The Government will sign a memorandum with the Italian investor Enel for establishment of a joint-venture company for construction of Gorna arda cascade, announced the Deputy Prime Minister and the Minister of Construction Mr. Kostadin Paskalev. The point is within 4 months to be established a joint-venture in order to start working on real. The idea is to be shown the the investor's real capacity for finance of the project.
Source: Sega (02.01.2002)

The Association of the plants for fertilizers protest against the offered contract from Bulgargas for the delivery of raw material. If the offer is not changed within the end of the week one of the giants in this industry - Agropolichim will stop its work, announced the Executive Director of the company Mr. Vasil Alexandrov. He explained that the company is selling its products on the foreign market, among great competition and at the same time monopoly conditions are imposed on them from Bulgargas, NEC.
Source: Pari (03.01.2002)

Bulgaria exported a total of 7 billion kWh of electricity in 2001, which is 50 per cent of the deficit in the region, the Minister of Energy Milko Kovachev said. The production of electricity at the Kozludui Nuclear Power Plant in the winter months reached 60 per cent of the consumption in the country and the region, he added. The total electricity produced last year amounted to 43.886 billion kWh and was record high for the past two years, National Electric Company’s Executive Director Mr. Ivan Atanasov reported. Compared to 2000, electricity production last year rose 8 per cent. The electricity produced for domestic consumption rose 2.2 per cent and reached 36.901 kWh billion. As much as 7 billion kWh of electricity was exported to Turkey, the remaining quantities to Serbia, Montenegro, Macedonia, Greece, Kosovo and Albania.
Source: BTA (09.01.2002)

The European Bank for Reconstruction and Development will grant a loan of EUR 41.1 million for execution of a project of NEC for rehabilitation and modernization of the electricity supply network, was reported from the press-centre of the Ministry of Finance. In the Ministry will be concluded a loan and a guarantee agreement with the European Bank. The loan is for a term of 13 years with a gratis period of three years.
Source: BTA (16.01.2002)

The German agency for crediting of the export KfW continues its research for the granting of a credit to the American company AES for the rehabilitation and construction of a new capacity in TPS Maritza iztok 1. Representatives of the credit institution met the Management of the Ministry of Energetics. AES promised investments of USD 850 million in the new capacity of the station. The capacity is expected to be ready during 2005-2006.
Source: Dnevnik (17.01.2002)

European Bank for Reconstruction and Development will provide additionally EUR 73 million for support of the small and medium-sized enterprises. The funds will be granted as credits in cooperation with the Austrian Raiffeisen centralbank and are pointed to the private initiative in Central and Eastern Europe. According to the programme is expected to be provided more than EUR 250 million to 11 countries, among which Bulgaria through the branches of the based in Wien bank. Meanwhile EBRD extended a EUR 41.1 million loan to the National Electric Company /NEC/ for rehabilitation and modernization of the power-transmission system. The agreement was signed by finance minister Milen Velchev, EBRD's energy sector director Antony Marsh, and NEC's CEO Vasil Anastasov. The term of the loan is 13 years, with a three-year grace period. The state-guarantee debt will be utilized by 2005 and will be repaid in semi-annual installments on the basis of a floating interest rate.
Source: Dnevnik (17.01.2002)

Electrorazpredelenie-Pazardjik ceased the supply with electricity of warehouses and equipment of the Bulgarian State Railways because of the accumulated debts in amount of BGN 60 000, announced the Director of Distribution department in the company Mr. Nikolay Ubchev. There is no danger that the schedule of the trains will be violated.
Source: Standart (17.01.2002)

Microsoft - Bulgaria declared the company Stemo Ltd. - Sofia for a golden partner for software maintenance of its products. The company also maintenances the computer systems and software of 11 000 clients - physicala and legal entities. Among them are BTA, NEC, LUKoil and NPS Kozlodui. 115 computer specialists work in Stemo Ltd.
Source: BTA (31.01.2002)

Sodi-Devnya is among the creditors of Diamant-Razgrad. At the next session the court will decide whether the company will be announced in insolvency or it will work on a reconstruction programme.
Source: Standart (05.02.2002)

The joint-venture company between NEC and Entergy signed the contract with the major executors of the project for rehabilitation of TPS Maritza-iztok 3 - the consortium between the German companies D Dillinger Stahlbau GmbH and RWE Industrie-Losungen GmbH. However the rehabilitation will start after providing of loan of USD 470 million.
Source: Sega (07.02.2002)

The Minister of Energetic Mr. Milko Kovachev announced that the monopoly of the NEC will be over up to 2007. This means that the producers of energy will be able to concluded contracts for direct export with foreign companies. At the moment NEC is the only purchaser and exporter of electricity in the country. During 2001 Bulgaria has covered 48-50 per cent of the deficit of electricity in the region.
Source: 24 chasa (07.02.2002)

Competition Protection Commission will investigate National Electro-distributing Company because of stop of the electricity of Radomir metali SP Ltd. NEC stopped the electricity of the plant because of lack of a delivery contract.
Source: Dnevnik (13.02.2002)

NEC stopped the electricity of Alkomed-Shoumen. As of February 7 the old debts are BGN 617 000. Within February 28, 2001 the company owed BGN 845 000 without interests.
Source: Monitor (18.02.2002)

The private company Pio commerce Ltd. is engaged to pay off the current debts of Chimko to NEC SP JSC, became clear from the signed on February 7 agreement between NEC and the plant. The debts will be paid off from February 1 to December 31, 2002. The old debts, accumulated since July, 2000 in amount of BGN 30 million, will be paid by Chimko per BGN 300 000 monthly.
Source: Capital (18.02.2002)

NEC may announce an international auction for intermediaries for the export of electricity during this year, announced the Executive Director of he company Mr. Vasil Atanasov. The quantity of the export and the price per kilowatt-hour electricity depends on the prognoses of NPS Kozloduy for the manufacture of electricity during the year. During the last year the nuclear power station produced 18 billion kilowatt-hours of electricity. 17 billion of them were sold to NEC. Bulgaria exports electricity mainly from the blocks of NPS Kozloduy because of the low price of the electricity.
Source: Standart (25.02.2002)

V i K - Dobrich owes to NEC BGN 3.3 million. The growth of the debts is due to the interests, accumulated from the postponement of the payment during the time the company was managed by Mr. George Mihov. The new Manager Mr. George Gospodinov tried to negotiate rescheduling of the payment but he found no understanding from NEC. Last summer NEC cut the electricity supply of the company as a punishment for the non-payment of the debt.
Source: Black sea (25.02.2002)

The debts of the industrial companies for electricity and gas are over BGN 500 million. The debts were accumulated for the period 1999unti now. Kremikovtzi, Chimko, Nova Plama, BDZ head the black list of the debtors of NEC and Bulgargas. Because of complicated procedures and pressure from different sides, the debts can not be gathered.
Source: Standart (27.02.2002)

Stakes of 20 per cent of the capital of NEC and HPS Varna will be released on the Stock exchange for sale for restitution, announced the Deputy Chairman of the Association of the Owners of Restitution Bonds Mr. Valentin Hristov. At the exchange will be traded 13 per cent of the capital of Bulgartabak, stakes of two electricity-distribution companies and HPS Maritza-Iztok 2. If at the exchange are released stakes of 25 per cent of 17 companies as it was proposed by the Ministry of Economy few months ago this will be two times higher than the face value of the restitution bonds, announced the Director of the Stock Exchange Mr. George Draichev.
Source: Standart (27.02.2002)

