“Lukoil Neftochim Burgas is auctioning four of its properties in the region of Burgas, not related to its core activities,” announced company officials yesterday.

“The sale of four properties, worth BGN 5.25 mln, is scheduled for June 7, at a sealed bid auction,” stated Stefan Tsintsarski, Head of the Property Management direction at the company. “The sale is part of the overall program of the parent Lukoil Group aimed at maximizing efficiency and lowering production costs by closing down unusual activities,” said Tsintsarski. According to him, the program started in 2005 worldwide, as by 2013 the Group should have sold off all redundant assets.

“In Bulgaria, the procedure started with outsourcing of the transportation, maintenance and logistics activities. The sale of railway and transportation assets was the next steps. We are currently finalizing a deal for the sale of railway tanks,” Tsintsarski said, without specifying any amount. The sale of transport vehicles is under way.

Dobromir Ganev, Manager of GVA Sollers Solutions - the company, which is in charge of the transactions, said that he expected to achieve high profits from the sales. According to him, buyers will start receiving yield from the deals after a year and a half or two years.