National Electricity Company SPJSC - Sofia

Sofia city courty registered changes for NEC JSC: the capital of the company is increased from BGL 2 billion to BGN 103 billion devided in 103 million shares with nominal value BGL 1000; erases Andrej Mitkov Deltchev, Nikita Georgiev Shervashidze, Krasimir Ivanov Lakov, Pavlin Nestorov Hadzitodorov, Nikola Ivanov Babanov, Ivan Vasilev Vasilev and Hristo Zafirov Stojkov as members of the Board of Directors.
Source: State Gazette (06.08.1993)

This week ING bank will negotiate with the National Electric Company for granting a credit of USD 6 million. According to preliminary data the interst at the credit is between 10.5 and 11 per cent and the payments will be guaranteed with a contract for an immediate receipt by clients of the electric company on behalf of the bank.
Source: 24 chasa (02.05.1995)

By May 6, 1995 the most powerful in the world HPS will start its exploitation. The 2 turbines have already been in exploitation. The investment amounts to BGN 1 billion and the chief executor of the object is Hydrostroy.
Source: Other (02.05.1995)

The National Electricity Company will be granted a credit of BGL 3 billion by the State Fund for Reconstruction and Development. The Board of Governors of the fund will pick out the CBs that will service the credit. Most probably these will be Elitbank, Balkanbank and Unionbank.
Source: Other (10.08.1995)

Rousse firms have debts of BGL 94 million to Bulgargas. Their obligations to the National Electric Company amount to BGL 3.37 million. Obligations of BGL 229 000 have been collected with the help of sixteen court's executive lists.
Source: Other (24.08.1995)

The United Bulgarian Bank and Post bank granted a credit of BGN 960 million, provided by the State Fund for Reconstruction and Development. With the resource will be paid the nuclear fuel for the 5th energy block of NPS Kozlodui.
Source: 24 chasa (28.08.1995)

The Executive Director of the National Electrical Company Dianko Dobrev retired. He will be replaced temporary by Trifon Tsvetanov.
Source: Other (29.09.1995)

Sofia District Court registered amendments in the documents of National Electric Company JSCo. Ljubomir genov is not longer member of the board of directors of the company and Valentin Ivanov is discharged as procurator.
Source: State Gazette (13.10.1995)

United Bulgarian Bank and Bulgarian Post Bank granted credit of BGL 950 million to the National Electrical Company. BGL 500 million of the credit are given on the part of the United Bulgarian Bank and the rest BGL 450 million on the part of the Post Bank. The interest on this loan will be 4% over the basic rate of interest. The credit is necessary for the buying of nuclear fuel. Other credits to the electrical company are granted by the State Fund for Reconstruction and Development and they are serviced by TS Bank, Elitbank, Mineralbank, Sofiabank and First Private Bank.
Source: Banker (30.10.1995)

The losses of the National Electric Company amount to BGL 900million. The last year's losses of the company for the same period totalled BGL 4 billion.
Source: Standart (07.11.1995)

Insurance and reinsurance company Orel and the State Insurance Institute will secure the covering of the nuclear risk. MIC is also likely to join the two fore-mentioned insurance companies, announced its general director Hristo Draganov.
Source: Standart (08.11.1995)

The losses of the Bulgarian energy sector amount to BGL 14 billion. The bigger part of the losses is on the behalf of the National Electrical Company.
Source: Standart (21.11.1995)

The Bulgarian-Russian "Triada" JSC is ready to participate in the construction of new nuclear power stations in Bulgaria, announced its Executive Director Georgi Stefanov. The company is established on January 1st 1995. Bulgaria and Russia hold 45 per cent of the shares each and the remaining 10 per cent are owned by the Bulgarian-Russian Investment Bank. The Russian shareholders are: Atomenergoexport", "Zarubezhatomenergostroy" and "Atomtechenergo". The Bulgarian shareholders are the National Electrifical Company, "Energoremont" and "Energoproekt". Chairman of the Board of the Directors is Konstantin Russinov-Director of the Energetics Committee. At the present moment the company carries out rapairs in the thermal power stations "Varna", "Bobovdol" and "Maritza-Iztok".
Source: Other (27.11.1995)

The management of "National Gas Company" will discuss the approval of new shareholders, said Ivan Hlebarov executive director of one of the major shareholders "Veles Holding". Other shareholders of the "National Gas Company" are "National Electric Company", "Minstroi Holding", "Bulgargas", "Balkanbank", TSBank, "Credit Bank", CB "Slavjani", "Overgas", "Termico", "Energia i Ekologia". The "National Gas Company" is anticipated to gasificate the towns of Dobrich, Vratsa, and Rousse by the end of 1996.
Source: Standart (19.02.1996)

The National Electicity Company (NEC) is currently holding negotiations with the Austrian Raiffeisenbank for a credit of USD 10 million. The money is needed for paying up a delivery of nuclear fuel. NEC is at about BGL 10 billion short for fuel and general repairs.
Source: Standart (06.03.1996)

The obligations of diffrenet companies to the National Electricity Company amount BGL 3.435 billion. Companies from the industrial sector alone owe the NEC BGL 2.479 billion. Among the biggest debtors are Kremikovtsi EAD, Chugunoleene EAD, and Agrobiochim SZ EAD.
Source: Other (15.03.1996)

The National Electricity Company will pay the Croatian company Zetek BGL 200 million, as adjudicated by the Arbitrage Court in Bern. The claim of Zetek, which is a successor of Econerg, and is registered with the main busiess of "maintenance of nuclear power plants", exceeds USD 1.5 million. NEC is sanctioned because of the unilateral cancelation of a contract signed with Zetek.
Source: Standart (27.03.1996)

The insurance companies Granit and Zevs together with the Energetics Trade Unions established the privatisation fund Energoinvest. Members of the management board of the newly-established fund are Nikita Shervashidze, Djanko Dobrev, Georgi Tonchev, Stamen Stamenov and Over Tadjer.
Source: Standart (04.04.1996)

The state-owned Agrobiohim JSC and the state-owned Arsenal JSC were given a last prolongation till the 20th of June to pay their debts to the National Electricity Company. The debts of Arsenal amount to more than BGL 10 million.
Source: Standart (19.06.1996)

The National ElectricityCompany negotiated credits with Bulbank and the Post Bank. Another USD 4 million will grant the Holland INGbank to NEC JSC. Part of the money will be spent on the buying of nuclear fuel for the 6th section the Nuclear Power-station Kozlodui, for which the power station must pay USD 25 million. The rest of the credits will be used for the payment of debts to the suppliers and for repairs.
Source: 24 chasa (18.07.1996)

The Council of Ministers allowed the State Savings Bank to grant the National Electricity Company a credit of BGL 5 billion. The NEC needs USD 120 million for deliveries of nuclear fuel and coal, as well for repairs of the power stations.
Source: Other (08.08.1996)

The State Fund for Reconstruction and Development will consider the demand of the National Electrifical Company (NEC) for the re-reconstruction of 2 debts in the amount of BGL 3,7 billion. In the preceding week NEC imported nuclear fuel from Russia for the amount of USD 5 million. The company needs BGL 2,5 billion in order to continue its activities during the winter.
Source: Standart (28.08.1996)

It is expected that the PHARE programme will increase the money for the buying of coal by the power station "Varna" with ECU 6 million. The total amount will become ECU 11 million. The National Electrifical Company (NEC) negotiates with the Holland INGBank and the German Dresdener Bank for a credit in the amount of USD 9 million.
Source: 24 chasa (29.08.1996)

The National Electrifical Company (NEC) has taken a credit of USD 4 million from the Holland "ING-Bank". The money will be used for payments of delivered reserve parts for repairs of a Heat Power Station.
Source: Pari (18.09.1996)

The Managing board of the State Fund for Reconstruction and Development allowed the National Electrifical Company (NEC) to reconstruct 3 credits, serviced by the United Bulgarian Bank JSC and Elitbank JSC. The reconstructure will be realized without an amendment of the sinking plans of the credits. The request of "Arcus" Ltd has been satisfied: the term for the payment of a debt in the amount of USD 8 million has been prolonged. The debt of the state-owned "Beta" JSC has a prolonged term for payment of 1 year.
Source: Other (25.09.1996)

80 per cent of the cash incomes from sales of detatched parts of the state-owned "Mikroelektronika" JSC (Botevgrad) will be returned to the enterprise, reported the Privatisation Agency. The money will be spent on payments to the creditors- the United Bulgarian Bank JSC, the state-owned "Bulgargas" JSC and "Elektrosnabdiavane" (Botevgrad).
Source: Standart (02.10.1996)

