In cooperation with First Energy Bank of Bahrain, Borealis has acquired 20.3% of the shares of Bulgaria's Neochim, a fertilizer producer listed on the Sofia stock exchange.

Described as Bulgaria's leading producer and distributor of fertilizers, Neochim accounts for a "significant share" of the country's ammonium nitrate output, Borealis said. The company operates one ammonia plant, two nitric acid plants and an ammonium nitrate plant in Dimitrovgrad in southern Bulgaria.

Mark Garrett, CEO of Borealis, said the investment is another step in "the strategy to grow our fertilizer business and to maintain our number one position in central and Eastern Europe." The share purchase further strengthens the company's position in the Bulgarian market. The Vienna-based petrochemicals and fertilizer specialist recently acquired French fertilizer producer GPN, now renamed Borealis Chimie.

"Neochim is a well-managed dedicated fertilizer company with competitive plants and an advantageous logistics position," said Markku Korvenranta, Borealis' executive vice president base chemicals. Borealis L.A.T will distributd part of the Bulgarian company's production through its own channels.