Bulgaria sells stake in refinery controlled by LUKoil

Bulgaria will sell minority stakes in the country's only refinery, controlled by Russia's LUKoil, and in the leading fertilizer producer Neochim among others, the country's sell-off agency said.
The Balkan state will offer minority stakes in some 74 companies in a public tender at the Bulgarian stock exchange by the end of the month as part of its program to offload state assets and boost capital markets, the privatization agency said.

The state will sell its 0.03 % in Neftochim Burgas refinery and has set the minimum price at levs 27.9 (EUR 14.2) per share. It will also sell 0.36 % in fertilizer plant Neochim and has set the minimum price at levs 28.1 per share.
The bourse's capitalization has dropped by about 65 % on an annual basis following the global financial crisis.