The American company ÀES applied for a license for manufacture of electricity and construction in HPS Marizta Iztok 1.The company has concluded a contract with NEC for the construction of two additional stations with capacity of 670 megawatts. The value of the project is about USD 850 million.
Source: Dnevnik (01.03.2002)

The European Bank for Reconstruction and Development will grant a loan in amount of EUR 41.1 million to NEC. The Government approved the agreement and presented it to the Parliament. The money will be used for financing of the project "Rehabilitation and modernization of the electricity-supply system Energy-2". The loan will be returned for 13 years. The total value of the project Energy-2 is EUR 153 million
Source: Standart (08.03.2002)

NEC will cut the electricity-supply of the factories in Chervena Mogila. The debt in amount of BGN 10.6 million of Radomir-metali JSC which was accumulated during the last four years is the reason for the cutting of the electricity-supply. The company claims for a rent in amount of BGN 9 million from NEC because it is using the sub-station, which is property of the factory for distribution of electricity.
Source: Pari (08.03.2002)

For the fourth day the electricity supply in Radomir-Metali company was cut off. NET ceased the electricity-supply of the company because of unpaid bills. The amount of the accumulated debts since July 1997 is more than BGN 11 million. A month ago the NEC has also cut the electricity of the company, but with the intervention of the District Governor Mr. Dimitar Kolev the electricity-supply was restored. Mr. Kolev announced yesterday that about 3000 people from the factories in Chervena Mogila may lose their jobs.
Source: Standart (11.03.2002)

The National Electric Company will credit the company Radomir-metali another 4 months, announced the Regional Governor of Pernik Mr. Dimitar Kolev. It was signed an agreement, according to which within a month Radomir-based company will pay 75 per cent of the consumed electricity. NEC stopped the electricity of Radomir-metali on March 5th and then started it after the sign of the agreement.
Source: National radio (13.03.2002)

The companies which use more than 100 million kilowatt-hours electricity or more than 80 million cubic meters of natural gas annually will be able the conclude direct contracts with independent producers of electricity or natural gas, announced the Chairman of the State Energy Regulation Commission Mr. Konstantin Shushulov. The companies which has debts to Bulgargas or NEC will not use the privilege to purchase cheaper electricity or natural gas from Petreko, Oil and Gas Exploration and Production - Pleven. Prof. Shushulov explained that the lower prices do not consider the import of natural gas.
Source: Standart (29.03.2002)

National Electric Company invested about BGN 60 million over the last 12 years for maintenance of the equipments on the platform of NPS Belene, announced the Manager of the station Mr. Petar Simeonov. For the final construction of NPS Belene are necessary between USD 1.1 billion and USD 1.3 billion. There are not any economic reasons for the close of the small blocks in Kozlodui, they are the most profitable companies in Bulgaria.
Source: BTA (10.04.2002)

NEC will purchase the share of the Turkish holding Ceilan in the joint-venture for the construction of the hydropower cascade Gorna Arda. This opportunity will be discussed at the General Meeting of the shareholders on April 18, 2002. Ceilan holds 30 per cent of the shares of the cascade and NEC is owner of the rest of the capital. The idea is in the project to be included a strategic investor as Ceilan could not complete the construction of the cascade.
Source: Dnevnik (12.04.2002)

NEC will purchase the share of the Turkish holding Ceilan in the joint-venture for the construction of the hydropower cascade Gorna Arda. This opportunity will be discussed at the General Meeting of the shareholders on April 18, 2002. Ceilan holds 30 per cent of the shares of the cascade and NEC is owner of the rest of the capital. The idea is in the project to be included a strategic investor as Ceilan could not complete the construction of the cascade.
Source: Dnevnik (12.04.2002)

The price of electricity will rise by 7.9 per cent according to the optimistic forecast and by 11.2 per cent according to the pessimistic if Bulgaria decommissions unit 3 and 4 of Kozloduy Nuclear Power Plant in 2006, as required by the European Union /EU/. This shows a study of the Agency for Economic Analyses and Forecasting. The analysis was prepared with the participation of specialists from the National Electric Company JSC, Bulgargas JSC and the heating companies. If the two reactors are closed in 2008-10, as envisaged in the memorandum between Bulgaria and the EU agreed by the previous Government, the price of electricity will rise by 6.7 per cent or by 10.9 per cent. If however Bulgaria succeeds to stand its position to close the two units in 2010-12, electricity price will increased by 4.1 per cent or by 9.3 per cent, said the NEC’s representative Mr. Stefan Kanchovski.
Source: BTA (17.04.2002)

At public auctions with open bid tenders PA will sell two of the 21 HPS and six cascades, which are offered for sale - HPS Cherni Osam and HPS Toplika. The initial price for HPS Cherni Osam is BGN 1.7 million and the step for bidding is BGN 50 000. The initial price for HPS Toplika was BGN 400 000 and the step for bidding - BGN 40 000. The price will be paid in cash in full amount.
Source: Dnevnik (17.04.2002)

The General Meeting of Hydroenergetic company, which will have to construct will make a decision for Gorna Arda cascade today. Shareholders in the company are NEC and Ceilan. It is expected that the electric company will purchase the share of the Turkish consortium. Yesterday the Director of NEC Mr. Vasil Anastasov, the Deputy Prime Minister Mr. Kostadin Paskalev and the Minister of Energetics Mr. Milko Kovachev had a meeting with representatives of the Italian company Enelpower, which intends to invest in the development of project.
Source: Standart (18.04.2002)

National Electric Company /NEC/ requested the Turkish holding Ceilan to sell its shares in the joint hydro-energetic company Gorna Arda at their face value plus 8 per cent, announced the Deputy Prime Minister Mr. Kostadin Paskalev after the General Meeting of the shareholders of the company. The General Meeting continued for more than five hours. Especially for the meeting in Sofia arrived the President of the Turkish holding Mr. Mahmud Ceilan. At the moment the Turkish company owns 30.9 per cent of the capital. The other 69.1 per cent are property of NEC.
Source: Dnevnik (19.04.2002)

At the General Meeting of Gorna Arda Mr. Mahmud Ceilan and the Director of NEC Mr. Vasil Anastasov were elected for Co-Chairmen of the Board of Directors of the hydro-energetic company. The other members of the Board are Mr. Kemal Anandja, Mr. Julian Zheliazkov and the Executive Directors Mr. Nikolay Naumov and Mr. Ismet Sever. Within the end of June NEC and Ceilan Holding will make concrete proposals for speeding up the construction of the cascade.
Source: Standart (22.04.2002)

Enelpower is ready to invest funds in Gorna Arda cascade so it has so far done this in other 146 Hydro Power Stations. The intentions of Enelpower was confirmed by the Italian Premier Mr. Silvio Berlusconi, who was one one-day official visit in Bulgaria in the end of the last week. The construction of the hydroenergy cascade Gorna Arda was a priority of the former Government and the project was also supported by the new Government. On January 29, 2002 was signed a memorandum for agreement between the Ministry for Regional Development and Construction, National Electric Company and the Italian energy company Enelpower that has to prepare an investigation for Gorna Arda project for 4 months. The results have to be announced in May, this year. During the visit of the Italian Premier in Bulgaria it was also discussed the construction of a gas pipe-line from Bulgaria through Macedonia and Albania to Italy. The construction of this gas pipe line is connected with the strategic plans of the Italian company EnelGroup, which is the owner of EnelPower.
Source: Construction City (23.04.2002)

