Bulgaria Energy Holding Dissolved by End of June

Business » ENERGY | April 12, 2010, Monday // 12:13
Bulgaria Energy Holding Dissolved by End of June: Bulgaria Energy Holding Dissolved by End of June Bulgaria's Economy and Energy Minister, Traicho Traikov (l), and the US Ambassador to Sofia, James Warlick, took part in a round table titled: “Bulgaria Attractive Investment Destination.”

The Bulgarian Energy Holding (BEH), the mega-structure grouping all big state-owned energy companies will be dissolved by the end of June.

The information was announced Monday by the Bulgarian Economy and Energy Minister, Traicho Traikov, who spoke during a round table titled: “Bulgaria Attractive Investment Destination.”

The cabinet is still mulling if they should make all companies now part of the Holding independent firms or group them in a suitable way, Traikov said.

According to the Minister, by the end of the year the National Electric Company (NEK) or parts of it such as the Water Power Plants (WPP), majority or minority shares of the Thermal Power Plants (TPP) “Maritsa-Iztok 2 and 3” would be offered for sale through the Bulgarian Stock Exchange.

Traikov says 2 of the owners of the 3 electric power distribution companies in the country are interested in purchasing the State shares while the 3rd one prefers for the State to remain their owner.

In addition, the Minister pointed out that the cabinet's measures aimed at organized crime and the improvement noted in the judicial system, contribute to increased interest towards Bulgaria on the part of foreign investors.

Shortly after coming into office in July, Bulgaria's Prime Minister Boyko Borisov announced plans to close BEH, but failed to push them through.

The cabinet subjected BEH to financial checks to find out how the money poured into it for raising its capital has been used.

BEH 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.

The holding is a sole owner joint-stock company with a 100% Bulgarian state ownership.

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Tags: Bulgarian Energy Holding, Simeon Djankov, Traicho Traikov, BEH, James Warlick

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