State with Golden Share in Bulgarian Tie-in for Oil Project

Business | November 28, 2002, Thursday // 00:00

A suggestion for a golden share of the state in the Bulgarian tie-in for Burgas- Alexandroupolis pipeline was presented by Acting Regional Development Minister Hassan Hassan at his meeting with representatives of the companies to be involved in the pipeline design, construction and operation. The golden share will allow the state to protect national interests in the implementation of the project. The nine companies are to participate in an international trade company, yet to be set up. Some ten days ago Gazstroymontazh, Glavbulgarstroy, Internet and Gazmontazhi, Lukoil, Magnum 007, Minstroy Holding, Monolit 3, Himremontstroy and Helikon submitted their letters to the Ministry. Burgas- Alexandroupolis pipeline is a three-way venture involving also Greece and Russia. Bulgaria has a EUR 227 M share in the project. Talks on a shareout of the project between themselves will start November 28. The negotiations must be complete before the meeting in Athens on December 3, when Bulgaria, Greece and Russia must sign a memorandum for cooperation on the trans-Balkan oil pipeline Burgas -Alexandroupolis.
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