US Approves New Lukoil Waiver for Bulgaria After Talks With Rubio
Bulgaria has secured a six-month extension of the Lukoil waiver, following a decision by the US Treasury Department’s Office of Foreign Assets Control (OFAC)
US ENTERGY STARTS MARITZA EAST 3 UPGRADE IN SEPT
Business | June 22, 2002, Saturday // 00:00
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US-based Entergy and the funding institutions will complete the crediting of the upgrade of thermal power plant Maritza East 3 and start implementing the project in September 2002, Energy Minister Kovachev said. The minister has been assured the deadline will be met at a meeting with Entergy representatives June 20. Due diligence of the project, worth some USD 475 M and conducted jointly by the National Electricity Transmission Company and Entergy, is to be concluded soon. The French banks Societe Generale and Credit Agricole, the European Bank for Reconstruction and Development (EBRD) and the Black Sea Trade and Development Bank (BSTDB) will fund the upgrade of Bulgaria’s thermal power plant Maritza East 3. EBRD announced it will extend a EUR 123 M loan to finance the project and commercial banks will add up to EUR 215 M in funding. The Black Sea Trade and Development Bank will released EUR 20 M. The four loans will secure 75% of the total cost of project, assessed at USD 470 M, the remainder to be provided by the American company. Minister Kovachev confirmed Bulgaria will continue to develop its nuclear energy during his visit at water power plant Simeonovo on the occasion of the upcoming Energy Day – June 23.
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