The profit of the National Electrifical Company from export of energy for the United Republic of Yugoslavia during September and October amounts to USD 4,5 million.
Source: Standart (11.11.1996)

The Commission for Protection of the Competition decided to appeal against the methods for the defining of the prices of the electroenergy in the Supreme Court.
Source: Pari (21.11.1996)

The debts to the "National Electrifical Company" JSC amount to BGL 15,391 billion till November 30th 1996. The enterprises which are under the Ministry of Industry owe BGL 5,822 billion and the enterprises under the Ministry of Transport-BGL 1,923 billion. The major debtors are the Bulgarian State Railroads, the state-owned "Stomana" JSC (Pernik) and "Kremikovtzi" JSC.
Source: Pari (16.12.1996)

The debts of the National Electrifical Comapny JSC (NEC) for 1996 amount to nearly BGL 6 billion. Among the major debtors of the enterprise are: the state-owned "Gorubso" JSC (Madan), "Stomana" JSC (Pernik), "Kremikovtzi" JSC (Sofia) and the Bulgarian State Railroads.
Source: Pari (08.01.1997)

In 1997 the National Electrifical Company (NEC) will make investments in the amount of BGL 80 billion. The money is from incomes of the NEC and credits from the World Bank, the European Bank for Reconstruction and Development and the European Investment Bank. The PHARE programme will grant a free credit of ECU 6 million for the construction of a work shop for processing of radioactive waste from the atomic power station "Kozlodui".
Source: 24 chasa (28.01.1997)

The uncollected credits of "National Electricity Company" till January 31, 1996 are in the amount of BGL 19,6 billion. The major debtor of the company is "Gorubso-Madan" with BGL 1,1 billion.
Source: 24 chasa (17.02.1997)

The new Supervisory Board of the National Electrifical Company (NEC) decided that the company will have 3 Executive Directors: Vasil Atanasov - Chairman of the Supervisory Board, Dimcho Ivanov - former Director of Investments' Department and Ivan Ivanov - Dep. Director of atomic power station "Kozlodui". Other members of the board are: Danail Tafrov - Director of department in "Energoproject", and Yanko Peykov - manager of thermal power station "Maritza-Iztok 3". Atanas Atanasov was elected Chairman of the Supervisory Board. The remaining members of the board are Kiril Gegov and Vladimir Kisyov.
Source: Pari (31.03.1997)

The management of "National Electrifical Company" will undertake measures for the proclamation of the major debtors of the enterprise insolvent. Among them are: "Gorubso" JSC (Madan), "Stomana" JSC (Pernik), "Vidachim" JSC (Vidin), "LecoCo" JSC (Radomir), "Neftochim" JSC (Bourgas), "Kremikovtzi" JSC (Sofia) and "Biovet" JSC (Pestera).
Source: Pari (18.04.1997)

The Smolyan District Court proclaimed "Rubella" SPJSC (Rudozem) insolvent as from October 18th 1996 when the enterprise stopped paying its debts. The debt of the company to Policaro Trading - Limasol (Cypress) amounts to USD 2,374,000. The total debts of the company amount to BGL 4,031,546,000 and its property is in the amount of BGL 3,071,320,000. For 1997 the debts of "Rubella" SPJSC to the National Electrifical Company amount to over BGL 10 million.
Source: Pari (30.05.1997)

The Council of Ministers approved the annual report of the National Electric Company for 1996. The annual profit of the company is in the amount of BGL 16 million. The company's outstanding credits are in the amount of BGL 80 million. 80 per cent from the debts are of state-owned enterprises. One of the largest debtors is the Bulgarian State Railways.
Source: Pari (10.06.1997)

The General Meeting of the shareholders of "Agrobiochim" JSC voted a new company's statues. Mrs. Galinka Filipova, Mr. Simo Michailov a Ministry of Trade and Tourism representative, Mrs. Anna Sabeva - Executive Director of First East International Bank JSC -, Mr. Stefan Spiridonov a company's representative, and Mrs. Vessela Kaleva a Ministry of Finance representative were elected members of the new Board of Directors.
Source: Pari (21.07.1997)

The Council of Ministers dismissed the Chairman of the Power Committee Mr. Georgi Stoilov. Mr. Ilian Shilyashki is appointed in his place. The Power Committee is authorized with the Government's order to control directly the National Electricity Company and the National Gas Supplier "Bulgargas".
Source: Kontinent (25.07.1997)

The term for use of a credit of USD 40 million, granted by European Bank for Rehabilitation and Development was prolonged. The money will be spent on modernization of thermal power station "Maritza - Iztok". The term will expire in the year of 2000. Till the present moment National Electrifical Company has spent part of the money.
Source: Trud (25.08.1997)

The Board of directors of National Electrifical Company dismissed the Director of atomic power station "Kozloduy" Mr. Kiril Nikolov. In his place was appointed Mr. Ivan Ivanov, former Deputy Director of the power station. There will be a competition for new managers of the atomic power station.
Source: 24 chasa (27.08.1997)

World Bank has demanded that till September 10th 1997 should be prepared financial analysis of Bulgarian energetics. At the General Meeting of the Board of directors on October 10th 1997 will be discussed the granting of FESAL credit for Bulgaria.
Source: Pari (28.08.1997)

"DZU" SPJSC (Stara Zagora) rejected the offer of "Alcatel" for a joint participation in the competition for delivery and installment of channels in Atomic Power Station "Kozloduy".
Source: Other (09.12.1997)

Since beginning of 1997 the new owner of former plant "Feromagnit", the Czech company "Pramet" has invested in the plant USD 620,000, said yesterday the Executive Director of the company, Mr. Dimitar Rangelov. All debts of the enterprise to National Electrical Company, workers, budget and banks are already paid - they were in the amount of USD 475,000.
Source: Pari (12.12.1997)

Nearly 17,8 billion kWh energy was produced in Atomic Power Station "Kozloduy" during last year. This is 46 per cent of the total energy produced in Bulgaria in 1997.
Source: Democracy (07.01.1998)

The Swiss company "Glencor" was classed in the first place at the auction held by Natonal Electrical Company for delivery of 100,000 coals per year for Thermal Power Station "Varna", the Executive Director of NEC, Mr. Kiril Karaangov said. In the second place was classed another Swiss company "Bulgtrading". "Multigroup Holding" JSC was classed in the fourth place.
Source: Pari (14.01.1998)

15 per cent of the shares of National Electrical Company will be privatized in 1997, the Chairman of the Board of Directors of the company, Mr. Konstantin Shushulov said.
Source: Pari (26.01.1998)

"National Electricity Company" SPJSC (Sofia) stopped electricity supply for some objects of "Vidachim" JSC (Vidin). The reason is the company's debt of BGL 334 million.
Source: Pari (11.02.1998)

"Smyadovo - HP" SPJSC paid its debt to National Electricity Company through transfer of property on two power-conduits. The remaining part of the debt - BGL 250 million, will be paid after sale of long-term tangible assets.
Source: Kontinent (17.02.1998)

"Merill Lynch" is interested in the "National Electrics Company" privatization. American investment bank offers to grant a bond loan in the amount of USD 100 million without a state guarantee over it. It was announced after the meeting of the Deputy Minister Mr. Evgeni Bakardzhiev and the bank's Director for the Balkan region Mr. Dan Craton.
Source: Standart (27.02.1998)

The whole 7-member Board of Directors of "National Electrics Company" (NEC) was changed. The "NEC" management considered that the increase in the power's prices would decide the power problems. Four Directors of thermo-electric power stations and three directors of coal-mining companies were also changed, the Deputy Prime Minister reported.
Source: Pari (04.03.1998)

At the end of March will be signed a memorandum for cooperation of Bulgaria with "Shell Gas International". This was reported after end of the negotiations of the company with the Chairman of Energetics Committee, Mr. Ivan Shilyashki.
Source: Pari (12.03.1998)

The Minister of Industry in Germany Mr. Guenther Rexrot and 60-member business delegation are arriving today in Bulgaria on invitation of Bulgarian Minister of Commerce Mr. Valentin Vassilev. An agreement is expected to be signed with "Siemens" for reconstructions and modernization in Atomic Power Station "Kozloduy". The German concern will participate in this project together with "Framatom" (France) and "Atomenergo" (Russia).
Source: Trud (23.03.1998)

A contract was signed for preparations for modernization of Atomic Power Station "Kozloduy" on March 24, 1998. The contract was signed by Mr. Wolf Buerkle, president of "Siemens Power Generation Group", and Mr. Konstantin Shushulov, Chairman of the Board of Directors of National Electricity Company. USD 29 million will be spent on the preliminary engineer project, preparations and licensing of the activities and technology for modernization in the power station. The modernization will be done by European consortium "Kozloduy", in which members are "Siemens", "Framatom" (France) and "Atomenergoexport" (Russia).
Source: Pari (25.03.1998)