The Council of Ministers took a decision yesterday at its regular meeting Bank Consolidation Company JSC /BCC/ to acquire 75 per cent of the capital of Bank DSK. The shares of the Bank DSK will be contributed to the BCC’s capital with their face value of BGN 1. In this way the capital of BCC will increased with the amount of BGN 52.5 million up to BNGN 78.498 million. After the transaction BCC will control 100 per cent of the Bank DSK’s shares which will assist the bank’s privatisation. European Bank for reconstruction and Development /EBRD/ will submit an offer for purchase of a stake between 10 and 15 per cent of the bank’s capital till June 30, 2002. This was announced by the BCC’s Executive Director Mrs. Neli Kordovska aftehr a meeting with EBRD’s representatives.
Source: Dnevnik (26.04.2002)

À working group will be established for research of the opportunities for transit of natural gas from Turkey through Bulgaria till the middle of the current year. The working group will include representatives of Bulgarian monopoly Bulgargas and Turkish national gas company BOTASH. This was reported by the Minister of Energy and Energy Resources Mr. Milko Kovachev after his three-day visit in Turkey. Mr. Kovachev also confirmed that during the current month it will be completed the construction of the second 400 kW power line between Bulgaria and Turkey. The first such electricity line was built in 1975. The Executive Director of Bulgargas JSC Mr. Kiril Gegov and the Executive Director of NEC Mr. Vasil Antonov participated in Bulgarian delegation.
Source: BTA (08.05.2002)

A commission will coordinate the relations of Kremikovtzi with the state-owned companies - creditors of the plant - National Social Security Institute, tax and custom departments, NEC, Bulgargas and Lom and Burgas ports. The Deputy Minister of Economy Mr. Nikola Yankov will be the Chairman of the commission.
Source: Standart (09.05.2002)

PA declared public open-bid tenders for the sale of three hydro power stations that are self-contained parts of the National Electric Company. These are HPS Razlog (with initial auction price of BGN 412 000), HPS Cherni Vit (with initial price of BGN 250 000) and HPS Ledenik (with initial price of BGN 46 000). The price of the three stations will be paid entirely in cash as 50 per cent on the day of the sign of the deal and the rest - by 15 calendar days after that.
Source: Dnevnik (14.05.2002)

PA declared that it would sell at a public open-bid tender the cascade Koprinka, a self-contained part of NEC SP JSC. The cascade includes two hydro power stations - HPS Stara Zagora with capacity 22,4 MW and HPS Koprinka with capacity 7 MW. The initial auction price of the cascade BGN 8.2 million and the step for bidding - BGN 100 000. The deposit for participation in the auction is BGN 500 000. The reached price has to be paid entirely in cash.
Source: BTA (16.05.2002)

The Government established a Commission for coordination of the relations of Kremikovtzi with the State creditors. The commission will organize the negotiations for the payment of the debts of the company. Among the biggest creditors of Kremikovtzi JSC are National Social Security Institute, Chief Tax Administration, Bulgargas, NEC and Bulgarian State Railways..
Source: Pari (17.05.2002)

26 hotels will be closed in Sunny beach. The reason is the illegal construction. Construction Supervision Administration inspected totally 70 hotels in the complex and in all of them were found out violations. Meanwhile the Ministry of Regional Development and Construction started an inspection for the rent of the Northern beach in Sunny beach.
Source: Sega (17.05.2002)

ENELPOWER submitted a request for continuing the deadline of the memorandum for agreement with NEC for analysis and evaluation of the expedience of Gorna Arda project. The request is because of the insufficient time for research. One of the reasons for the prolong is that the memorandum is up to May 31 and the General Meeting of HEC Gorna Arda is appointed for June 15.
Source: Pari (30.05.2002)

The project for the construction of the Gorna Arda cascade is realizable. This is the pinion of the Italian company Enel Power, which is an applicant for a strategic investor in project. The company has prepared the pre-project review and has presented it at the Ministry of Regional Development and Public Utilities on May 31. This is date when the term of the Memorandum among the Italian company, NEC and Ministry of Regional Development expired. Within this term Enel has to prepare the review. The term is prolonged up to July 31.
Source: BTA (04.06.2002)

Cable Commerce is the new owner of HPS Cherni Osam, a self-contained part of NEC. At an auction with open bid tenders the company purchased the hydropower station for BGN 4.55 million. At the auction participated 6 companies. The initial price for the auction was BGN 1.75 million and the step for bidding BGN - 50 000. The price of the deal will be paid in full amount in cash. The new owner of the company has to preserve its national and technological function until the end of the suitability. This is the first hydropower station, which PA sells at an auction.
Source: BTA (04.06.2002)

Bulgaria has not executed its obligations of the contract for Hydro-energetic company Gorna Arda. This is the motif of the Turkish company Ceylan for requesting the General Meeting of the company to be postponed. Bulgaria has not announced the strategic investor and the sum, which it will invest in the construction of the cascade. Thus the country has not executed its obligations on the contract, claimed from Ceylan. The negotiations between NEC and the Turkish company continued for two days.
Source: Pari (14.06.2002)

Òhe bankrupt Turkish Holding Ceilan is about to block for a second time the Upper Arda cascade project, the PARI daily was told. Under the 1998 bilateral agreement, in the event that any of the two sides does not approve of the investor, suggested by the other, it has to propose a better one. The Turkish company took advantage of this clause in meetings held June 12 and 13 with the management of the Bulgarian national electric Company /NEC/. Ceilan presented the Aidenis Group with which it forms a consortium named ACE. The consortium is to be the major investor in the project. In case it is ultimately approved, Ceilan will acquire a majority share in the project. Bulgaria must wait till end-June when the Italian Enel Power is expected to present its estimation of the project costs.
Source: Pari (17.06.2002)

NEC demands the Serbian energetic company EPS to pay for the traffic of electricity for Greece through the territory of Bulgaria. During the last five months experts from NEC have find out that there was technical distribution of the energy which Rumania transfers for Greece through Serbia and Macedonia. The traffic is not illegal, was announced from NEC. The contract between Rumania and Greece was concluded in the beginning of October and it is efficient to the end of 2003.
Source: Standart (18.06.2002)

TPS Maritza Iztok 3 SPJSC - Dimitrovgrad has realized than BGN 5 million for the first five months of the year. The thermal power station has paid for taxes and social insurances for this period more than BGN 3 500 000. In the beginning of 2000 there was plan for the closing of the station as old and non-profitable. The economic revival of the company started since it was separated from NEC. During 2001 the company has produced 302 million kilowatt-hours electricity.
Source: BTA (20.06.2002)

State Energy Regulation Commission will decide on July 28 whether to issue a license for the joint-venture between the American company AES and NEC that will build two new blocks in TPS Maritza iztok 1. The modernization of Maritza iztok 1 will cost USD 680 million and the financing has to be provided by AES. The commission refused to give the license at the meeting last month. The reason is that from AES did not present documents on the agreement for co-financing of the project with the German company Alstom.
Source: Monitor (24.06.2002)

The National Electric Company (NEC) has up to now spent some BGN 14-15 million on the Gorna Arda project. The General Executive Director Mr. Vasil Anastasov announced yesterday that their partners from Dzheilan have invested BGN 300 000 of their share capital until now. This was noted in a letter, deposited at the Deputy Prime Minister Mr. Kostadin Paskalev. It is an answer to a letter from Dzheilan, which was sent two weeks ago. In this letter, the Turkish holding throws all the blame for the slowing down of the project on the Bulgarian side. The drains of NEC up to now are for pre-investment investigations, the construction of a road between the dam and the cascade, expenses on the management of the project and the joint company.
Source: Sega (24.06.2002)

