Bulgaria Minister Sets Firm Deadline for Kremikovtzi Gas Cut

Business » INDUSTRY | May 12, 2009, Tuesday // 15:10
Bulgaria: Bulgaria Minister Sets Firm Deadline for Kremikovtzi Gas Cut Bulgaria's Economy and Energy Minister, Petar Dimitrov. Photo by Sofia Photo Agency

Tuesday and Wednesday are the final deadline for a foreign investor to enter the coke plant of the troubled steel mill "Kremikovtzi."

The statement was made Tuesday by Bulgaria's Economy and Energy Minister, Petar Dimitrov.

Dimitrov told reporters that if negotiations with the Brazilian metallurgy giant CSN failed to yield results, "Bulgaragaz" will cut gas supply to the mill at 2:00 pm on May 14.

Before the May holidays "Bulgargaz" officially announced they will cut the supply on May 12, but after a surprising late Monday move, the Economy Ministry changed mind and extended the supply cut deadline by 48 hours.

The Minister said that gas supply to "Kremikovtzi" was costing "Bulgargaz" and the National Electric Company (NEC) BGN 10 M a month, an amount that "no one could afford in the conditions of a global crisis."

Dimitrov confirmed that there was foreign interest towards the mill, but disproved earlier statements that the interest was directed towards the coke production and said it was rather the energy production that could be salvaged.

The Minister was adamant that there would not be any risks for Sofia's residents when the gas supply is halted.

 

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Tags: Kremikovtzi, CSN, trade unions, Bulgaria’s Economy Ministry

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