21 companies have submitted offers for intermediaries in the privatization of the six pools of enterprises to Privatization Agency (PA). The final term for submitting applications was March 31. Strongest is the rivalry for intermediation in the divestiture of the Matallurgy and Tourism pools. Contracts will be signed by the end of April. It is expected that soon PA will announce competitions for intermediaries in the privatization of NEC pool, Military Industry pool, and "Bulgartabac" pool.
Source: Pari (02.04.1998)

200 workers were appointed in "Purvi May" JSC (Lom). The plant had stopped its work at the beginning of March because of its debts to National Electricity Company - BGL 32 million.
Source: Trud (06.04.1998)

Over BGL 3 billion are the debts of companies and municipalities in Montana District to National Electricity Company (NEC), announced the Manager of "Energy supply - Vratza", Mr. Vulcho Tzenov. Bulgarian-Spanish company "Fittingi" JSC (Montana) owes NEC BGL 1,2 billion. Cast-iron plant "Vesletz 91" JSC (Vratza) owes NEC BGL 519 million. Vratza Municipality has debts to NEC of BGL 250 million. The plant for steel wires and ropes in Roman and the colliery "Chiprovetz" SPJSC also have debts to NEC.
Source: Pari (14.04.1998)

Privatization process in Bulgaria may be completed by the end of 1999 and the beginning of 2000, said the Deputy Prime Minister, Mr. Alexander Bozhkov. This will happen if by the year's end are privatized 50 per cent of the assets of Bulgarian enterprises. A selection of privatization intermediaries for "Bulgartabac - Holding" JSC, National Electricity Company and Bulbank JSC is forthcoming.
Source: Pari (04.05.1998)

"HSBC Investment Banking", a daughter company of "Hong-Kong Shanghai Banking Corporation", "Deloitte&Touche" and Bulgarian-Russian Investment Bank JSC formed a consortium, that will apply for intermediation in the privatization of 22 water power stations from the NEC pool. HSBC is the biggest bank in the world in market capitalization, according to data from the end of 1997.
Source: Capital (18.05.1998)

USD 125 million are needed for modernization of Thermal Power Station "Varna" JSC, its Manager Mr. Ivan Iliev said. The modernization program must be approved by the Board of Directors of National Electricity Company. For 2 years the power station has not produced electricity from natural gas.
Source: Democracy (20.05.1998)

National Electricity Company (NEC) has the resources to invest additional USD 100 million by the year of 2001 in the modernization program for the first four reactors of Atomic Power Station "Kozlodui", NEC's Executive Director Mr. Ivan Hinkovsky announced. A total of ECU 129 million have been invested in the four small reactors by the end of 1997.
Source: Pari (21.05.1998)

Bulgaria expects USD 800 million investments during the second privatization session, the Deputy Prime Minister Mr. Alexander Bozhkov announced. By the end of 1998 will be privatized 80 per cent of the enterprises in Bulgaria. The government expects that by the end of 1999 Privatization Agency will be closed. 11 international banks are candidates for privatization intermediaries of "Bulgartabac Holding" JSC, 6 are consultant candidates for the sale of 22 Water Power Stations of NEC, 5 are the candidates for "Balkan" air-lines. In the first 10 days of March were privatized 24 companies. By the end of 1999 will be completed the privatization of all industrial enterprises and banks.
Source: Democracy (21.05.1998)

Bulgaria will export electrical energy for USD 150 million per year in Turkey, announced the Deputy Prime Minister Mr. Evgenii Bakurdzhiev. Turkey will pay major part of the sum through investments and construction activities in Bulgaria.
Source: Pari (02.06.1998)

Insurance Supervision Department (ISD) has examined the documents of 8 insurance companies which apply for license before the National Insurance Counsel (NIC), announced ISD's Director Mr. Hristo Hristov. NIC will also examine 4 applications of natural persons and legal entities who want to be allowed to own more than 5 per cent of the company's capital. These are NEC, Bulgarian State Railroads, "Parkingi i Garazhi" and First East International Bank JSC.
Source: Pari (03.06.1998)

The Chief Executive Director of National Electric Company (NEC) Mr. Kiril Karaagov and the Executive Director of nuclear power engineering Mr. Ivan Hinovski were dismissed at the company's Board of Directors Meeting. The proposal was submitted by the Chairman of the Board of Directors Mr. Konstantin Shushulov. It is not clear up to now, who will undertake the positions of the dismissed Directors.
Source: Democracy (01.07.1998)

Mr. Metodi Konstantinov is the new Chief Executive Director of "National Electric Company" JSC. Mr. Konstantinov was an Executive Director of "Bulgarian Association of Power Politics". Mr. Plamen Stoimenov is appointed a new Financial Director of "NEC".
Source: Pari (02.07.1998)

Insurance and Reinsurance Company "Bulstrad" JSC, "Melins" JSC, Insurance Company" Bulins" JSC, "Bulgaria - Zhivot" JSC, Insurance Company "Energia" JSC and Insurance and Reinsurance Company "Bulgaria" JSC are the new six insurance companies to receive licenses by the National Insurance Council (NIC). Insurance Supervision Department (ISD) will give instructions for increase in the capital of three insurance companies. These are: "Bulgaria - Zhivot" JSC, which has to increase its capital by BGL 1,38 billion, "Energia" JSC - by BGL 656 million, and Insurance and Reinsurance Company "Bulgaria" JSC - by BGL 510 million. This should be done for the companies not to become insolvent, the Director of ISD Mr. Hristo Hristov stated. NIC gave permission to several companies to take part with more than 5 per cent in the capital of insurance companies. "Bulgarian State-owned Railroads" JSC will own 11.23 per cent of the shares of Insurance and Reinsurance Company "Bulgaria" JSC, NEC SPJSC is a shareholder in "Energia" JSC with 42 per cent of its shares, and "Overgas Inc." JSC has the right to own 20 per cent of the shares of Insurance Company "Yupiter" JSC. Up to the present moment 16 insurance companies have been given licenses. 15 companies and 6 mutual insurance companies are still waiting to be given licenses.
Source: Pari (17.07.1998)

The debts of "Agrobiochim" JSC till June 30 amounted to BGL 58 billion, Mr. Stefan Mihaylov, Executive Director, reported. The chemical enterprise is the major debtor of "Bulgargas" JSC - BGL 20 billion and its debts to NEC are over BGL 7 billion.
Source: Democracy (22.07.1998)

Privatization Agency signed a contract with "Credit Swiss First Boston" for a sale of 22 water power stations from the system National Electric Company (NEC). The privatization adviser must find a buyer for the companies within a year. Six companies applied as privatization adviser of NEC privatization pool. The other applicants were "Price Water house", "Arthur Anderson", "Delloitte & Touche" and "First Investment Bank" JSC (Sofia).
Source: Pari (29.07.1998)

"DZU" JSC (Stara Zagora) because of disconnection of the energy supply, stated the company's Executive Director Mr. Ivan Staev. "DZU" JSC has debts of BGL 250 million to "Electrosnabdyavane" JSC (Stara Zagora) but the term for their payment has been prolonged.
Source: Trud (21.08.1998)

The debts of the chemical plant "Chimko" JSC (Vratza) to "Bulgargas" in the amount of BGL 38.2 billion are extended for the long-term period. The other plant’s debts are to National Electric Company - BGL 500 million and to the state budget - BGL 300 million.
Source: Pari (26.08.1998)

Privatization Agency announced the deal for privatization of 24 per cent of the capital of Polimeri JSC - Devnya. Buyer was AKB Corporation JSC for USD 12,950,163. 50 per cent of the money was paid on the day of signing the deal and 50 per cent of it will be paid with state long-term bonds on Bulgaria's external debt in 30 days after conclusion of the deal.
Source: State Gazette (01.09.1998)

"Hyundai Bulgaria" Ltd. brought a lawsuit for the amount of USD 200 000 against "Hyundai Corporation", the major shareholder in Bulgarian company Mr. Avgust Minchev reported. "National Electrical Company", "Elektroimpeks", "Hyundai Corporation" are the other major partners in "Hyundai Bulgaria" Ltd. According to Mr. Minchev the cars were launched for sale with e decrease in the price after a written order of the supplier "Hyundai Corporation". In stead of that Korean Company withdrew from the bank guarantee in "Central Cooperative Bank" JSC bigger amounts that required of the cars’ price before the decrease. The contract of "Hyundai Bulgaria" Ltd. for import of cars for 1998 was not renewed.
Source: Trud (03.09.1998)

