SOFIA (Bulgaria), June 14 (SeeNews) - Bulgarian petroleum products maker Insa Oil has set up Insa Oil Inc SA, an equally-held joint venture (JV) with US energy investment fund Focal Point Energy, with the aim of boosting its footprint in the markets of Southeast Europe (SEE) and gradually developing clean energy products across the region, the parties said on Tuesday.
The new entity will not only help expand Insa Oil's petroleum products portfolio, but will assist with the development of a new plant for the production of bioethanol, according to the emailed joint statement.
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The clean energy projects to be promoted by the JV in the near future will both serve Insa Oil's local petroleum refinery and supplement the Bulgarian energy market.
Insa Oil Inc plans to invest in traditional and renewable energy sources in the whole of the Balkan peninsula, targeting a leading market position as the energy transition picks up in the region.
"This is a step in the direction of real diversification, which will unlock the potential of the energy market in Bulgaria and the region, Insa Oil president Georgi Samuilov said. "I am confident that this will be highly appreciated by our customers, both in the wholesale and in the retail market."
The board of the new company will include representatives of both companies, who share expertise in the development of the energy markets in both the US and Bulgaria, the company added.
Houston, Texas-based Focal Point Energy specialises in transaction advisory and traditional, transitional and renewable project development in the energy and infrastructure sectors.
Founded in 1996, Rakovski-based Insa Oil is active in the production and trade of petroleum products and owns over a dozen filling stations in the country as well as a refinery near Plovdiv.
In late 2020, Insa Oil, together with fuel distributor Saksa, several contracts worth a total of 13.2 million levs ($7.1 million/6.7 million euro) for the supply of jet fuel, gas oil and motor fuel to the Bulgarian defence ministry.
(1 euro = 1.95583 levs)