Bulgarian lubricants manufacturer Prista Oil Group, controlled by businessmen Atanas Bobokov and Plamen Bobokov, expects to see its sales rise 33% to EUR 400 million in 2011, one of its owners said as quoted by Reuters.
The growth will be chiefly powered by the anticipated rebound in the company's sales abroad, in particular Turkey and central and eastern Europe, Plamen Bobokov said in an interview with the news agency.
Prista Oil also projects a 67% jump in consolidated revenue in 2010 to EUR 300 million compared with EUR 180 million a year earlier, as well a gross profit of between EUR 27 million and EUR 29 million versus EUR 22 million in 2009.
"We have worked to enter new markets, and we have increased our exports. Next year, we will fully focus to expand our sales in Turkey and central and east Europe," Bobokov said.
In 2012, Prista Oil will seek to enter northeastern Europe, in particular Poland, Ukraine, Belarus and the Baltic states.
In order to fund its expansion, the company hopes to receive a EUR 50.5 million loan from the European Bank for Reconstruction and Development (EBRD), Bobokov added.
The funds will go towards the construction of a plant for antifreeze, windshield wiper fluid and brake fluid on its site in the village of Ravno Pole.
Another portion of the money will be used for repaying a loan from one of Prista Oil's minority shareholders, US investment fund Gramercy Emerging Markets Fund.
The fund, which holds 30% of the company, extended a five-year EUR 60 million loan to the lube maker in 2007.(Dnevnik)
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