BSP Party Wants Georgy Gergov To Resign
The National Council of BSP is voting exceptionally today the exclusion of Georgy Gergov from the party, reported Dnevnik.
Bulgarian businessman Sasho Donchev has become the majority shareholder of the country's biggest private gas supply network, the Commerce Register shows.
Overgas Mrezhi AD (literally "Overgas Networks") was until now controlled by a Bulgarian-Russian joint venture called Overgas, Inc., where Russian energy giant Gazprom and Donchev himself had even shares.
The developments comes after a dispute between Overgas and Gazprom that began on New Year's Eve over a halt in gas supplies to the Bulgarian supplier, with the Russian company citing unsettled "commercial issues". It also follows reports of Gazprom's plans to pull out of some joint ventures in Eastern Europe as part of a new business strategy.
An inquiry into Bulgaria's Commerce Register shows "Overgas, Inc. AD" and two natural persons were removed as entities in the "Board of Directors" field.
Sasho Georgiev Donchev, Mihail Vladimirov Zahmanov, and Georgi Donchev are three new entries that form the board.
Overgas is also taking out a BGN 160 M (EUR 81.6 M) loan to cover overdue payments to DSK Bank and to its former parent company Overgas, Inc., according to Kapital newspaper.
It quotes Overgas representatives as declining to comment and saying details will be announced within days.
The reshuffle was reportedly agreed in April, when Overgas Mrezhi's capital was boosted by BGN 202.5 M to the benefit of UK-based DDI Holding Ltd, which Britain's Companies House shows is owned by Bulgarian Di Di Management (where Donchev is a majority shareholder).
Donchev is also DDI Holding's Director.
Overgas's loan from UniCredit, agreed in June, was also given the thumbs up by Bulgaria's energy regulator, KEVR - a step required under the law as the deal could breach security of supplies.
For the ninth consecutive year (excluding 2022), the electrical industry remains the largest contributor to Bulgaria's exports, as reported by the Bulgarian Association of Electrical Engineering and Electronics (BASEL)
European natural gas prices have climbed above €55 per megawatt-hour for the first time in 16 months, driven by colder temperatures across the continent that are increasing demand for heating fuel
Serbian oil and gas company NIS, controlled by Russia’s Gazprom, is considering exiting its operations in Bulgaria and Romania due to ongoing difficulties in both markets
The Russian company Lukoil initiated the process of selling its Bulgarian assets in June last year, Prime Minister Rosen Zhelyazkov announced during a parliamentary hearing
In 2023, 10.6% of the population in the European Union reported being unable to keep their homes adequately warm
The Bulgarian government has announced a program to compensate businesses and non-household electricity subscribers for high energy costs until the end of March
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