Mariy Kosev, former Deputy Minister of Economy, Energy and Tourism, has been appointed Managing Director of Nabucco Bulgaria, Nabucco Gas Pipeline International GmbH said in a statement.

Kosev will succeed Kiril Temelkov, who was appointed CEO of state-owned Bulgartransgaz in June.

In July, Temelkov was appointed temporary head of Bulgaria's "National Nabucco Company" until a suitable person was found to fill the position.

"The appointment of Mr. Kosev gives a strong boost to the project," said Reinhard Mitschek, Managing Director of Nabucco Pipeline International GmBH.

The press release went on to say that the Nabucco gas pipeline had registered substantial progress in Bulgaria and that the Environmental and Social Impact Assessment (ESIA) process was underway.

The project company specified that a number of meetings had already been held with municipal and local administrations, as well as a series of consultations with representatives of non-governmental organizations.

The Nabucco shareholders are: Bulgarian Energy Holding (Bulgaria), Botas (Turkey), MOL (Hungary), OMV (Austria), RWE (Germany) and Transgaz (Romania).

Each shareholder holds an equal share of 16.67% of Nabucco Gas Pipeline International GmbH.

The EU-backed gas pipeline is estimated to cost EUR 8 B, and Bulgaria, as a partner controlling 1/6 of the shares, will be expected to provide 1/6 of the total sum, or about EUR 1.3 B, rather than finance just the section on its territory.

Bulgaria plans to finance its share in Nabucco with a EUR 1.2 B loan from the European Investment Bank.

We need your support so Novinite.com can keep delivering news and information about Bulgaria! Thank you!