First Energy Bank and Borealis acquire stake

Borealis and First Energy Bank of Bahrain have jointly bought 20.3 per cent stake in Bulgarian Neochim AD. For the acquisition, Borealis and First Energy Bank formed a joint venture in Bulgaria called Feboran AD. Neochim is a publicly listed company and operates one ammonia plant, two nitric acid plants and an ammonium nitrate plant in southern Bulgaria. Borealis executive vice-president for base chemical Markku Korvenranta said the company believed fertilisers offer attractive business opportunities with further potential for growth particularly in Central and Eastern Europe. First Energy Bank chief executive Mohamed Ghanem said that the investment extended the bank's investment portfolio both geographically into Europe and into a fast-growing market. Furthermore, it reinforced its strategy of participating in the energy sector.

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