Hydro energy company (HEC) Gorna Arda that was created to prepare the construction of the cascade, could be erased from the court registers. This was stated by the Deputy Prime Minister Mr. Kostadin Paskalev. On Friday he will submit a report for the Prime Minister Mr. Simeon Saxe-Cobourg with the offering of NEC that is one of the shareholders in HEC. NEC wants to buy up the shares of the other shareholder --the Turkish Celain holding. For the stake of shares of 31.6 the company will pay to Celain holding a face value plus interest rate of 8 per cent.
Source: Standart (26.06.2002)

The Blagoevgrad Professional Sports Club Start is the new owner of HPS Razlog. The price of the deal is BGN 1 372 000. The capital of the sports club is BGN 50 000 and it is 100 per cent private ownership. 12 companies took part in the tender with open bidding yesterday at PA. The installed capacity of the station is 800 kilowatts. The average annual production of electric energy is 1 857 698 kilowatt -hours. Currently, only three people work in the station.
Source: Dnevnik (28.06.2002)

Raitar SPLtd, Veliko Tarnovo is the new owner of HPS Ledenik. The capacity of the power station is 0.8 megawatts. It is a self-contained part of NEC. Raitar raised the price up to BGN 166 000 at an auction with open bid tenders. The initial price was BGN 46 000 and the step for bidding was BGN 4 000. Another four applicants participated in the auction . The price for the deal will be paid in full amount in cash. The activity of the purchaser is foreign trade, transport and consultant services, hotels and restaurants, tourist services.
Source: BTA (03.07.2002)

The Supervisory Board of PA approved the contract for the sale of HPS Cherni Osam today. The HPS"s capacity is 2.05 megawatts with the buyer Cable Commerce Ltd. from Sofia. The price of the deal is BGN 4.550 million. It will be paid lump-sum in cash, announced the press center of the agency. HPS Cherni Osam was privatized through public tender with open bidding. The initial tender price was BGN 1.7 million, and the bidding step was BGN 50 000.
Source: BTA (04.07.2002)

Energo-Pro Bulgaria won the tender for the cascade Koprinka by raising the price up to BGN 16.2 million. Only a month ago the company also bought the cascade Sandanska Bistritza. Two water-electric stations - HPS Stara Zagora (22.4 MB) and HPS Koprinka (7 MB) are included in the cascade Koprinka. The initial price of the cascade was BGN 8.2 million.
Source: Standart (09.07.2002)

PA concluded a contract for the privatization of HPS Toplika, a self-contained part of NEC SPJSC, Sofia. The purchase is Pirin Vat Ltd, Sofia. The price of the deal is BGN 1.040 million. The purchaser is obliged to preserve the functional and technological activity of the company.
Source: Pari (09.07.2002)

The Varna-based group TIM is taking positions in the field of energetics, after it participated through its daughter company Bulchimex, based in Germany, in the tender for export of electricity of National Electric Company (NEC). In this way, a new player with partners in the region appeared at the secondary market of electric energy. The tender is for export of 100 megawatts from July until September - the season, in which NEC has surplus output due to the low consumption of electric energy in the country. The Frankfurt am Main-based company Bulchimex is 100-per cent ownership of Chimimport, the owner of which is TIM. The German company also holds 8.19 per cent from the shares of Central Cooperative Bank, which is also held by TIM.
Source: Dnevnik (10.07.2002)

PA announced public tender with open bidding for the sale of HPS Zhrebchevo. The initial tender price of the object is BGN 2.650 million, the bidding step is BGN 50 thousand, and the deposit for participation - BGN 250 thousand. The tender will take place on September 16. The price of the documentation is BGN 1500, and the deadline for its buying is September 11.
Source: Pari (10.07.2002)

The Turkish Government supports the position of Celain holding on the project Gorna Arda, according to a letter to the Prime Minister Mr. Simeon Saxe-Cobourg and the Minister of Energetics Mr. Milko Kovachev. On June 12 from Celain was reported that the holding was ready to sell to NEC its shares from the hydroenergy company. However their condition is ACE consortium whose shareholders are Idenesis group and Celain, to be the chief executor of the project. The letter says that Turkey continues to keep the signed with Bulgaria agreement for construction of Gorna Arda, buying electricity only from our State.
Source: Standart (11.07.2002)

The French bank BNP Pariba most probably will be selected by the European Bank for Reconstruction and Development for consultant on the privatization of the 7 electric-allocating companies. The bank is at the first place among the four candidates. There are forthcoming negotiations with the winner, was explained from the agency. The contract with the consultant will be for one year and European Bank for Reconstruction and Development will pay to him EUR 1 million.
Source: Dnevnik (12.07.2002)

State Claims Agency will sell off assets of Kremikovtzi. Among them are flats and buildings on which are imposed compensation measures. The Deputy Minister of Economy Mr. Nikola Yankov announced that the owners of the plant and state-owned companies-creditors dealt for this. With the funds will be covered the old debts to the creditors.
Source: Standart (15.07.2002)

PA signed a contract for sale of HPS Cherni vit with Gabrovo-based company Instrument Ltd. for BGN 570 000. The capacity of the station is 0.36 MgW. The initial auction price was BGN 250 000. Instrument develops foreign trade, import and export, hotel keeping, tourist activity and advertising.
Source: Dnevnik (16.07.2002)

The Turkish Government raised the subject for the execution of the inter-governmental agreement for the export of electricity and the participation of Turkish companies in infrastructure projects in Bulgaria. The Minister of Energetics Mr. Milko Kovachev and the Deputy Prime Minister Mr. Kostadin Paskalev received a letter from the Turkish Deputy Prime Minister Mr. Mesut Yalmuz. In it was reminded that the Turkish Electricity company TEASH will buy electricity from NEC, but the joint infrastructure projects such as the Gorna Arda cascade and Maritza Highway are not started yet. Turkey proposed the financing of the projects to be provided from the profit of NEC, which was realized from the export of electricity.
Source: Dnevnik (16.07.2002)

Pogledetz - Leseninest SP Ltd.-Razlog won the open-bid tender for the sale of HPS Razlog, a self-contained part of NEC SP JSC - Sofia. The contract for the sale of the HPS has to be concluded in a 14-day deadline as of the date of informing the buyer. Pogledetz - Leseninest SP Ltd. - Razlog is the second graded candidate with an offer of BGN 1 342 000. The first graded - Start JSC-Blagoevgrad did not present a declaration for the origin of its funds and did not appear at the sign of the privatization contract.
Source: BTA (18.07.2002)

NEC was accepted as a full member of SUDEL, was the decision of the Executive Committee of the organization.SUDEL is a regional group of UCTE for South Eastern Europe. Full members of the organization are Austria, Greece, Italy, Macedonia, Hungary, Yugoslavia. NEC JSC have been applying for a full membership in the organization since 1997. During March 2001 it was accepted as an observer and later as an extraordinary member.
Source: Pari (18.07.2002)

PA concluded a contract for the privatization of HPS Ledenika , a self-contained part from NEC SPJSC with Raiter SPLtd, Veliko Tarnovo. The price of the deal is BGN 166 000. It will be paid in full amount in cash as not less than 50 per cent of the price will be paid in the closing date and the rest of the sum - with 15 days. The initial price in the auction was BGN 46 000 and the step for bidding - BGN 4000. Raiter SPLtd, Veliko Tarnovo is obliged to preserve the functional activity of the equipment
Source: BTA (19.07.2002)

PA signed the contract for sale of HPS Beli Vit (0.24 ÌÂ) that is a self-contained part of NEC, with Elcommerce-Krassimir Nikolov-Montana SP. The price on the deal is BGN 450 000, as the initial price. The new owner is obliged not to make any change of the functional and technologic use of the self-contained part by the deadline of the equipment's suitability.
Source: Dnevnik (24.07.2002)

