Bulgaria Belene Nuclear Power Plant Loan to Be Investigated

Business » ENERGY | August 26, 2009, Wednesday // 17:27| Views: | Comments: 0
  • Send to Kindle
Bulgaria Bulgaria Belene Nuclear Power Plant Loan to Be Investigated: Bulgaria Belene Nuclear Power Plant Loan to Be Investigated The former Socialist government hired in 2007 BNP Paribas SA, France's largest bank by market value, to arrange a EUR 250 M loan to help fund construction of a EUR 4 B nuclear power plant. File photo

The Bulgarian Prime Minister, Boyko Borisov, will approach the Prosecutor's Office over the loan the National Electric Company has taken to finance the Belene Nuclear Power Plant.

The former Socialist government hired in 2007 BNP Paribas SA, France's largest bank by market value, to arrange a EUR 250 M loan to help fund construction of a EUR 4 B nuclear power plant at the Danube river town of Belene.

NEK's poor results that came in the wake of a fall in power consumption however forced it to breach the conditions on the loan, making it callable.

In Borisov's words, the "incompetence" of the former Energy Minister, Petar Dimitrov, turned the loan from lucrative to callable, and now the country has to either return the money or to negotiate its extension, which will cost BGN 20 M a year.

 

Energy » Be a reporter: Write and send your article
Tags: BNP Paribas, Belene, Boyko Borisov, Petar Dimitrov
Expats.bg All Are Welcome! Join Now!
Advertisement
Advertisement
Please, log in to post a comment.
» To the forumComments (0)
Bulgaria news Novinite.com (Sofia News Agency - www.sofianewsagency.com) is unique with being a real time news provider in English that informs its readers about the latest Bulgarian news. The editorial staff also publishes a daily online newspaper "Sofia Morning News." Novinite.com (Sofia News Agency - www.sofianewsagency.com) and Sofia Morning News publish the latest economic, political and cultural news that take place in Bulgaria. Foreign media analysis on Bulgaria and World News in Brief are also part of the web site and the online newspaper. News Bulgaria