Following its start in the grain trade and the subsequent development of peeled sunflower production, Magic Flame recently added another unit to the processing of agricultural products. The company acquired the oil producer Klas Oil and its foreign trade company Kabakum Group – Import Export. For outsiders, this transaction looks like a classic consolidation of similar productions and building a group with a turnover of nearly BGN 230 million for 2019. Inside, however, its owner, Eduard Bagdasaryan, sees opportunities for many synergies and market expansions. He is already planning the next investments, which will increase production capacity and expand the product list, including corn. And the focus for the future is on clean food and energy independence.
Atanas Kanchev PhD
Mr. Kanchev is our foreign trade-financing officer.
He has more than 10 years of experience at the Academy of the Economics of Bulgaria and at the highest level in the Government of Republic of Bulgaria, Banking and Insurance sector in the European Union.
Mr. Kanchev took a key part in the building of local economic capacity in the municipalities in Bulgaria as consultant for the World Bank, after entering of Bulgaria in the European Union in 2007.
His professional path includes position like Deputy Minister of finance of Republic of Bulgaria, where Mr. Kanchev were responsible for the maintenance, coordination and control of state policy in the area of public sectorinternal control; acting as a point of contact(POC) for the European Commission. He was Deputy Head of the Coordination Service for the fight against fraudulence in the Bulgarian Government.
As a CEO of State Fund “Agriculture”, Mr. Kanchev have took the responsibility for the whole activity of the mechanism of spending European and National funds for agriculture in Bulgaria.
Atanas Kanchev is also Member of the Supervisory Board of Bulstrad Vienna Insurance Group – Bulgaria, Director, CBA Asset Management, FMCGsector , Bulgaria, Public company and Member and President of the Committee of Rotary Club – Sofia.
Chief Executive Officer of Peeled Sunflower Plant Magic Flame Ltd. – Riltsi, Dobrich
Mr. Borislav Stoyanov is first and foremost a businessman and a natural born leader. He has been in the private business since he was 18.
Mr. Stoyanov occupies an honourable place in the company history of Magic Flame thanks to the fact that he is the main driving force behind our peeled sunflower plant in Riltsi, town of Dobrich. Leader of over 200 persons, Borislav works in the field of sunflower processing ever since turning the first sod of our company. Thanks to his dedication, business acumen and excellent communication skills, we are currently building another plant for sunflower processing to meet the international markets increased interest in our products.
Chief Executive Officer
Erhan is part of the history of Klas Oil. He was enlisted in the company in 2006 as head of the Placement Department.
Thanks to his inherent diligence and perseverance, Mr. Fikret soon took over responsibility for the Key Accounts and Raw Materials Departments, and then logically headed the Trade Department to reach the position of CEO of the largest oil producer in Bulgaria. Economist by education, graduated from an American college and several universities – Mr. Fikret has also graduated in National Security Management Systems, and has completed a Master’s degree in State and Municipal Finance. With an impeccable reputation at local and national level, a number of additional courses and specialisations, Mr. Fikret continues to invest in knowledge and innovation to strengthen the leadership position of Klas Oil in the state and abroad.
Master of Finance and Law with over 16 years of experience in finance in internationally represented banks such as KBC, OTP and Unicredit.
In July 2021, Mr. Hristov joined the team in order to contribute his experience and knowledge, as well as to improve the financial culture of the Group with his analytical and financial discipline. He went through many trainings and additional qualifications in the field of financial modelling, networking skills, presentation skills, risk management, sales skills, etc. Mr. Hristov has been engaged with the business of Magic Flame Ltd. since 2015, and in the last 6 years has consistently helped to implement the investment plans of Mr. Bagdasaryan through his dedicated work in one of the financing institutions of the Group.
Borislav is a team player ready to lead the Group to progressive development by increasing financial stability, profitability and sales.
Mr. Draychev is the trader with the most experience in our team.
A graduate of the Maritime School – Varna, Draycho Draychev spent nearly 20 years in the shipping business, where he dealt with cargo logistics and international trade. He has worked for Zodiac Maritime Ltd, BMF, Zarneni Hrani Bulgaria AD, has been an exclusive agent of GLENCORE International Bulgaria, BG AGRO JSC, and many others. Since 2016, Mr. Draychev has held the position of Foreign Trade Manager at Magic Flame Ltd. Thanks to his expertise, personal charisma and business skills, our international partners are growing every day.
Klas Oil Commercial Officer
Mr. Veselinov is the master of strategic planning.
Mathematician by nature, Georgi studied business administration at the Sofia University “St.