"Stomana" JSC (Pernik) will stop working in 10 days because of its big debts, announced Mr. Dimitar Dimanov. The company owes "Bulgargas" JSC BGL 20 billion and NEC - BGL 20 billion. Its debts to banks amount to USD 34 million and debts to suppliers are in the amount of BGL 7-10 billion.
Source: Trud (11.09.1998)

Nearly USD 722.5 million will be invested in the development of Bulgarian energetics in the next three years, according to a plan for activities of the trade companies in energetics, approved by the IMF and World Bank. About 75 per cent of the investments will b secured by the incomes of NEC and the companies, which will be established after restructuring of the company in 1999.
Source: Trud (11.09.1998)

"Neftochim" JSC is in 18 place of the 100 biggest European companies. The classification was made by audit company "Deloitte & Touche. NEC is in the 42nd place and "Bulgargas" JSC - in the 62nd place.
Source: Trud (15.09.1998)

The debts of "Gorubso" JSC (Madan) to the National Electrical Company are in the amount of BGL 1.5 billion. It is stipulated the company to undertake the debts of the remaining seven companies on which was separated the state-owned mines "Gorubso" JSC.
Source: Standart (24.09.1998)

Two offers were submitted for purchasing of 77 per cent of the shares of the metallurgical plant "Promet-Debelt" JSC. The applicants are "Neva Holding" JSC (Plovdiv) and Czech "Expandia" JSC. The major requirement to the buyers is to undertake the total plant's debts in the amount of BGL 16 billion. The company owes BGL 13 million to "Industrial Bank" JSC and BGL 3 million to "National Electrical Company", "Water-Supply Company" and "Bulgargas". "Neva Holding" JSC is Bulgarian-Ukrainian company, that imports nuclear fuel to "Nuclear Power-Station" (Koslodui).
Source: Pari (26.09.1998)

The three companies of GORUBSO in Madan, Zlatograd and Rudozem will pay debts in the amount of BGL 30 million to NEC, was reported after a meeting of the companies' representatives with the Director of NEC - Electrosnabdyavane. The three companies owe NEC over BGL 3 billion.
Source: Pari (06.10.1998)

NEC SPJSC (Sofia) will stop the gas supply to "Opticoelektron" JSC (Panagyurishte) because of unpaid bills. The enterprise has to pay its debts by the end of this week.
Source: Standart (08.10.1998)

The American company "Entergy" became owner of 66 per cent of the shares of Thermal Power Station "Maritza - Iztok 3". The company has signed a contract with NEC for establishment of a joint-venture company to undertake the management of "Maritza - Iztok 3". "Entergy" will invest USD 400 million in the power station's rehabilitation.
Source: 24 chasa (15.10.1998)

NEC prolonged the term for payment of the debts for consumed energy of "GORUBSO" JSC (Madan), "GORUBSO" JSC (Zlatograd) and "GORUBSO" JSC (Rudozem) up to January 31, 1999.
Source: Pari (20.10.1998)

More than BGL 1 billion are the losses of GORUBSO - Madan for the last four months - new debts plus old debts of BGL 1.4 billion to NEC, was reported from the management of GORUBSO - Madan. GORUBSO - Rudozem also reported negative economic results.
Source: Pari (22.10.1998)

The real estate leasing company of Deutschebank intends to open its branch office in Bulgaria, reported its Executive Director Mr. Klaus Veinen. Bulgaria can resolve its problem with high energy production costs through leasing investments in energy stations, stated Mr. Veinen.
Source: Standart (22.10.1998)

The receivables of “Energosnabdyavane” JSC (Bourgas) from industrial enterprises amount to BGL 7 billion. Major debtors are “Bourgaski Medni Mini” JSC and “Promet” JSC (Debelt).
Source: Standart (28.10.1998)

Bulgaria and Turkey signed a contract for export of electricity - 4 - 4.5 billion kwh, in the amount of USD 1 billion. The contract will be valid by the year of 2008. According to the last contract between NEC and the Turkish Electricity Company, the export of electricity was 1.8 kwh.
Source: 24 chasa (06.11.1998)

"Alumina" JSC will restore its normal production activities, stated the Executive Director Mr. Zlatko Tzanev. The company's management has negotiated with NEC a prolongation of the term for payment of debts of BGL 570 million.
Source: Standart (09.11.1998)

"NEC" SPJSC and mines "Maritza - Iztok" SPJSC (Radnevo) will establish joint-venture companies with German companies, according to an agreement signed with the Director of Energetics Committee Mr. Ivan Shilyashki. NEC will establish a joint-venture company with the German concern RWE and "Maritza - Iztok" SPJSC - with "Rainbraun".
Source: Democracy (16.11.1998)

The debts of "Promet" SPLtd. should be remitted, was insisted by the privatization intermediary "Atkins". Otherwise the company must be sold for USD 1. The company owes NEC, "Bulgargas" JSC and "Economic Bank" JSC nearly BGL 17 billion. The term for submitting offers for the privatization of "Promet" JSC expires on November 19, 1998.
Source: Pari (17.11.1998)

National Electric Company (NEC) has submitted a claim in Rousse District Court for promulgation "Bimas" JSC (Rousse) insolvent. The company owed a debt in the amount of BGL 500 million for the period April-October 1998. "Bimas" JSC owes also the amount of USD 405,455 to "Wiena Plast". "Bimas" JSC is the oldest enterprise for processing of petrol in Bulgaria.
Source: 24 chasa (09.12.1998)

"Pernik Mines" JSC paid a debt in the amount of BGL 837 million to "National Electric Company" JSC. The payment of the debt is a barter, as the mines have supplied 25,000 tons of coals to "Bobov Dol" Power Station.
Source: Standart (11.12.1998)

The Canadian company "Hydro Quebec" is ready to pay 25 per cent of USD 200 million needed for construction of the water-energy mains Gorna Arda.
Source: Pari (15.12.1998)

The Canadian Hydro Quebec company is ready to provide 25% of the fresh USD 200 million necessary for the completion of the water-power cascade Upper Arda, it emerged yesterday. Representatives of the company visited yesterday the facility near Madan and stated that they show interest in the construction site. They acquainted themselves with the researches financed by Energoproekt, currently carried out by Minstroy. The complete hydrological and geodesic researches of the Upper Arda project are ready, Minstoy-Rhodopi's manager Tanyo Staykovski told BTA.
Source: Pari (15.12.1998)

The Japanese company "Mitsubishi" has shown interest in the uncompleted atomic power station in Belene, reported the Director of Nuclear energetics and Energy Projects Mr. Ivan Hinovski.
Source: Pari (18.12.1998)

NEC stopped the electricity supply of "Gorubso" JSC. All the four companies, excluding the one in Luky, will have electricity only 30 minutes per every 2 hours.
Source: Kontinent (05.01.1999)

The managers of "Gorubso - Rudozem" JSC suggested to "Energosnabdyavane" JSC (Smolyan) a plan for payment of its debts to NEC. As payment of debts of BGL 850 million the mines will place at disposal of NEC their transmission lines, which cost BGL 2 billion.
Source: Kontinent (06.01.1999)

The central bank revoked the license of "Credit Bank" JSC and demanded its insolvency. A total BGL 12 billion payments to clients are overdue. "Credt bank"s debt to "Bank DSK" JSC amounts to USD 6.525 million. USD 15 million are owed to some of the bankrupt banks. "Credit Bank" JSC owes BGL 5 billion to individual depositors. National Electric Company (NEC) will be among the first to stand in the line, but in best case will receive only BGL 5 million of its money, amounting to BGL 4 billion.
Source: Pari (13.01.1999)

The Chief Executive Director of "National Electric Company" (NEC) Mr. Metodi Kostadinov and the Financial Director Mr. Plamen Stamenov are punished with a last warning of dismissal because of a ineffective control over the company's financial incomes. This was reported by the Chairman of the NEC Board of Directors Mr. Konstantin Shushulov. The reason is the blocking of the amount of BGL 4 billion of NEC in "Credit Bank" JSC.
Source: Pari (14.01.1999)

The power supply in "Interrior" JSC (Elena) have been stopped since November 1998, because of unpaid accounts. The company owes the amount of BGL 160 million to "Energosnabdiavane".
Source: Standart (14.01.1999)

Yambol District Court opened a procedure for proclamation of cannery factory "Yagoda" JSC (Yambol) bankrupt because of its debts of BGL 175 million to "ViK', "Electrosnabdyavane" (Yambol), and "Toplofikatzia" (Yambol).
Source: 24 chasa (18.01.1999)

Companies and citizens owe "NEC - Gabrovo" BGL 1.5 billion. Among the biggest debtors are "Fintex" JSC - BGL 219 million, "Mak" JSC - BGL 27.755.000, "Impulse" SPJSC - BGL 17.526.000.
Source: Pari (20.01.1999)

