Bulgaria's Economy and Energy Minister Rumen Ovcharov handed a First Class Investment Certificate issued by InvestBulgaria Agency (IBA) to Petromaxx Refinery Bulgaria. The investment project envisages the construction of a petroleum refinery in the northern city Silistra. It will be entirely equipped with US Basic Equipment. The annual capacity of the refinery amounts 1,500,000 crude oil and the final products are from the types 95H, 92H, diesel.

The total investment in Petromaxx Energy Group GmbH's project in Bulgaria will be USD 157 M. The refinery will be constructed to meet the EU environment standards. It will create some 300 new working places in the region, which is with high unemployment level. The successful realization of the project will allow Bulgaria to decrease its dependence from import of refined oil products.