Fifteen companies with an annual consumption bigger than 100 gWh will be able to conclude direct contracts with producers from 2003, announced the Director of the Preparation for Liberalization of the Market Department with the National Electric Company (NEC) Mr. Plamen Popov. The following companies will be able to take advantage of the direct contracts: Kremikovtzi, the three big chemical plants, the municipal branch of Toplofikatsia, OZC - Kardzhali, Umicor, Bulgarian State Railways (BDZ), the mines and Solvey Sodi - Devnya. Their annual consumption is in 35 billion kWh and is accounts for around 15 per cent of the total consumption in the country. The obligatory condition for the concluding of the contracts, however, is that the companies are not debtors to NEC and to the electric-distribution companies, which will significantly reduce the number of the privileged consumers.
Source: Dnevnik (24.07.2002)

The Supervisory Board of PA approved the sale contract of Koprinka cascade, a self-contained part of NEC SP JSC, Sofia with Energo - Pro Bulgaria JSC, Sofia. The price of the deal is BGN 16 200 000 and will be paid entirely in cash - 50 per cent on the day of the sign and and the rest within 20 calendar days. In the cascade are included HPS Stara Zagora and HPS Koprinka. The buyer is 100 per cent property of Energo - Pro JSC, Czech and executes exploitation of water power stations.
Source: BTA (31.07.2002)

PA sold at an auction HPS Razlog - a self-contained part of NEC JSC to Pogledetz - Lesinvest SPLtd, Razlog. The price of the deal is BGN 1 342 000. Pogledetz - Lesinvest SPLtd is obliged to preserve the activity of the company and to exploit the equipment in such a way that it will provide the necessary quantities of water for public and agricultural needs.
Source: BTA (07.08.2002)

The total liability of steel works Kremikovtsi JSC to the Bulgarian Railways /BDZ/ JSC as on July 31, 2002 stand at BGN 10.5 million. This was announced by Mr. Andrey Breshov, member of the steel works Board of Directors and heading a department on sector and regional analyses at the Ministry of Economy. The figure had been calculated by a work group on the coordination of Kremikovtsi's relations with the state creditors, Mr. Breshov added. The other day the steel maker said its debt to BDZ as on end-July stood at BGN 9 million. The statement was made in response to the Deputy Minister of Economy Mr. Lyubomil Ivanov who had stated that the amount equals BGN 14 million.
Source: Pari (09.08.2002)

Òhe contract with BNP Paribas, the consultant on the sale of the seven electricity distribution enterprises, is likely to be signed in the next few days. The amount of USD 300 million is the minimum expected sales income, said the Minister of Energy and Energy Resources Milko Kovachev. Energy experts stated that the minimum cannot be less than USD 450-500 million. The seven distributors are profit making entities. They have considerable dues to collect from clients, that cover approximately the overall debts due to the National Electric Company.
Source: Pari (12.08.2002)

Albania will import electricity at a value of EUR 15.5 million from Bulgaria by the National Electricity Company. The deal is for 470 kilowatt hours. The export will start of August 21. NEC won an International auction with open bid tenders among 30 other companies. NEC exports electricity for Turkey, Macedonia and Greece as well . At the moment the company is negotiating for export of electricity in Kosovo.
Source: Dnevnik (13.08.2002)

NEC has received an order from Romania for import of power electricity from Bulgaria. This was announced by NEC's Chief Engineer Mr. Mityu Chirstozov. According to him, orders for export of Bulgarian power electricity to Serbia and Montenegro are expected to be received in the coming few months. This practically refuted the publication in the Romanian newspaper Ziarul Financiar according to which our north neighbor could become in 2003 the biggest exporter of power electricity on the Balkan Peninsula, if it takes advantage of the coming out of exploitation of the big production units in Bulgaria. Currently, Bulgaria exports power electricity to Greece, Macedonia and Albania. We have a long-term contract with Turkey. Negotiations are in process for the export of electricity to Kosovo.
Source: Pari (26.08.2002)

During the next three years Energo-Pro Bulgaria will invest BGN 11 million in the two cascades, which unity the fifth hydro-power station, which the company purchased, announced the Executive Director of the company Mr. Yaromir Tesaraj. Thus the total amount of the investments of the Czech company Energo-Pro in Bulgaria will reach more than BGN 100 million, as the company has paid BGN 89 million for both cascades. Last week the company won the auction for the sale of the Koprinka cascade with a price of BGN 16.2 million. The sum has been already paid. The Executive Director of Energo-Pro holds 43 per cent of the privatized by this moment energetic capacities.
Source: Dnevnik (29.08.2002)

Deputy Minister of Economy Mrs. Sofia Kasidova will become a member of a second Managing Board of a trade company since yesterday the Council of Ministers approved her for a Bulgarian representative in the management of Black Sea Bank for International Development. Mrs. Kasidova will replace at this position Mr. Rumen Avramov. Mrs. Kasidova is member of the Managing Board of NEC. Before the privatization of Biochim bank she was the representative of the Bank Consolidation Company in its management.|
Source: Sega (30.08.2002)

By the end of September will be finalized the preliminary work of the sub-object HPS Madan, which is the first object from the Gormna Arda cascade, announced the Manager of the construction Eng. Todor Enchev. The construction is executed by the consortium GUSV- Hidrostroy and is financed by the National Electricity Company.
Source: BTA (09.09.2002)

At the General Meeting of Chimco was reported a record loss in amount of BGN 21.7 million as of 2001. About BGN 15 million from that sum were from not sold production. According to the accountant report of the company the production of carbamide has declined with 40 per cent as compared to the previous year. The company has debts in amount of more than BGN 200 million as the biggest are to Bulgargas and NEC. According to the Chairman of the Managing Board of the company Mr. Martin Makariev the price of the natural gas is continuing to be the main reason why Chimco is not working and to produce losses.
Source: Pari (09.09.2002)

The big consumers of power electricity, which will be able to freely negotiate with the production stations for electricity deliveries as of next year, started making their applications for issuing of licenses to do that in the State Energy Regulation Commission (SERC). According to the energy strategy, 18.9 per cent of the sales of power electricity will be freely negotiated as of the beginning of next year. This will put the beginning of the first stage from the liberalization of the power electricity market. The consumers with annual consumption of at least 100 million kWh a year will have access to the market. These are in fact 15 companies, clients of NEC. Besides the chemical factories and mine-producing complexes, such access will be given to Lukoil Neftochim Burgas JSC, Stomana Industry JSC, KCM JSC, Asarel Medet JSC, Devnya Cement JSC, Kremikovtzi JSC, Union Miniere Pirdop Med JSC, Bulgarian State Railways (BDZ), Toplofikatzia - Sofia JSC, Elatzite Med SP JSC and OCK JSC, in case they meet the requirements.
Source: Capital (16.09.2002)

Slanchev Bryag JSC will be the second private electricity-distribution company in Bulgaria, if the State Energetic Regulation Commission issues a license for it. The first license was given to Zlatni Pyasatzi JS. The management of Slanchev Bryag has applied a request in the Commission in May . The deadline in which the Commission has to give its opinion on the application expires in a few day, announced the member of the Board of Directors Mr. Nikolay Nikolov.
Source: Dnevnik (17.09.2002)

