Almost the Entire Management of "Bulgargaz" has been Replaced

Business » ENERGY | August 17, 2022, Wednesday // 09:18
Bulgaria: Almost the Entire Management of "Bulgargaz" has been Replaced The new head of "Bulgargaz" - Denitsa Zlateva

The caretaker government is changing the entire management team of "Bulgargaz", bTV reports, referring to an application filed in the Commercial Register. The news was confirmed by the spokesman of the cabinet, Anton Kutev.

Denitsa Zlateva - a long-time member of the Bulgarian Socialist Party and former deputy prime minister in the government of Ognyan Gerdzhikov, responsible for the preparation of the Bulgarian presidency of the EU - has been appointed as the new head of the public gas supplier. She was part of Sergey Stanishev's team.

Apart from Ludmil Yotsov, who was the boss until now, all other members of the board have been replaced. Dimitar Spasov, Tatiana Petrova-Boyadzhieva and Valentin Sinabov will be appointed in their place. The latter was part of another state energy company - "Bulgartransgaz". Ivan Topchiyski remains at Bulgargaz. Of all the people in the new management team, at the moment, it seems that Sinabov is the only one who has some experience in the field of energy. Zlateva herself worked in the company ("Bulgargaz") before, but as the head of the "Administration" department, and not as an expert related to the matter. She was appointed to this post during the third government of Boyko Borissov. He even offered her to stay in the cabinet that the GERB leader formed after the elections then. Zlateva is also known as one of the members of the BSP who are against the current leader Kornelia Ninova and was among the people in the leadership of the Reds who demanded the resignation of the former Minister of Economy and Industry as the leader of the party.

The changes have not yet been approved by the Registry Agency.

The rollover is fully expected, especially against the background of the heavy criticism that the official cabinet and President Rumen Radev personally directed at the state of the Bulgarian energy industry. The management of Bulgargaz was also accused of buying expensive gas through intermediaries, of failing to ensure secure and cheap supplies until the end of the year, and of almost stopping gas from Gazprom alone.

However, in the protocol of the meeting of the Bulgarian Energy Holding, which is the nominal owner of the assets of "Bulgargaz", reasons for the change are not indicated.

One of the topics on which this composition, appointed by the "Petkov" government, was most vulnerable was precisely the management of Lyudmil Yotsov. He took up the position literally days after leaving the energy company "Met Energy". A little later, it was one of the traders who helped "Bulgargaz" deliver blue fuel to our country.

It is the new leadership that will have to decide whether to negotiate with Gazprom to resume natural gas supplies to our country from Russia, and the one that will have to decide whether to use the LNG tankers arranged by the previous government from the USA. Zlateva and company will also have to complete the announced tenders for the supply of liquefied gas.

The shift comes as gas prices on European exchanges hit all-time highs amid renewed threats from the Kremlin that supplies to Europe could be further curtailed.

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Tags: Bulgargaz, Zlateva, replaced, energy
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