did not say what its interests might be, but Burger noted that the companies entered a new agreement making Prista a licensed distributor in Bulgaria for Texaco-branded lubricants, greases and coolants.
Prista officials declined to comment last week, saying the transaction had not yet closed. Marsdale International is incorporated in the state of Delaware. The company did not respond to questions conveyed yesterday through its local registered agent.