Petrol JSC won the open-bid tender for the sale of HPS Jrebchevo, a self-contained part of NEC, for BGN 5.4 million. The capacity of the station is 14.40 MW and is near Sliven. The initial tender price of the object was BGN 2.6 million. Petrol JSC possesses over 400 petrol stations in the whole State and its major owner is Naftex petrol. The price for the station will be paid entirely in cash - 50 per cent on the day of signing of the contract and the rest - within 15 calendar days after that. The privatization of the hydro power stations is a part of the energetic strategy of the Government.
Source: Dnevnik (17.09.2002)

The company Kulvacha - Stara Zagora won the auction for the sale of the trade complex Zagorka for USD 385 000. Kulvacha was the sole company that took interest in the object that includes an area of 4730 square m. Totally 7 companies bought the tender documents for Zagorka complex. Among them is also AKB Fores.
Source: Dnevnik (17.09.2002)

As of October 1, the National Electric Company (NEC) will cut the prices of power electricity, used over the weekend, by an average of 8 per cent for eight companies. This was announced by the Executive Director of the company Mr. Vasil Anastasov. The State Energy Regulation Commission is expected to approve the company's proposal next week. Among the companies, which will be able to use electricity at lower prices, are Biovet - Peshtera, Stomana - Pernik and Umicore. Originally, 15-18 companies, with an annual consumption of at least 50 million kWh, debtors to NEC, were meant to use electricity at lower prices. Only half of these companies will take advantage of the privilege, such as Kremikovtzi and Chimco.
Source: Dnevnik (18.09.2002)

The total amount of the overdue liabilities of industrial enterprises to National Electric Company (NEC) decreased by BGN 1.45 million since the beginning of the year and is currently BGN 196.52 million. The amount has been accumulated by clients, who are not able to pay at once their former debts, announced the Executive Director of NEC Mr. Vasil Anastasov at a press conference yesterday. The biggest debtor among the big consumers is Kremikovtzi JSC with BGN 60.64 million.
Source: Black sea (18.09.2002)

Maritza-Iztok Mines has filed an application at the State Energy Regulation Commission for free negotiating of the deliveries of electricity, was reported from the press-centre of the Commission. The company is one of the greatest consumers of electricity, with annual consumption in amount of more than 500 million kilowatt hours. In accordance with the energetic strategy as of the beginning of the next year 18.9 per cent of the sale of electricity will be negotiated at the free market. Only companies which have annual consumption in amount of more than 100 kilowatt hours may apply for direct deliveries, announced the Executive Director of NEC Mr. Vasil Atanasov.
Source: Monitor (23.09.2002)

Pension insurance companies and their shareholders: PIC Doverie JSC 9 BZP - 85.33 per cent, KNSB - 13.17 per cent and five branch federations - 1.5 per cent), PIC Suglasie JSC (Orel Invest Holding JSC - 16.2 per cent, Orel G Holding JSC -40.9 per cent, BIA - 20 per cent, IC Vitosha JSC - 15 per cent, CB Bulbank JSC- 6 per cent, others - 1.9 per cent), BPIC JSC (BZP Group JSC - 67 per cent, DZI SP JSC - 27 per cent and others - 6 per cent), SCPIC Rodina JSC (Bulgarian American Enterprise Fund - 36.20 per cent, Bank DSK SP JSC - 59.30 per cent, CCU - 4.50 per cent and others), PIC Allianz Bulgaria JSC (Allianz Bulgaria Holding - 65.4 per cent, NEC - 34 per cent, and others - 0.6 per cent), PIC ING JSC 9 ING Continental Europe Holding - 100 per cent), PIJSC Newton-Power (Newton Financial Management BG Ltd. - 98.75 per cent, and others - 1.25 per cent, PIC LUKoil-garant Bulgaria JSC, LUKoil Bulgaria SP Ltd. - 50 per cent, LUKoil-Neftochim Burgas JSC - 50 per cent).
Source: Pari (27.09.2002)

Stomana Industry offers the price of the electricity on Saturday and Sunday to be equal to the night. The company is among the biggest consumers of electricity in the State and doesn't have debts to NEC. The advantage is mutual, said Mr. Anton Petrov - a representative for Bulgaria of the Greek owner Viohalco. The cheaper electricity will reduce the prime cost of the production and will make the companies more competitive. The subscribers of Elektrorazpredelenie in Pernik region owe BGN 6.3 million.
Source: BTA (30.09.2002)

The Privatization Agency announced the following sales, concluded in the period June-August 2002: 4. Water Power Station “Cherni Osam”, a detached part of NEC - SPJSC, Sofia, – sold to "Cablecommerce" Ltd. for BGN 4 550 000, payable as follows: 50% of the price - cash on the day of the contract signing, 50% of the price – cash within 15 calendar days as from the date of the contract signing. 7. Water Power Station"Koprinka" and WPS "Stara Zagora", parts of the "Koprinka" cascade, detached parts of NEC, Sofia – sold to "Energo-Pro-Bulgaria" for BGN 16 200 000, payable as follows: 50% of the price - cash on the day of the contract signing, 50% of the price – cash within 20 calendar days as from the date of the contract signing.
Source: State Gazette (01.10.2002)

The debts of Madara JSC at the moment are calculated to BGN 14 million, as about BGN 5 million of them has been accumulated during the last three years sine the company was purchased by SFK Ltd., Svishtov. The biggest debt of the company is to Regional Social Insurance Office. The owner of Madara JSC owes more than BGN 1 million for social securities of more than 500 employees The debts of the company to NEC are in amount of BGN 800 000. The same is the amount that Madara JSC owes for salaries of the employees.
Source: Pari (08.10.2002)

Vratza-based fertilizers' plant Chimko will stop working if by the end of the year the Dovernment does not reduce the price of the natural gas. At the moment the price of 1000 cubic metres is BGN 280 and the last reduce of the prices is with BGN 6 as of the end of September. Meanwhile Chimko can be declared in insolvency at any time since its debts to NEC and Bulgargas have not been still paid. The major owner of the plant - the Cyprus company A.V.S.T. Trading Limited is ready to declare the decapitalized company in insolvency and to close the plant. This year Chimko worked only 45 days.
Source: Dnevnik (09.10.2002)

AES is searching for partners for the its share of the financing of the new capacities in TPS Maritza Iztok 1 and Entergy - for the modernization of TPS Maritza Iztok 3, announced the Minister of energy Mr. Milko Kovachev. The American companies are trying to lower the risk in the execution of the two biggest energetic projects in Bulgaria. The value of the projects is USD 1.5 billion. Both companies will participate with 25 per cent own finances and 75 - attracted capital.
Source: Dnevnik (09.10.2002)

Supervisory Board of PA approved the contract for sale of HPS Zhrebchevo with Petrol JSC, Sofia. The price of the deal is BGN 5.4 million and will be paid entirely in cash - 50 per cent on the day of signing of the contract and the rest - by 15 calendar days. The future owner is obliged not to change the functual and technologic use of the HPS by the term of the equipment validity. The object also has to provide the necessary quantity of water for home and agricultural needs.
Source: Dnevnik (09.10.2002)

DELOITTE&TOUCHE Bulgaria is working in cooperation with the Ministry of Finance on the project of PHARE programme for isolation and reconstruction of state-owned companies which is the biggest project of EU of this kind. Among the biggest clients of the company in the State are UBB, Bulgargas, DZI, Glavbolgarstroy, Naftex, Rosexim, EIBank, Municipal bank, Solvay, BDZ, NEC.
Source: Pari (17.10.2002)

The Parliament accepted the report for privatization in the period January 1 - June 30, 2002, submitted by the Supervisory Board of PA. For the period were realized 68 privatization deals and 51 of them for stake of shares and 17 - for self-contained parts. The are also executed 150 sales of shares and stakes of shares of yet privatized companies. With them the total number of the sales becomes 218, according to data of PA. The concluded payments on deals of PA with foreign investors are BGN 59.678 million and the amount of the concluded investments - BGN 26.987 million.
Source: Dnevnik (18.10.2002)