"Tezhko Mashinostroene" JSC (Rousse), which is in liquidation procedure, started working again after a one-month break, reported the company's liquidators. This is due to an agreement between the company and NEC for settlement of the debt of "Tezhko Mashinostroene". Its debt to NEC amounted to BGL 500 million.
Source: Capital (13.02.1999)

It is expecting the incomes of "National Electric Company" (NEC) of electric power export for 1999 to amount to BGL 232 billion. NEC has signed contracts of electric power export for Greece, Romania and Macedonia.
Source: Pari (15.02.1999)

National Electric Company (NEC) starts to switch off the electric power of "Agrobiochim" JSC because of unpaid debts in the amount of BGL 11.5 billion.
Source: Standart (17.02.1999)

National Electric Company prolonged the debt of "Agrobiochim" JSC in the amount of BGL 11.5 billion, was reported from the chemical plant. 500 plant's workers will be dismissed from the beginning of March up to the end of 1999.
Source: Standart (19.02.1999)

The state will settle the debts of "Kremikovtzi" JSC to NEC and "Bulgargas" JSC amounting to BGL 83 billion, according to the financial framework sent to the candidate-buyers of the metallurgic plant, reported the Chairman of syndicate "Metalitzi" Mr. Vassil Yanachkov. Negotiations will be carried on with BDZ for a three-year contract. The BDDB debts of "Kremikovtzi" JSC amount to USD 105 million - they will not be remitted but the term for payment will be 15 years with 5-year grace period. March 8 is the final term for submitting offers for privatization by the four candidates - "Erdemir", "Deuferco", "Daru Metals" and "Tenida Anstalt".
Source: 24 chasa (24.02.1999)

The Canadian company "Hydro Quebec" wants to construct Gorna Arda cascade, reported Mr. Sasho Chobanov, legal advisor of "NEC" JSC. The company has submitted to "National Electric Company" JSC an offer for the construction of the cascade, in which should make investments the Turkish company "Jeylan".
Source: Pari (10.03.1999)

"Electrosnabdyavane" JSC (Pernik) acquired an energy station on the scheme "debt against property". This is the first deal of this kind concluded in energetics. "Osogovo" SPJSC (Kyustendil) owed BGL 1 billion to "Electrosnabdyavane".
Source: 24 chasa (10.03.1999)

The Finland company "Ecoenergy" starts a project for reconstruction and modernization of Thermal Power Station - Kazanluk. The project will be completed in 2 years. For its realization are needed nearly USD 3 million. Thermal Power Station - Kazanluk will apply for a loan by the World Bank.
Source: BTA (17.03.1999)

The trade turnover between Bulgaria and Turkey will soon exceed USD 1 billion, Turkey's president Mr. Suleyman Demirel prognosticated. Soon will be signed a long-term agreement for export of electricity in Turkey, reported Mr. Ivan Shilyashki.
Source: Pari (23.03.1999)

"Elprom - EMT" JSC brought in Pleven District Court a legal claim for BGL 220 million compensation against NEC (Pleven), reported the company's Executive Director Mr. Decho Oreshkov.
Source: Pari (30.03.1999)

The Board of Directors of NEC JSC decided to stop the electricity supply of "Stomana" JSC (Pernik) because of unpaid debts of BGL 32 billion.
Source: Standart (09.04.1999)

Two temporarily appointed syndics will manage "Varnenska Korabostroitelnitza" JSC - Mr. Dimitar Smilenov and Mr. Kiril Karagyosov. Both of them will manage the company until a procedure for proclamation insolvent is opened. According to preliminary data, the company's debts exceed USD 75 million. Unpaid bills to "Electrosnabdyavane" JSC exceed BGL 1.5 billion.
Source: Standart (09.04.1999)

The Chairman of Energy Committee Mr. Ivan Shilyashki will sign a contract for establishment of a joint-venture company between "NEC" JSC and the US. company "Energy". According to the project, Bulgarian stake will be 34 per cent - aport payment Thermal Power Station "Maritza Iztok", and the US. company must invest USD 440 million in reconstruction of station.
Source: Sega (15.04.1999)

BGL 120 million are the daily losses of "NEC" SPJSC because of the Kosovo crisis, stated the Minister of Trade and Tourism Mr. Valentin Vassilev. DEM 38 million are the losses of the Ministry of Industry because of stopped export.
Source: Pari (21.04.1999)

Mitsubishi is one of the candidates for the construction of two new blocks in Thermal Power Station Maritza - Iztok 1, was reported from the station. In the competition takes part the French concern TGV. Construction should begin by January, 2000.
Source: Pari (11.05.1999)

Union Energy, a consortium of 2 Turkish, an American and a German company, is ready to invest more than USD 100 million in the reconstruction of Thermal Power Station Devnya, stated Mr. Bedri Shafik, Chairman of the Board of Directors of the Turkish company Belgi Dush Tidzharet - 25 per cent of the shares in the consortium. After the first round PA qualified Union Energy and Solvay Sodi JSC. PA demands that the new owner completes the investment programme. There is also an interest in Maritza - East - 30. Union Energy is negotiating a triangle operation with NEC, that will allow direct power export to Turkey against funding the gas mains construction in Varna.
Source: Pari (14.05.1999)

Bulgaria will export electricity for Turkey at a price of 3.55 cents / kWh. A contract for supply of electricity from Bulgaria to Turkey against construction of buildings was signed by the Chairman of the Board of Directors of National Electric Company JSC Mr. Konstantin Shushulov and the Chairman of the Board of Directors of Turkish electric company TEAS. Bulgaria will export in Turkey a total of 33.7 billion kWh electricity within next 10 years.
Source: Pari (17.05.1999)

The incomes that will be received by NEC from export of electricity for Turkey are not a part of the agreement for joint construction of infrastructure in Bulgaria. The contract with Turkey for export of electricity in the next 10 years is of great importance to Bulgaria. This will play a role of guarantee for the foreign companies that have shown interest in investments in Bulgarian electricity stations.
Source: Pari (18.05.1999)

Two of the total 28 electricity distribution branches in the country will be offered for sale at the end of the year. European Bank for Reconstruction and Development (EBRD) has declared willingness to buy 15 per cent of the shares of each of the branches, stated Mr. Konstantin Shushulov, Director of NEC. Before the end of the year the 28 branches are due to become legal entities. The two companies that will be privatized have not been chosen yet.
Source: Pari (07.06.1999)

EBRD will become a shareholder in two enterprises of National Electric Company SP-JSC. It is expected EBRD to acquire 15 per cent in the capital in the two of the most profitable enterprises for power distribution. It is also expected National Electric Company SP-JSC to be separated to 28 single distribution branches.
Source: Standart (09.06.1999)

The first stage of the restructure of NEC includes the separation of: Elektrorazpredelenie - Stolichno SP JSC; Elektrorazpredelenie - Sofia region SP JSC, Elektrorazpredelenie - Pleven, Elektrorazpredelenie - Plovdiv, Elektrorazpredelenie - Varna, Elektrorazpredelenie - Gorna Oriahovitza, Elektrorazpredelenie - Stara Zagora and others.
Source: Company information (27.06.1999)

The Executive Director of Vaptzarov JSC Mr. Armenak Halvajian announced that the loading of 100 per cent of the capacities of SHPS-Chaira had started. The company is subcontractor of the object and is mounting the unique equipment.
Source: Pari (30.06.1999)

European Consortium Kozlodui with members Siemens Power Generation Group, Framatom and Atomenergoexport, has the exclusive right to complete modernization of 5th and 6th block of the atomic power station, was reported from NEC. 50 per cent of the needed money will be granted by EVRATOM.
Source: Democracy (09.07.1999)

Up to July 26 Gorubso - Kurdzhali SPJSC will pay NEC nearly BGN 1 million for used electricity.
Source: Standart (15.07.1999)

Citizens and companies from Bourgas region owe NEC BGL 12 billion. Among the debtors are: Promet JSC - Debelt and Bourgas Copper Mines - BGL 8 billion; Yambolen JSC - Yambol, Black Sea Mines and Neftochim JSC.
Source: Pari (16.07.1999)

In September starts division of production and trading departments of NEC into separate joint-stock companies, stated the Chairman of Energy Committee Mr. Ivan Shilyashki.
Source: Pari (22.07.1999)

On July 28 in Energy Committee will be signed a statute of the company for a joint construction of water cascade Gorna Arda, was reported from NEC.
Source: Sega (28.07.1999)

The British atomic power station SWB and Atomic Power Station Kozloduy will cooperate under Twinning programme. The talks started on July 28. There will be cooperation in the spheres of safe exploitation, repair works, training and exchange of experts.
Source: 24 chasa (29.07.1999)

