Houston-based energy investment and development company, Focal Point Energy, has agreed to form a 50/50 joint venture (JV) with Insa Oil, a leading Bulgarian energy company.
Insa Inc, as the JV is named, will see Focal Point Energy and Insa Oil partnering to expand Insa Oil's reach into the broader Balkan market for both its 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 movement towards clean energy, this JV further positions Insa Oil as a leader in the European owned and operated producers market."
As part of the JV, Focal Point Energy will support the ongoing development of a new bioethanol production plan, in addition to Insa Oil's existing Bulgarian refinery. The JV will also pursue the development of sustainable, emissions-free energy projects not only to cover the refinery's needs but also to enter the broader regional green energy market.
"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 JV will play a critical geopolitical role in diversifying regional fuel sources, a key goal of both the US and our partners in the EU."
Representatives from Insa and Focal Point Energy will join the Board of Directors of the new JV, bringing together globally-recognised subject matter experts in support of Insa Inc's development efforts on the Balkan Peninsula.
Read the article online at: https://www.hydrocarbonengineering.com/clean-fuels/15062022/insa-oil-and-focal-point-energy-announce-joint-venture/