The first Bulgarian rating agency will make its credit ratings and will evaluate the risk of legal entities and different sorts of debts. The Agency was established on September 17 with the partnership of Bulgarian Export Insurance Company, was reported from the press-centre of the Ministry of Economy. It is expected that the main partners of the Agency will be big creditors such as NEC, Bulgargas, as well as Chief Tax Administration, State Receivables Agency and all trade banks in the country. The establishment of Bulgarian Rating Agency JSC is a part of the strategy for development of the capital markets and improvement of the business environment in Bulgaria.
Source: BTA (18.10.2002)

The newly established joint company Prometeus gas in which participates NEC and the Greek company Kapeluzos gas, will provide the sale of electricity in Greece, announced the Deputy Minister of Energetics and Energy Resources Mr. Angel Minev. The company was registered few days ago. Only a licensed company which has manufacture on the territory of Greece has the right to export electricity for the country. At the moment Bulgaria is not exporting electricity in Greece because during the autumn the consumption is very low and the country satisfies its demands for electricity by its own sources.
Source: BTA (23.10.2002)

Only nine companies have filed by a this moment applications in NEC to use the so called week-end price tariff of the electricity , announced the Executive Director of the company Mr. Vasil Anastasov. Among these nine companies are Stomana, Biovet, Maritza-Iztok mines. If the companies manage to conclude the contracts they will pay between 4-11 per cent cheaper electricity as of November 1. This tariff may use only the companies which has an annual consumption of more than 50 million kilowatt hours and has no debts to the electricity-distribution companies.
Source: Sega (23.10.2002)

NEC works at a loss in the sale of electricity over the second quarter of 2002, announced the Executive Director of the company Mr. Vasil Anastasov. The reason for the negative financial result is that the company sells the electricity under its value to the electricity-distribution companies. Mr. Anastasov explained that the losses of NEC on the domestic market are compensated by the export of electricity. According to the Executive Director the export of electricity over the ninth months of the year is with 400 000 kilowatt hours less as compared to same period of 2001. The total amount of the export has declined with 5 per cent as the export for Turkey has dropped with 8 per cent.
Source: Monitor (23.10.2002)

It is expected State Claims Agency to free the distraint on the assets of Kremikovtzi if are paid the old debts of the plant before the privatization, announced the Deputy Minister of Economy Mr. Nikola Yankov. The commission that coordinates the relations of Kremikovtzi with the state creditors has already submitted an offering in the Council of Ministers the debts of BGN 140 million before the privatization to be paid.
Source: Pari (24.10.2002)

State will require the insolvency of Vratza-based fertlizer plant Chimko. Today will be held a meeting between the management of the plant and representatives of the Ministry of Economy at which will be discussed the measure. There has to be made something for the solution of this problem since Chimko can't pay the debts to Bulgargas, said the Deputy Minister of Energetics Mr. Ilko Yotzev. He also said that are made last analyzes about the alternatives for paying the debts. Mr. Yotzev also specified that the two companies - Bulgargas and NEC may require the insolvency of the fertilizers' plant. The accounts for unpaid electricity are BGN 31 million and the debt to the gas monopolist is BGN 60 million.
Source: Dnevnik (28.10.2002)

The protests of the workers from Vratza-based plant Chimko will be turned into civil disobidience. They insist on taking concrete measures for saving the plant and to get their salaries. There will be a meeting of the Board of Management in the afternoon but it is not expected to be declared a procedure of insolvency. If the Board of Management do not submit the claim for declaration of a procedure of insolvency in the Court, the workers will block the railroad to Sofia.
Source: Dnevnik (31.10.2002)

Eleven companies concluded contracts for using the cheaper tariff for electricity on Saturdays and Sundays, announced the Executive Director of the National Electricity Distribution Company Mr. Vasil Atanasov in front of the Energetics Commission of the Parliament. Since Friday NEC will lower the prices of the electricity for the big consumers with about 8 per cent. Among the companies which use the cheaper tariff are Stomana Industry - Pernik, Maritza Iztok Mines, Asarel, Biovet and Umicore. It is expected that Balkanpharma, Amilum and LUKoil -Neftochim will also use the new tariff .
Source: Dnevnik (01.11.2002)

According to Mr. Valentin Zahariev, Executive Director of Kremikovtzi JSC by June the plant had accumulated losses in amount of BGN 13 million. Since then the financial result of the company is positive and it is expected that it will report a profit in amount of at least BGN 20 million in the end of the year. At the moment the main part of the debts of plant are to the Sate and the state companies. Kremikovtzi JSC has a debt in amount of about BGN 52 million to NEC, but it had concluded a contract for the sale of a sub-station at a value of BGN 6 million. NEC does not agree to buy the sub-station because the State Receivables Agency has not blocked the property of the company and the electricity company is not sure if it will not be takes after it pays the price on the contract. Besides there is a contact for the delivery of electricity-distribution equipment to NEC. Thus the real amount of the debts of Kremikovtzi to NEC will be reduced to about BGN 32 million. The company has a debt of about BGN 20 million to Bulgargas JSC and another BGN 37 million to the National Social Securities Institute. These are the main debts of the metallurgic plant in total amount of about BGN 90 million. Since the company has restored its activity it had received no money for tax credits and all of its incomes were used for the payment of old debts. According to Mr. Zahariev the so called hidden debts are in amount of BGN 280 million. About BGN 170 of them are interests and unpaid duties for the period 1991-1998. The management of the metallurgic plant demands these debts to be remitted. Meanwhile Bulgarian State Railways intends to raise the fees for the transportation of the production of Kremikovtzi with about 45 per cent. The railways company has broken the contract with Kremikovtzi on September 29.
Source: Capital (04.11.2002)

It is expected that until the end of this year Enetergy will choose a partner for the project for rehabilitation and modernisation of the TEPS “Maritza-East 3”. The cost of the project is about USD 470 mln. For its implementation a contract was signed in June 2001 between Entergy and NEC. “Maritza-East 3” is 51 % owned by Entergy, the other 49% - by NEC.
Source: Dnevnik (11.11.2002)

The company ARA - Blagoevgrad with Manager Mr. Dimitar Danchov will build a HPS on river Oshtavska - Pirin mountain. The required for use water is a half cubic per second.
Source: Struma - Blagoevgrad (11.11.2002)

Managers, experts, representatives of state institutions and trade-union discussed today the declaring in insolvency of Chimco JSC, Vratza and the reconstruction programme of the fertilizers factory. The major creditors of the company - Bulgargas and NEC have already prepared the documentary for the procedure for insolvency. Chimco owes to these companies debts in amount of BGN 100 million, announced the representative of the gas-company Mr. Dimitar Gogov. According to the experts' analysis, prepared by the former Executive Director of the fertilizers factory Mr. Kiril Petkov the company is decapitalized, it has enormous debts (BGN 135 600 000) and is not able to pay the interests over its debts and to use the needed for the manufacture finances.
Source: BTA (19.11.2002)

In TEREM-Turgovishte is expected to arrive the newly appointed manager of the company Mr. Peter Kazandjiev. In Turgovishte there is a rumor that he will bring the news for an order for 10-20 new BTR machines. If this rumor is true the social tension will be lowered. There was a risk that the electricity-supply for TEREMwill be cut, because the company has debts in amount of BGN 70 000 to NEC. The munitions factory reached an agreement with Electricitydistribution - Turgovishte for the rescheduling of the payment of the debts.
Source: Sega (19.11.2002)