The government approved to allocate BGL 193 billion from the structural reform fund into the reserve fund of Kremikovtzi SPJSC. The fund will be used for covering liabilities as follows: BGN 49.463 million dues to the budget, BGN 85.826 million dues to Bulgargas JSC and BGN 47.710 million dues to NEC. Kremikovtzi SPJSC will obtain the funds after privatization of 71 per cent of its capital.
Source: Democracy (30.07.1999)

The guarantee of Gruppo Marcegaglia for the privatization of Kremikovtzi JSC may be replaced with guarantees from banks and large companies, stated the Director of PA Mr. Zahari Zheliazkov. The guarantee refers to forfeits on investments’ non-execution - USD 12.5 million per annum.
Source: Standart (06.08.1999)

American Energy System has signed a preliminary contract with Entergy to undertake exploitation of Thermal Power Station Maritza - Iztok - 3 as well as to invest in its modernization, announced Mr. Sasho Chobanov from NEC. Entergy will transfer the US company the control stake of the joint-venture with NEC for modernization of the power station.
Source: Standart (06.08.1999)

NEC is going to start a competition for delivery of 135.000 t coal for the thermal power stations in Varna and Rousse, was reported from Energy Committee.
Source: Standart (12.08.1999)

The receipts of NEC reached BGN 135.7 million on July 29, stated its Executive Director Mr. Valentin Ivanov. The municipalities owe NEC BGN 7 million. Only Kremikovtzi JSC has settled its debts to the electric company.
Source: Sega (13.08.1999)

PA will select a new consultant company for the privatization of 22 water power stations. The selected intermediary Credit Swiss First Boston did not execute their duties, stated Mr. Zahari Zheliazkov.
Source: Standart (16.08.1999)

Seven companies are the potential candidates for privatization adviser of NEC pool - I stage, was reported from Privatization Agency. NEC (National Electric Company) pool includes 22 hydro power stations. The contract with the previous privatization adviser Credit Swiss First Boston has expired without privatization of the power stations.
Source: Pari (31.08.1999)

Privatization intermediary of NEC pool will be selected by the end of this week. Candidates are Union Bank JSC, consortium Deloitte&Touche and BRIBank, Ownership Foundation and TOB.
Source: Standart (07.09.1999)

Former Chief Secretary of Energetics Committee Mr. Danail Tafrov was appointed Executive Director of National Electric Company JSC (NEC).
Source: Democracy (13.09.1999)

A consortium formed by Deloitte&Touche and BRIBank JSC will undertake the sale of 22 small water power stations, was reported from PA. The consultants were selected among 7 candidates.
Source: Standart (21.09.1999)

The procedure on transfer of the ownership upon Thermal Power Station Maritza - Iztok - 3 is already opened, the new owner will be Energy Company Maritza Iztok - 3 with shareholders National Electricity Company (NEC) and US Entergy, was announced from NEC.
Source: Standart (01.10.1999)

The US company Entergy is going to invest USD 100 million in Thermal Power Station Maritza - Iztok 3, stated Mr. Stoyan Petrov from State Agency for Energy resources (SAER). The contract was signed on April 16 in Sofia. The new company's capital is USD 160 million - 49 per cent held by NEC, 51 per cent held by Entergy. In the station will be invested USD 400 million.
Source: Standart (07.10.1999)

The Privatization Agency announces the concluded deals during June, July and August 1999. Main sales - Opticoelectron SPJSC, Panagyurishte – 76 per cent of the capital sold to Opticoelectron – 99 JSC for USD 1,100,000.
Source: State Gazette (08.10.1999)

NEC stopped the electricity supply of 3 mines in GORUBSO, stated the Manager of Energosnabdyavane - Smolyan Mr. Nikola Kolibov. The reason is unpaid bills of over BGN 2.5 million.
Source: Standart (13.10.1999)

AES Electric invested USD 800 million in the modernization of Thermal Power Station Maritza Iztok - 1, stated Mr. Richard Marden, Director of the company's Bulgarian office.
Source: Standart (20.10.1999)

Up to USD 77 million will be requested from the US City bank and Eximbank and another USD 80 million from the Russian Export-Import Bank to modernize the 50th and 60th units of the Kozlodui NPP. A third credit of some EUR 212 million will be drawn from Euroatom, said the Chairman of Energy Agency. The loan agreements with Russian and US banks will be signed by the National Electric Company and the Kozlodui NPP. The loan extended by Euroatom will be signed by the NPP and the European Commission.
Source: Democracy (12.11.1999)

The premium income of Insurance Company Energia JSC for the nine months of 1999 are BGN 6.5 million, stated Mr. Emil Gavrailov, Executive Director of the company. In 1998 the company had an income of BGN 8.91 million and its profit was BGN 2.29 million. The company is going to pay a dividend of BGN 1 million to its major shareholder NEC.
Source: Banker (16.11.1999)

Next year incomes from privatization are expected to amount to BGN 663 million, according to the cabinet's programme Privatization 2000. BGN 315 million of this money will be paid in the budget. Holdings Inkoms - Telekom, Balkancar and Bulgartabac will be privatized through intermediaries. 673 privatization deals are planned for the year of 2000.
Source: Standart (16.11.1999)

Citizens and companies owe BGN 20 million to the Bourgas branch of National Electricity Company (NEC). Among the biggest debtors is Promet - Debelt - BGN 5 million.
Source: Standart (23.11.1999)

The Municipal Governor Mr. Andon Andon has ordered an immediate investigation in machine plant VMZ-Sopot SP-JSC. The results from the investigation will be presented to the Minster of Industry Alexander Bozhkov. There is an opportunity the whole company's Board of Directors to be changed.
Source: Maritsa (24.11.1999)

ViK SPJSC - Stara Zagora blocked the accounts of Agrobiochim JSC - Stara Zagora because of debts of BGN 16.6 million. The chemical plant is expected to receive DEM 1.2 million from sale of its output in Germany.
Source: Sega (28.12.1999)

Tezhko Mashinostroene JSC - Rousse has debts of BGN 2.1 million to NEC, National Insurance Institute, and the Ministry of Finance. The company's term for liquidation will be prolonged till the end of 2000.
Source: 24 chasa (29.12.1999)

4 Bulgarian companies are among the first 100, according to Business Central Europe Magazine. These are NEC - 29th place, Neftochim JSC - 41st place, Kremikovtzi JSC - 79th place, and Bulgargas JSC - 83rd place. The best Bulgarian bank is Bulbank JSC.
Source: BTA (30.12.1999)

Stomana JSC may stop working if the trade unions and Eurometal Ltd. and Metal Traders do not reach and agreement.
Source: 24 chasa (30.12.1999)

US company AES, which will work on rehabilitation of Thermal Power Station Maritza Iztok 1, will offer 3000 jobs and will also make investments of USD 5 million in schools and hospitals in Gulabovo Municipality, stated Mayor Mr. Vasko Stoyanov.
Source: Pari (11.01.2000)

An independent joint-stock company will start operating in Varna at the beginning of February, stated Mr. Ivan Shilyashki, Chairman of the State Agency for Energy and Energy Resources. This will be one of the 7 companies to be established in order to be terminated the monopoly state of NEC.
Source: BTA (14.01.2000)

The debts of Chimco JSC - Vratza to Elektrosnabdyavane - Vratza amount to BGN 2 million. We are going to pay all our debts, stated the Deputy Chairman of the company's Board of Directors Mr. Martin Makariev.
Source: Standart (18.01.2000)

Briquette factory will stop its work when in 2002-2003 it will unite with Maritza-east 1. When this becomes, there will be briquettes if a private importer or producer appears. However their price will increase because the fuel will not be subsidied by the State.
Source: Monitor (21.01.2000)

This summer will start liquidation of all coal mines that are working at a loss, according to a programnme of Agency for Energetics. By the end of February all companies from this branch have to present their financial plans to the government.
Source: Standart (16.02.2000)

Chimco JSC stopped the production of carbide because of unpaid bills to Bulgargas JSC and NEC SPJSC. The company owes NEC SPJSC BGN 10.000.
Source: Sega (17.02.2000)

European Bank for Rehabilitation and Development (EBRD) is ready to grant USD 100 million for reconstruction and modernization of NEC SPJSC, stated Mr. Kiril Ermenkov, Chairman of the parliamentary energy commission.
Source: Standart (17.02.2000)

The Ministry of Environment is going to impose sanctions on Chimco JSC and its executive Director Mr. Valentin Dimitrov because of pollution of the air in Vratza. This was reported after a meeting of Mr. Ivan Shilyashki - Chairman of the Agency for Energetics, with Mr. Kiril Gegov - Director of Bulgargas JSC, Mr. Danail Tafrov - Executive Director of NEC, and Directors of Chimco JSC.
Source: Sega (18.02.2000)

