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Italian Company Acquires 50% Of Bulgarian Power Project
Business | April 29, 2003, Tuesday // 00:00
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Italian company "Enel" insists on acquiring 50% of the project for Maritsa East 1 thermal power plant, Energy Minister Milko Kovachev announced. The rest of the shares will be possessed by US energy company AES.
The condition under which the Italian company will participate in the project for Maritsa East 1 is the withdrawing of the minority shareholder 3C (12%).
An 88% stake in the power project is owned by the US energy company AES that also holds 88% of the 3C shares.
According to Minister Kovachev Enel will acquire 3C shares no later than May 15.
The Italian company has also insisted on renewing the power-building license as well as on changes in the governmental letter for political support.
The condition under which the Italian company will participate in the project for Maritsa East 1 is the withdrawing of the minority shareholder 3C (12%).
An 88% stake in the power project is owned by the US energy company AES that also holds 88% of the 3C shares.
According to Minister Kovachev Enel will acquire 3C shares no later than May 15.
The Italian company has also insisted on renewing the power-building license as well as on changes in the governmental letter for political support.
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