Bulgarian lubricant manufacturer Prista Oil acquired Chevrons lubricants distribution business in the Czech Republic. Terms were not disclosed.
Under the deal, Prista Oil will continue to market Chevrons flagship brand Texaco for the next five years, both companies said. Our partnership with Chevron is a key element of the companys business strategy for growth and promotion of its multi brand strategy,” Plamen Bobokov, president of Pristas board of directors, said in a recent press release. “Our plans are to strengthen this partnership and to cover more of the companys major markets by the end of the year.
According to Chevron, under the share sale deal, ownership of Chevron Czech Republic transfers to Prista Oil with the change of the entitys name, and employees in the Czech Republic transfer with their current entity to Prista Oil. This decision was necessary to ensure that Chevrons finished lubricant business in Europe remains competitive. Prista is now our authorized distributor in the Czech Republic, and we signed a distribution agreement to allow for Texaco branded products to continue to be marketed there, a Chevron spokesperson told Lube Report on Monday.
Chevron Czech Republic s.r.o. has distributed Chevrons motor oils and lubricants in the country since 1998. It has annual sales of 1.5 million liters of finished products and annual revenue of 4 million, according to the press release.
Based in the Danube river port city of Ruse, Bulgaria, Prista Oil Group is a holding company whose main lines of business are production of lubricants and car batteries. The company is active in 20 countries in Central and Eastern Europe, as well as in Central Asia, and also operates four base oil terminals with total capacity of 52,000 cubic meters, according to its web site.
Prista bought Chevrons controlling stake in the Uzbek-American joint venture UZ-Texacos blending plant in 2011. Prista operates the plant in partnership with the Uzbek national oil company Uzbekneftegaz, and the joint venture is now named UZ-Prista. The Bulgarian company has marketed Chevrons oils since 1998, and its business partnership with the American oil major began in 2000.