The electricity of the company BEST Tecnica, Radomir is stopped. The company gets electricity from a sub-station that gives electricity to 10 companies from Radomir metals system. BEST Tecnica uses only 5 per cent of the electricity and does not have debts to NEC but pays the electricity to Radomir metals that have to pay their debts to NEC.
Source: Pari (19.11.2002)

The Privatization Agency announced the deals concluded in October 2002 under the Privatization and Post-privatization Control Law: I. Major sales 1. Bulgarkontrola SPJSC – Sofia – 100 per cent of the capital were sold to Mayak - Control LTD - Sofia for BGN 3,700,000 2. Agrocomplect SPJSC – Sofia – 100 per cent of the capital were sold Rena Bulgaria SPLTD – Sofia for BGN 9,510,999 3. Byalales SPLTD – Byala – 100 per cent of the capital were sold to SFK - V. Simeonov SPLTD – Svishtov for BGN 310,000 4. Factory for Steel Constructions and Products LTD - Svishtov – 97 per cent of the capital were sold to Molimen-consult JSC – Sofia for BGN 5,900,000 5. 90 per cent of the capital of Incoms - Telecom Holding JSC - Sofia, 40 per cent of the capital of Incoms-Iret SPJSC - Sofia, 29 per cent of the capital of Incoms – Set – JSC, Rousse, and 40 per cent of the capital of Incoms-Bitova tehnika JSC – Sofia were sold to CSI Handels und Beteiligungs GSMBH, Vienna, Austria, for BGN 9,000,000 II. Other deals 1. Airclub - Dobrich, a self-detached part of Vointeh SPLTD - Sofia – was sold to Bask Air JSC - Varna for BGN 84,000 2. HPP Zhrebchevo, a self-detached part of National Electricity Distribution Company SPJSC - Sofia was sold to Petrol JSC - Sofia for BGN 5,400,000 III. Deals fore the sale of residual shares 1. Yambol-Commerce SPLTD - Yambol - 1,31 per cent of the capital were sold to Stokovo tarzhishte JSC for USD 5590.05 2. Diskovi zapametyavashti ustroistva (DZU) JSC - Stara Zagora – 18,122 shares of the capital were sold to Videoton Holding JSC for USD 1090 IV. Other deals Atelie 3, a self detached part Televizionni i radioservicesi JSC - Sofia – were sold to Vladimir Vetsev – Zora ST, Blagoevgrad for BGN 7932
Source: State Gazette (26.11.2002)

The management of Chimco JSC, Vratza has sent a claim in National Electricity Company at value of BGN 123 million for the debts for rent of the equipment of the fertilizers factory, announced the Chairman of the Managing Board of the factory Mr. Nikolay Vuzev. The claim concerns the open area distributors, property of Chimco. According to Mr. Vuzev this is a step for protecting the property and the interests of the chemical factory
Source: Dnevnik (27.11.2002)

National Electric Company submitted a claim in Vratza District Court for declaration in insolvency of Chimko, was reported from the company. The claim is because of the debts of the plant to NEC in amount of BGN 33.4 million. By two or three days Bulgargas also will submit a claim for bankruptcy of the plant, also because of debts in amount of BGN 75 million. NEC rejected the the statement of Chimko for having debts to the plant for BGN 123 million for rent of equipments.
Source: Monitor (28.11.2002)

Eighty construction companies from Pleven will register trade company, which will apply for participation in the construction of NPS Belene and the other projects in the region, announced Eng. Rumen Yankov - one of the initiators for the establishment of the company. It is not clear yet if the principle for participation in the management of the company will be based on quota, as well as the amount of the installments.
Source: Dnevnik (02.12.2002)

Vratza District Court announced its decision that Chimco JSC is not decapitalized and its material assets are more than its liabilities. This decision is not connected to the claim of NEC for declaring in insolvency of the company, was reported from the press-centre of the electricity company. NEC applied another claim for declaring in insolvency of the company on November 27. With its decision as from November 28 Vratza District Court has satisfied all demands of NEC by ordering a syndic to be appointed, the ceasing of all cases against the property of the factory with the exception of the cases for state receivables.
Source: BTA (04.12.2002)

Bulgargas wanted the declaration of chimko in insolvency because of debts of BGN 69.6 million. In the end of November, this year NEC also initiated a claim against the plant for BGN 33.4 million.
Source: Trud (05.12.2002)

PA declared public open-bid tenders for the sale of HPS Sini vir and 100 per cent of the capital of Fenix Bdin SP Ltd. - Vidin. The initial price for the station is BGN 150 000 and the step of bidding - BGN 15 000. The initial price for the second company is BGN 40 000 and the step is BGN 4 000.
Source: Dnevnik (10.12.2002)

Vratza District Court stopped the insolvency procedure for Chimko JSC. The Court accepted that at this stage there are not receivables since there appeared complicated obligation relations between the sides. The case for declaration of Chimko in insolvency was initiated by request of NEC with a claim for BGN 33.4 million and of Bulgargas whose claim is for BGN 69.6 million.
Source: Pari (13.12.2002)

Two hydro stations from Dospat-Vucha cascade will be renewed against EUR 17.3 million, according to a contract between NEC and the companies ALSTOM Power and VOITH Siemens Hydro. One of the stations is SHPS Orfei and the other HPS Krichim. The two stations use water of Vucha river. The deadline for their renew is 3 years. It is envisaged a change of the whole equipment. The loan is provided by the executors of the project. The credit is guaranteed by the Austrian Control Bank.
Source: Sega (14.12.2002)

Ten companies will negotiate terms and prices for the delivery of electrcity with the producers as from July 2003, announced the Chairman of the State Energetics Regulation Commission Mr Konstantin at the presentation of the Development of the enrgetics over 2002. The following companies will conclude direct contracts - Lukoil Neftochim, Mariza Iztok mines, Stomana, KCM, Umicore, Devnya Cement, Agropolichim, Neochim, Elatzite medet and Asarel medet. They have annual consmption of more than 100 gigawatt hours and have no debts to NEC, as it is planned in the deecree for the privileged clients. The direct contract with the power stations will lead to reducing of the prices of the electicity. The State Commission rejected to Kremikovtzi, State Railroads and Chimco to use these priveleges, because they have debts to NEC.
Source: Dnevnik (18.12.2002)

The prices of electricity and heating will increase respectively with 15 per cent and 10 per cent as of July, 2003, according to the schedule for this year, said Mr. Konstantin Shushulov who is Director of the State Energetics Regulation Commission. The price of gas that is regulated at every three months, won't change by the end of March, 2003.
Source: Duma (18.12.2002)

The project for rehabilitation and exploitation of the blocks of TPS Maritza-iztok by the US company Entergy started after almost 7-year negotiations. In London were endorsed the financial agreements between the joint-venture NEC-Entergy and European Bank for Reconstruction and Development, Societe Generalle and Credit Agricol.
Source: Sega (20.12.2002)

The management of National Electricity Company expects an accountant profit of BGN 160-170 million as for 2002, .The expected amount of the export of electricity over the year is about 6.3 billion kilowatt hours, announced at a press-conference the Executive Director of the company Mr. Vasil Anastasov. The profit of NEC for the year is with about BGN 70 million less as compared to the previous year, when its amount was BGN 247 million. According to Mr. Anastasov the drop in the profit is due to the change of some price levels and the increasing of the expenditures of NEC for transportation of the processed nuclear fuel.
Source: BTA (28.12.2002)