HOUSTON and PLOWDIV, Bulgaria, June 14, 2022 /PRNewswire/ — Houston-based energy investment and development company Focal Point Energy has agreed to establish a 50/50 joint venture with Insa Oil, a leading Bulgarian energy company.
Insa Inc, as the company is called, sees a partnership between Focal Point and Insa to expand reach into the broader Balkan market.
Insa Inc, as the joint venture is called, Focal Point Energy and Insa Oil will partner to expand Insa Oil’s reach into the broader Balkan market for both its existing portfolio of refined products and new clean energy opportunities in the region to develop.
“We look forward to working together to expand our portfolio and break new ground Bulgaria Energy market potential, both nationally and regionally,” said Georgy Samuilov, President of Insa Oil. “With the current transition to alternative fuel sources in our region and the continued movement toward clean energy, this joint venture further positions Insa Oil as a leader in the European owner-managed generator market.”
As part of the joint venture, Focal Point Energy will support the ongoing development of a new bioethanol production plan on top of Insa Oil’s existing Bulgarian refinery. The joint venture will also pursue the development of sustainable, zero-emission energy projects, not only to meet 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 powerful recipe for success. At its core, the partnership is driven by the shared values of both companies,” he said Vince Trovato, Managing Director of Focal Point Energy. “Beyond our shared mission, this joint venture will play a critical geopolitical role in diversifying regional fuel sources, a key goal of both The United States and our partners in the European Union.”
Representatives from Insa and Focal Point Energy will join the board of the new joint venture, which will bring together world-renowned subject matter experts to support Insa Inc’s development efforts in the Balkan Peninsula.
About Focus Energy
Focal Point Energy is a US-based, impact-driven investment and development firm specializing in transaction advisory and project development in the energy and infrastructure sectors. The energy investment and advisory 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 the Executive Director Vince Trovato, a former senior US Department of Energy official. For more information visit https://focalpoint.energie.
About Insa Oil
Insa Oil is a leading Bulgarian producer and distributor of petroleum products. Insa Oil operates the second largest refinery in Bulgaria, a state-of-the-art facility near Plovdiv. On average, the refinery produces 1,000,000 tons of fuel annually for sale to over 200 commercial and government customers Bulgaria. In addition to the refinery, Insa owns and operates a chain of gas stations across the country. For more information visit https://insaoil.bg.
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SOURCE Focus Energy