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"The government will dissolve the Bulgarian Energy Holding, while a 15% stake in the state power utility NEK and dominant gas supplier Bulgargaz will be listed on the Bulgarian stock exchange," Finance Minister Simeon Djankov said. Photo by BGNES
The economic team of the center-right government confirmed plans to dissolve a mega-structure, which groups all big state-owned energy firms, and list a minority stake in major energy companies on the Bulgarian stock exchangРµ.
"The government will dissolve the Bulgarian Energy Holding, while a 15% stake in the state power utility NEK and dominant gas supplier Bulgargaz will be listed on the Bulgarian stock exchange," Finance Minister Simeon Djankov told the morning broadcast of bTV channel.
The Bulgarian Energy Holding sacked at the end of last week the chief executives of the state power utility NEK Lubomir Velkov and Mardik Papazian over their failure to reduce the losses of the company. The members of NEK board of directors was cut from five to three.
The holding was created in 2008 with the merger of five state-owned companies - the National Electric Company NEK, the gas monopoly Bulgargaz, the Maritza Iztok Mines, the Maritza Iztok 2 Thermal Plant, and the Kozloduy Nuclear Power Plant into a EUR 4 B energy giant.
It is a sole owner joint-stock company with a 100% Bulgarian state ownership.
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