Lukoil refinery will start working with non-Russian oil in March
The Lukoil oil refinery in Burgas will start working with non-Russian oil in March, according to a press release from the Council of Ministers. So far the refinery has been working with Russian oil, hence Bulgaria was allowed to continue imports from Moscow even after oil sanctions were imposed in December 2022.
Bulgaria and Greece signed a memorandum at the beginning of this year for the building of the oil pipeline connecting Alexandroupolis and the refinery in Bourgas by 2025. The project will bring non-Russian oil to the refinery.
Italy is among the top 4 investors in Bulgaria
Italy is now the fourth largest overseas investor in Bulgaria, with direct foreign investments topping 2.9 billion euro. According to preliminary data from the BNB, Italian investments amounted to almost 200 million euros for 2022 alone.
"Italy is the third largest trading partner of the country in terms of exports and the fifth largest importer in our country," emphasized Economy Minister Nikola Stoyanov after meeting Italian diplomatic represetatives.
In the first eleven months of 2022, trade between Bulgaria and Italy was worth 6.3 billion euros and grew by nearly 35%. Bulgarian exports amounted to 3.4 billion euros and increased by 41.4%. Among the sectors contributing are energy, transport, tourism, banking and insurance and goods.
Local tech company shares appear on BEAM
Electrical equipment producer Elmark Invest has made its debut on the Bulgarian stock exchange. The company was listed directly on the local exchange for small and medium enterprises (also called BEAM) without raising capital from investors in an initial public offering (IPO).
In this way, the issue price of the offering has not been specified, but according to Zhelez Zhelyazkov, Elmark's founder and manager, the target is a price of BGN 4.5 per share.
The company's capital is divided into 4,555,000 shares with a nominal value of BGN 1 per share. Currently, there are requests for 5,000 shares at a price of BGN 1.5, 1,000 shares at a price of BGN 4 and about 1,500 shares at a price of 4.01 to 4.50 BGN.
Two days after the listing, no shares have been sold.