The story
Established in 1932, Petrol AD occupies a leading position in the distribution of fuels and oils in Bulgaria. With more than 330 petrol stations under the Petrol brand, evenly distributed throughout the country, the company has the most developed fuel distribution network in the country. Today, the company is among the largest Bulgarian public companies by market capitalization. In 2003, the company received an award for issuer of the year, providing the most complete and accurate corporate information on the Bulgarian Stock Exchange.
Timeline
On April 1, 1932, the Bulgarian Joint Stock Company Petrol was established. Initially, the company used the warehouse of one of the shareholders, gradually investing and building new facilities.
In 1947 the Bulgarian oil industry was nationalized. On February 18, 1948, the Grand National Assembly passed a law on the state monopoly over petroleum products.
On March 9, 1948, on the basis of the existing private and joint-stock companies, the state supply company Petrol was established. The aim is to limit the enrichment of the former owners, and the purpose is to supply the national economy with the necessary oil derivatives through the branches in the country. It is gradually expanding its activities, gas stations and oil depots are being built throughout the country.
In 1986 the association was transformed into a Petrol plant, which was included in the structure of the Chimsnab Economic Association.
In 1990, on the basis of the new legislation, the plant was reorganized into the state company Petrol.
On July 1, 1992, a sole proprietorship joint-stock company Petrol with all state ownership was established. As a result of the mass privatization, about 25% of the company's shares become the property of privatization funds and industrial shareholders.
On June 10, 1997, Petrol Joint Stock Company was re-established.
Read the full text
On July 1, 1999, after nearly two years of privatization procedures, the sale of the majority stake was completed. Fifty-one percent of the state's shares were sold to Bulgaria International Consortium.
On August 4, 1999, the company was privatized by the consortium led by Naftex Bulgaria Holding AD and including OMV (Austria) and Petrol Holding Group AD. Subsequently, Naftex Bulgaria Holding AD increased its stake in Petrol AD by buying out the shares of the other participants in the consortium.
From Wikipedia’s article on Petrol AD, shared under CC BY-SA 4.0.5