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Billionaire businessman Arcadi Gaydamak is negotiating to buy a biodiesel production refinery being constructed in Bulgaria through his Tel Aviv-listed company Petro Group.

Recent talks Petro Group held to buy 110 gas stations with convenience stores in the United States for about $60 million fell through.

This Bulgarian deal would be smaller in scope, though. If the deal is done, Gaydamak will be buying a company that's building a biodiesel refinery and facilities to purify and use oil-saturated sludge and waste. His initial investment would be around 15 million euros.

In the last year Gaydamak bought major interests in four Israeli companies. His main local vehicle is Ocif, a real estate company traded in Tel Aviv, that is in the process of assuming ownership of his property in Russia.