Bulgaria's former largest steel-maker Kremikovtzi is a “fake industrial entity”, and is to be liquidated.

This was stated Tuesday by Bulgaria’s Minister of Economy, Energy, and Tourism, Traicho Traikov, who present his account for his first 100 days in office.

“Between August 2009 and now, Kremikovtzi’s debt to the National Electric Company NEK has grown by BGN 13 M. The role of the state through the judicial system will be to investigate the legality of all activities carried out by the various management teams of the plant, which is going to take years,” the Minister declared.

Traikov also announced that the government was presently forming an interdepartmental expert group in order to define the Bulgarian position on the Russian proposal to increase the capacity of the South Stream gas transit pipeline from 31 to 63 billion cubic meters of gas.

The Minister said his institution was presently drafting the country’s energy efficiency strategy for the period before 2020 focusing mostly on low-carbon industries and energy efficiency.

The Ministry is mulling the setting up of two industrial zones around the Black Sea ports of Varna and Burgas, and potential of a third one close to Sofia.

Traikov announced the privatization of the Bulgarian cigarette monopoly Bulgartabac was being delayed because of the government’s decision to hire a consultant to aid the Privatization Agency.

Up to 15% of all state-owned companies under the Ministry of Economy are to be listed on the Bulgarian Stock Exchange.

The Minister set as priorities overcoming the recession, financial stability, and fast economic growth.

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