At the end of 1999 Jeylan Holding - Turkey wanted to take a loan from Eximbank - Turkey, secured with Bulgarian state guarantees, for the construction of Gorna Arda water cascade. Bulgaria refused to secure this loan, announced Mr. Evgeni Chachev, Minister of Regional Development.
Source: Pari (15.03.2000)

Up to the present moment Daru Metals JSC has paid debts of Kremikovtzi JSC of BGN 80 million and has also made some investments, announced Mr. Valentin Zahariev, Director of Daru Metals JSC. 60 per cent of the plant's output is exported in EU countries.
Source: Standart (23.03.2000)

Another 4 water power stations will be offered for sale by PA. Offers can be submitted up to April 28th, 2000 and the deposits for participation are between USD 3.000 and USD 25.000.
Source: Standart (27.03.2000)

NEC SPJSC fixed a date in July, 2000 for the payment of debts of BGL 2.480.000 of Rodopa Investment JSC, announced the company's Director Mr. Nikola Kolibov.
Source: Otzvuk-Smolian (29.03.2000)

The money for the construction of Upper Arda water cascade will only come after consultant Arthur Andersen approves the study of the project, learned Ceilan Holding’s President Mahmud Ceilan and National Electric Company CEO Danail Tafrov at a special meeting a week ago. The scheduled for the course of the procedures has been already agreed. Each of the two companies will provide half of the money; construction works are expected to begin at the end of the summer.
Source: Pari (03.04.2000)

Over 200 workers of the textile company Fintex JSC in Gabrovo that is finance collapse protested in front of the municipality. They want their salaries from 6 months ago and orders for production. The company has debts of over BGN 20 million to the main creditor Bulgarleasing JSC - Sofia, to suppliers, banks and to the local Electrosnabdiavane in the town. The country has 92 per cent of the shares and workers want an immediate interference in the company affairs.
Source: BTA (19.04.2000)

The European Commission approved on 18.04.2000 the loan of EURO 212,5 million for development and renew the security of 5 and 6 block of the NPS Kozlodui. The money are granted to the National Electric Company. The total price of the project according to NEC is EURO 490 million. Except this loan, it is expected other ones from American and Russian agencies. The project has to be completed within 4 years.
Source: BTA (19.04.2000)

The French electric company ÅDF will help NPS Kozlodui at the actualization of the programme for modernization of 1-4 block and will become a guarantee for their quality before the international nuclear community.
Source: BTA (19.04.2000)

The Managements of the 7 electric allocating companies that are seperating from NEC are already appointed, reported from the Energetic Agency. Mr. Ivan Shiliashki officially handed the orders officially to the new managers of the companies in Sofia, Plovdiv, Pleven, Varna, Gorna Oriahovitza and Stara Zagora. The new companies with 100 per cent will be registered in the court to April 28.
Source: Standart (26.04.2000)

With an order of the chairman of the State Agency of Energetics and Power Resources, Ivan Shiliashki are dismissed as members of the Board of Directors of the National Electric Company(NEC) Mr. Konstantin Shushulov, Mr.Valetin Ivanov, Mr. Bozhidar Badzhov, Mr.Dimcho Ivanov, Mr.Sasho Chobanov, Mr.Danail Tafrov and Mr.Stancho Andreev. A new Board of Directors is selected. As a result of the transform the capital of NEC reduced from BGN 123 087 to BGN 72 951 408.
Source: BTA (27.04.2000)

The National Electric Company has a new Board of Directors. NPS Kozlodui also has new Directors. With an order of Mr. Ivan Shiliashki was appointed a Board of Directors of NPS Kozlodui that will be separated from NEC and will become an independent company with a capital of BGN 36.02 million.
Source: Democracy (27.04.2000)

46 offers are attended for 11 hydroelectric power stations that sells PA. Among the names of the candidates is Hydro Power Bulgaria that probably presents the Canadian Hydro Qvebec. For each Hydro Power there are at least 3 candidates. At least 5 are the foreign candidate-buyers but most of them offer by registered companies in Bulgaria The greatest is the interest in the cascades Pirinska and Sandanska Bistritza.
Source: Sega (02.05.2000)

The Deputy Chairman of the Energetic Agency Mr. Stancho Andreev became a Director of the biggest coal extracting company Mini Maritza Iztok, Radnevo. More than a month it was without legal Management. In the beginning of this year the mines recorded BGN 16.9 million profit at extraction of 20.7 million t coals and two months outage. Over 2000 people were laid off.
Source: Sega (02.05.2000)

Electricity Due France has shown interest in the power supply company Energosnabdyavane - Plovdiv. French group is ready to make investments in the company's management and equipment. A representative of the French group has already met with the management of National Electric Company JSC - Sofia.
Source: Democracy (02.05.2000)

The Chairman of the State Energetic Agency, Mr. Ivan Shiliashki negotiated a drop of the transit fee for Russian natural oil for Bulgaria with 28.6 per cent during the visit in Romania. The agreement is to 2003 and in this period Bulgaria has to pay for the delivery through Russia USD 16 million.
Source: Pari (03.05.2000)

46 offers submitted within Fridayin PA for privatization for the sale of 11 HPS that are self-contained parts from NEC SP JSC. There are at least 3 candidates for each HPS. The biggest interest is for the cascades Pirinska and Sandanska Bistritza.
Source: BTA (03.05.2000)

During the last ten years in Bulgaria were constructed ten small HPS. Eight were restituted. The owners of small stations earn well. Most of them are in preparation for new small HPS. This kind of business is convenient because of the guarantees given by the Energy Law. NEC purchases most of the produced electricity on preferential prices - between BGN 0.05 and BGN 0.063 per kilowatt hour because it is obliged by the Law. The purpose is to be developed small energetic sources which do not pollute the environment. It is expect that this year the contracts of NEC with the small stations will become long-term. In accordance with the Energy Law the producers of electricity from restorable sources have a guaranteed market for years ahead. These requirements enable the credits for the construction of a small HPS. The investment for a station of less than 10 kilowatt hours is considered for an expenditure and a profit tax is not paid for it. The investment is between USD 10 -15 000 in accordance with the opportunities offered by the source (in most cases - the river). The term of efficiency of the equipment is not very long. The installed power of 1 kilowatt hour per year produces between 4 and 8 kilowatt hours. The construction of this power costs about USD 1100. The annual income from a 1 kilowatt hour is BGN 240-480. The production of electricity from water resources is a prfitable business. Thus with participation of Energoremont JSC - Plovdiv was established a consortium of 6 Bulgarian companies - Hidro-Bulgaria which will participate in the auction for equipment of Madan dam - the first step of cascade Gorna Arda.
Source: Maritza dnes (05.05.2000)

Two companies from Lovetch region submitted bettered offers for the privatization of detached parts of NEC SP JSC. These are HPS-Energy SP Ltd-Lovetch and Medicom-electric Ltd - Troian. According to their registration in the Lovetch District Court, the first one is created with a capital of Litex JSC and its activity is production, delivery and sale of electric energy.
Source: BTA (22.05.2000)

LUKoil - Neftochim Bourgas JSC starts to work wit own electricity. The refinery produce except electricity for its own needs and additional one which sell to the National Electric Company JSC. The introduction of the new power capacity is a part of the major refinery investment programme.
Source: Pari (25.05.2000)

PA gave a deadline of 30 days to the MEBO Pirin - 2002 JSC for negotiations and sign of a privatization contract for the sale of HPS Pirin and HPS Spanchevo - united in the cascade Pirinska Bistritza. It is a detached part of the structure of NEC SP JSC - Sofia. MEBO Sandanska Bistritza JSC, Sofia also received a deadline of 30 days from PA for the negotiations and sign of the privatization contract for the sale HPS Popina luka, HPS Lilianovo and HPS Sandanski, united in the cascade Sandanska Bistritza, was reported from the PA.
Source: BTA (01.06.2000)

PA defined for an exclusive buyer of HPS Passarel and HPS Kokaliane the company LM Impex Ltd, was reported from the press center of the Agency. There will be negotiations with the company for the sale of the two Hydro Power Stations, united in Iskar cascade that is a detached part of NEC SP JSC - Sofia. The deadline for the sign of the privatization contract is 30 days from the date of the written notification of the candidate - buyer, was specified from the press centre.
Source: BTA (06.06.2000)

