Bulgarian Ministry of Economy: 'Kremikovtsi is the Worst Privatization Deal Ever'

Business » ENERGY | August 23, 2017, Wednesday // 09:37
Bulgaria: Bulgarian Ministry of Economy: 'Kremikovtsi is the Worst Privatization Deal Ever' pixabay.com

"I personally think that the privatization of Kremikovtsi copper smelter was the worst such deal in Bulgaria ever. The plant had enormous assets that were sold out at the lowest possible price of one US dollar, against a commitment on the part of the new owner to invest some BGN 400 million, without any guarantee of the investment," Economy Minister Emil Karanikolov told Blitz news agency, quoted by Standart News.

Minister Karanikolov said that the Prosecutor's Office should launch a probe into the dubious deal as soon as possible.

Back in 2009, Brazilian steel maker CSN (Companhia Siderurgica Nacional) planned to invest a total of USD 400 million in Bulgarian ailing steel mill Kremikovtzi over a four-year-period.

Among the other candidates were Ukraine-based Smart Group, a consortium between Czech investment company ML Moran and consultancy A.T.Kearney, Bulgarian Valentin Zahariev, owner of lead and zinc smelter OCK and Russian company Prominvest.


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Tags: Emil Karanikolov, privatization, Kremikovtsi
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