Petrol Holding Aviation, which is based in Sofia, Bulgaria, is changing its name to Air Lazur, the company has announced. The name change was decided for 'financial reasons' according to marketing director Kiril Georgiev. The company expects the AOC for commercial operations under the new name to come through by the end of the year.

The company has also decided to retain one of its aircraft, a Challenger 600, as part of its plans to develop an executive charter service. It was previously leased to Jetalliance.

Said Georgiev: "We decided to start marketing the aeroplane for our own needs and the owner's. The aircraft was having to fly empty legs to return to Bulgaria for its owner's use, which just wasn't feasible."

Two other executive charter firms operate in Bulgaria, Georgiev said. "But they operate different aircraft types and serve different markets, so I wouldn't call them competitors. We even share aircraft when we need to."

The Challenger will operate all over Europe, with London and Moscow generating a large percentage of business. Although demand is currently low at this time of year, Georgiev said it is too early to make predictions about next year's performance.

The CL600 joins the company's other aircraft, a Beechjet that it has been operating for nine years. It was previously used by the former American president's wife Nancy Reagan, Georgiev told EBAN.