Insa Oil and Focal Point Energy Announce Joint Venture to Expand Strategic Energy Market
HOUSTON, TEXAS / PLOVDIV, BULGARIA – 14.06.2022
Houston-based energy investment and development company, Focal Point Energy, has agreed to form a 50/50 joint venture with Insa Oil, a leading Bulgarian energy company.
Insa Inc, as the joint venture is named, will see Focal Point Energy and Insa Oil partnering to expand Insa Oil's reach into the broader Balkan market for both their existing portfolio of refined products and to develop new clean energy opportunities in the region.
“We look forward to working together to expand our portfolio, unlocking Bulgaria’s energy market potential, both domestically and regionally,” said Georgi Samuilov, President of Insa Oil. “With the current shift to alternative fuel sources in our region, and the ongoing shift towards clean energy, this Joint Venture further positions InsaOil Inc. as a leader in the European owned and operated producers market.”
Focal Point will support the ongoing development of a new bio-ethanol production plan, in addition to Insa Oil's existing Bulgarian refinery.In the near future, the joint company will develop sustainable emissions-free energy projects to cover not only the refinery’s need, but also to enter the green energy market. In the last year, this has become a practice for many oil businesses in the EU and worldwide.
“Our combined strengths – Focal Point’s technical expertise and impact-driven mission, and Insa Oil’s successful operating model – are a potent recipe for success. At its core, the partnership is driven by the shared values of both companies,” said Vince Trovato, Executive Director of Focal Point Energy. “Beyond our shared mission, this joint venture will play a cardinal geopolitical role in diversifying regional fuel sources, a key goal of both the United States and our partners in the European Union.”
On the Board of Directors of Insa Oil Inc. representatives of the American and Bulgarian companies will take part. They are specialists with a high degree of expertise in the development of energy markets in the United States and Bulgaria, which is a guarantee for the success of the project on the Balkan Peninsula.
Focal Point Energy
Focal Point Energy is a US-based, impact-driven investment and development company specializing in transaction advisory and project development in the energy and infrastructure sectors. The energy investment and consulting firm focuses on opportunities across the energy spectrum, from renewable energy to traditional energy investments in globally strategic areas. Focal Point Energy is led by Executive Director Vince Trovato, a former senior U.S. Department of Energy official. For more information visit https://focalpoint.energy.
Insa Oil is a leading Bulgarian-owned producer and distributor of petroleum products. Insa Oil operates the second largest refinery in Bulgaria, a state of the art facility near Plovdiv.The company operates on average of 1,000,000 metric tons of fuel per year for sale to over 200 commercial and government customers in Bulgaria. In addition to the refinery, Insa owns and operates chain of gas stations throughout the country. For more information visit https://insaoil.bg.