The Deputy Prime Minister Mr. Peter Zhotev demanded in a report to the Prime Minister to be stopped the sale of the Hydro Power Stations(HPS). Zhotev stated that can not be identified a strategic investor among the candidates and it would not be good the privatization to start with sales of MEBOs. BRIBank is the agent at the sale and there are serious suspicions that behind the MEBOs stand the firms related to Olimp. Mr. Zhotev required a new privatization procedure of the HPSs after active marketing of the PA. PA had to sell 22 small HPSs as detached parts of NEC. 11 has been launched so far and there were submitted 25 offers. 7 buyers are selected and among them are 2 MEBOs, defined for buyers of 5 stations.
Source: Sega (06.06.2000)

Pleven District Court registered Elektrorazpredelenie Pleven JSC. The head-office and the address of the company is Pleven, Doiran 73 Str. The activity of the company is exploitation of the electricity distribution network. The capital of the company is BGN 1 206 000, distributed in 120 600 personal shares with face value of BGN 10. The Board of Directors which consists of Mrs. Silvia Batcheva - Chairman, Mr. Todor Matev - Executive Director, Mrs. Maria Andreeva - Deputy Executive Director, Mr. Ivan Prodanov and Mrs. Emilia Konova. The company is managed and represented by Mr. Todor Matev.
Source: State Gazette (06.06.2000)

The Prime Minister Mr. Ivan Kostov sent a letter to the Supervisory Board in which he express his bother for the quality of the privatization procedure for the first small Hydro Power Stations(HPS). According to him all the doubts connected with the deal have to be checked and if they are confirmed there will be offered a new procedure. He also expressed the consern of the Government for the quality of the work of PA, dictated by the interests of the State and these interests require strategic investors and security for the Bulgarian energetics.
Source: Democracy (07.06.2000)

The German company Rheinbraun will have 60 per cent of the capital of the new joint-venture company, that is created with Mini Maritza - iztok SP JSC. The order for the permission for creation of the joint-venture company is signed by the Chairman of the State Energy Agency Mr. Ivan Shiliashki. The company is registered with a capital of BGN 50 100. According to the contract during the next year will be made researches for the perspectives for the development of the coal extraction at the market of electric energy. The point is to be revealed how profitable are the long-term contracts for delivery of coals for the three terminal stations of the complex.
Source: Sega (09.06.2000)

PA sold 51 per cent of the capital of Neochim JSC - Dimitrovgrad for USD 100 000 to Euro Fert JSC - Dimitrovgrad and the Lebanese company Karimex Chemical International, was pointed in a statement of the Agency. Only 30 per cent of the price will be paid in cash and the rest - in long-term bonds on the State debt. The new owners are obliged to invest in it USD 5 555 555 for 5 years. 25 per cent of the capital of the company was sold in 1996 - 1997 in the first wave of the mass privatization. The main problem of Neochim is the debt of BGN 29 803 000 to Bulgargas, was reported from PA. The buyers are obliged to pay the debts of the company to the Ministry of Finance, Trade banks and suppliers.
Source: 24 chasa (13.06.2000)

Bureaucratic preventions slow down the privatization of the company Tezhko mashinostroene, Rousse and reduce the chances for keeping the productions and for new work-places, warned the MP from UDF Mr. Petar Nenov. He insists on evaluation of the long-distance pipe of the former high machinery combine. This pipe is long 22km and has capacity of 110kw. The long-distance pipe is evaluated for BGN 980 000.
Source: BTA (14.06.2000)

Sofia City Court registered changes for National Electric Company - SP JSC: NEC was separated into the following companies - Elektrorazpredelenie - Stolichno - SP JSC, Elektrorazpredelenie - Sofia-region - SP JSC, NPS - Kozlodui JSC, Elektrorazpredelenie - Plovdiv - SP JSC, Elektrorazpredelenie - Varna - SP JSC, Elektrorazpredelenie - Pleven - SP JSC, Elektrorazpredelenie - Stara Zagora - SP JSC, Elektrorazpredelenie - Gorna Oriahovitza - SP JSC, TPS Rousse Iztok - SP JSC. There was registered a drop of the capital from BGN 123 087 408 ëâ. to 72 951 408 allocated in 72 951 408 personal shareswith face value BGN 1; there was registered a change in the activity of the company - production and transfer of electricity, centralized purchases and sales of electricity, supply of electricity, import and export of electricity and energy resources, investment activity, transfer of energy. The former members of Board of Directors were erased. There was registered a new Board of Directors that includes Mr. Danail Tafrov, Mr. Milcho Golemehov, Ms. Lilia Ivanova, Ms. Paraskeva Kiseva and Mr. Mitjo Hristozov; the company is represented by Mr. Danail Tafrov who is Executive Dirtector of the company.
Source: State Gazette (16.06.2000)

100 000 individual regulators for hot water will produce the state-owned company ZITA SP Ltd. The sign of a contract with NEC is expected. At the moment the company works at a similar order for heat power plant.
Source: Democracy (19.06.2000)

The briquette factory in Gulabovo united with TPS Maritza-iztok 1, was reported from the Energetics Agency. The name of the new company is Brikel and the fixed capital is BGN 1.66 million. Toplofikatzia - Pernik and the open ore mines of Pernik mines merged in a joint venture company. In spite of the protests of the energetics, an order from Mr. Ivan Shiliashki came for the merger of fitting of heating installations in Rousse with the local TPS Iztok.
Source: Standart (28.06.2000)

We agreed with the Turkish Minster of Energy to increase drastically the Bulgarian export to Turkey by 2008, said Mr. Ivan Shilyaski upon arrival from Istanbul yesterday. The Chairman of the State Energy Agency said that a second power-line to Turkey will be necessary, when exports rise to 4 billion kW/h after 2002 under an agreement already signed. Export will possibly rise by another one billion kW/h. Experts on both sides will outline the terms of reference regarding the increase of electricity exports. Representatives of Bulgargas JSC and Botas will draft a programme for the Russian gas transit to Turkey. The gas deliveries will be increased as soon as this winter.
Source: Pari (29.06.2000)

Two Bulgarian-German companies will take part in a competition for a right of construction nearby Bulgarevo for erecting of pilot projects of wind energy stations. For the grounds will bid Balkan star energy Ltd and Balkan wind star JSC that presented their offers before the Municipal Board in Kavarna.
Source: Black sea (30.06.2000)

The iron and steel works of Kremikovtzi JSC - Sofia are in talks with the Austrian steel group Voest Alpine to set up a joint venture to upgrade and manage Kremikovtzi’s continuos steel casting. Through this arrangement the company hopes to repay its USD 70 million debt to Austrian’s Kontrol Bank. Kremikovtzi JSC posted a loss of BGN 179.906 million in 1998. After the company was privatized the loss-making facilities were separated from the core operation. Sofia-based Daru Metals JSC bought 71 per cent in Kremikovtzi JSC capital in June 1999 for a token price of 1 US dollar. The plant which accounts for 80 per cent of Bulgaria’s ferrous metal output, had a BGN 13.005 million profit for January-May this year.
Source: Standart (03.07.2000)

PA received 7 offers at the second procedure for privatization of the cascades Sandanska Bistritza and pirinska Bistritza. All participants except Daru metals agreed the parametres of their offers to declared publically, was specified from PA. For the cascade Sandanska Bistritza are bidding 4 candidates. Energo-pro JSC-Czech Republic offers the highest investment and the highest price - USD 33.057 million. MEBO Pirin-2001 offers for Pirinska Bistritza USD 32 million.
Source: Sega (06.07.2000)

The German company Reignbraun will take on concession the extraction of coals from mine Maritza-iztok in the beginning of 2001. This was stated by the Director of the Energetics Agency Mr. Ivan Shiliashki after the meeting of the Supervisory Board of the joint ventured company between mines Maritza-iztok and the German cocern Reignbraun in Koeln. Within November 30 the investment plan of Reignbraun for the renew of the complex will be ready, commented Mr. Shiliashki.
Source: Standart (10.07.2000)

The former member of the National Electric Company (NEC) Mr. Sasho Chobanov was expelled from the Board of Directors of the insurance company Energy JSC, the director of which is Mr. Ivan Shiliashki. The new people in the Board of the company are Mr. Emil Gavrilov and Mr. Anton Ivanov. They were chosen by the newly-selected Board of Directors of NEC.
Source: Standart (12.07.2000)

Yesterday PA reported that the sale of 42 Water Electricity Plants began. The deals for most of them are expected in the end of the autumn. The sale of 10 coal-extraction companies will also begin. These are the mines "Beli breg", "Pirin", "Balkan2000", "TRB", "Lagun", "Staiantsi", "Zdravets", "Bobov dol" and "Hristo Botev". The ineffective mines will be closed and the rest will be given under concession or will be privatized.
Source: Standart (12.07.2000)