The Largest Thermal Power Plant in Kyiv Region has been Destroyed by the Russians
Amid escalating tensions, the Trypilska thermal power plant in the Kyiv region fell victim to devastating Russian strikes, leaving it in ruins
The Supreme Administrative Court will review Thursday the complaint of French company Alstom over theft of industrial property in Bulgaria by Chinese company Insigma.
The dispute concerns desulphurization technology used in units 5, 6 of the Maritsa Iztok 2 thermal power plant.
By mounting the desulphurization units, the state-owned TPP planned to cover EU sulphur emission standards which entered into force with Bulgaria's EU accession in 2007, according to dnevnik.bg.
In 2010, Alstom won a USD 35 M case in the Singapore International Arbitration Court against Insigma over the same matter.
In 2004, Alstom had authorized Insigma to use the technology but only in China and the agreement had been terminated after the Chinese firm stopped paying royalties.
Despite that, in 2008, a tie-in of Insigma with Italian firm Idreco won a tender for building desulphurization units at Bulgaria's Maritsa Iztok 2 TPP, using, allegedly, Alstom's technology, and beating competitor Alstom.
The project of the Chinese-Italian consortium for units 5, 6 of the Maritsa Iztok 2 TPP was implemented and the installations were launched in April 2013, despite the fact that the Bulgarian authorities had taken steps to terminate the contract with the Insigma-Idreco tie-in in late 2012.
The project was worth EUR 85.6 M, with the European Bank for Reconstruction and Development (EBRD) allocating a loan of EUR 34 M and the ISPA program providing funding of EUR 36.1 M.
Last summer, however, the European Commission stopped the aid for the construction of the desulphurization units, stressing that the Chinese-Italian consortium had illegally used technology of its competitor in the tender.
A year earlier, the EBRD had blocked the loan of EUR 34 M for the desulphurization installations.
The Chinese-Italian consortium was selected at the second tender organized to select a contractor for the project after the first procedure had failed because the price had been too high.
We need your support so Novinite.com can keep delivering news and information about Bulgaria! Thank you!
The real estate sector in Sofia has shown resilience in the face of ongoing pandemic challenges, maintaining stability across all segments in the first quarter of the year
Bulgaria has witnessed a bustling winter tourism season, with a total of 1.8 million tourists gracing its picturesque landscapes from December 1 to March 25
Trade relations between Bulgaria and Ukraine have reached unprecedented heights, with bilateral trade hitting a record 3 billion USD in 2022, according to statements made during the recent Bulgarian-Ukrainian business forum
As of 2022, the count of fellow countrymen who purchased real estate overseas reached 2,154, based on data from the National Revenue Agency referenced by "Telegraph"
Bulgaria's long-anticipated entry into the Eurozone may face a delay, as the country is unlikely to meet the inflation criterion required for the introduction of the euro on January 1, 2025
FlixBus, the renowned European bus company, is set to launch new routes to and from Bulgaria in anticipation of the summer season
UN Happiness Report: Bulgaria's Astonishing Leap in Rankings
Bulgaria: 3 Regions With Lowest Life Expectancy - EU Report 2022