Bulgaria’s Prista Oil has acquired Prague-based Chevron Czech Republic s.r.o. as part of its strategy to expand in Central and Eastern Europe. The amount of the transaction was not disclosed.

As part of the deal, Prista Oil will continue to develop the Texaco brand over the next five years, Prista said in a press release.

"Our partnership with Chevron is a key element of Prista Oil’s business strategy for growth and promotion of the company’s multibrand strategy," Prista Oil’s board of directors chairman Plamen Bobokov said in a statement. "Our plans are to strengthen this partnership and cover more of Prista Oil’s major markets by the end of this year."

The company has distributed Chevron's oils since 1998. The Prista Oil and Chevron partnership has existed for many years as shown below:

- In April 2000, Texaco Global Products acquired a 25% equity stake in Prista Oil
- In 2006 Prista Oil and Texaco Belgium signed a manufacturing agreement for Romania
- In 2008 a Distribution agreement was signed with Chevron Global Lubricants for Texaco in Serbia
- In 2009 a Distribution agreement was signed with Chevron Global Lubricants for Texaco in Turkey
- In November 2011 Prista Oil bought Texaco Overseas Holding's 50.1% stake in a blending plant managed in partnership with Uzbekistan’s national oil company Uzbekneftegaz, for an undisclosed price

Established in 1993, Prista Oil Holding is one of the leading Bulgarian companies, operating in more than 20 countries in Central and Eastern Europe, Near and Middle East, as well as in Ukraine, Georgia, Kazakhstan and others. Due to the sustainable development strategy, the market presence of the company in the different countries reaches levels between 5 and 55%.

Prista Oil has two blending factories in Bulgaria, one in Hungary and one in Turkey.