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BEIS
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Press Digest
Press digest - year 2003
 | The preliminary preparation on the project for renew of TPS Maritza iztok 3 will finish by February 23, announced the Chief Executive Director of NEC Mr. Vassil Anastasov. The execution of the project will start in the spring of this year, added he. The joint-venture between the American energy company Entergy and NEC endorsed the financial agreement with the leading creditors of the project - European Bank for Reconstruction and Development, Societe Generalle and Credit in the end of December 2002. It is expected in the project to be also included prime Bulgarian banks. Source: Monitor (06.01.2003) |
| | A consortium between First Financial Brokerage House JSC and Fina - S JSC won the competition for an investment intermediary for the Energetics pull, was reported from PA. The contract will be adopted by the Supervisory Board of the Agency and will be efficient for six months. The consortium will sell on the Stock Exchange for Compesatory Vouchers shares of the Energoremont holding SPJSC, Sofia, Energoremont - Rousse JSC, Rousse, Energoremont - Bobovdol JSC, Bobovdol, Energoremont - Varna JSC, Varna, TPS Marista 3 SPJSC, Dimitrovgrad, Sofia Film JSC, Sofia and Bulgarian River Navigation SPJSC, Rousse. Source: Dnevnik (06.01.2003) |
| | The electricity produced by Maritsa Iztok 3 thermal power plant (TPP) and Kozloduy nuclear power plant will be sold on the regulated market only, the State Energy Regulation Commission (SERC) said. The regulatory body also reminded that from July 1 the large consumers will be able to freely negotiate the prices of electricity supplies with producers. A request has been already submitted by Maritsa Iztok Mines. The freed power that will not be bought out by the National Electric Company has also been determined. It is as follows: 900,000 KWH from Maritsa Iztok 2 TPP; 760,000 KWH from Varna TPP; 370,000 from Bobov Dol TPP; 80,000 KWH from Rousse TPP, unit 4; and 60,000 KWH from Maritsa 3 TPP. SERC has also prepared a monthly schedule of the maximum quantities that can be negotiated directly by the power plants by the end of the year. All other independent power producers will be able to negotiate the whole amount of electricity generated by them directly with privileged consumers. By the end of the year this is expected to help liberalise some 10% of the electricity market. Experts reminded that in order for the process to be launched, the new Energy Act should be specified by experts first. Source: Pari (08.01.2003) |
| | The documents of the energetic-repair companies in Ruse and Bobov dol and TPS Maritza 3 have already been submitted in the State Security Commission, was reported from the Ministry of Energetics. Stakes of shares of 49 per cent per each company are offered for sale against Compesatory Vouchers in the frames of Energetika pull. PA even in December, 2002 selected brokers for sale of the shares - First FBC and Fina-S. They have to cope with the task by June 2003. Source: Dnevnik (31.01.2003) |
| | The state-owned share in Sofia film proved to be 2.39 per cent from the capital when its shares were registered in the register of the Central depository over the last week. The papers of the Ministry of Economy are included in the frames of Energetics pull together with minor stakes of 4 energetics repair companies, TPS Maritza 3, Dimitrovgrad and Bulgarian River Navigation. Source: Dnevnik (04.02.2003) |
| | State Securities Commission will review during the next Wednesday the announcement of TPS Maritza 3 for registration as a public company, announced the Chairman of the Commission Mrs. Bistra Ilkova. The Commission intends to discuss and enter in the register of the public company the subsidiary companies of Energoremont in Varna, Rousse and Bobov dol. Source: Dnevnik (14.02.2003) |
| | State Securities Commission returned for reviewing the prospect for public offering of the securities of Energoremont holding, Energoremont-Bobovdol, Energoremont-Rousse, Energoremont-Varna and TPS Maritza 3. These five companies are included in Energetics pull. 49 per cent of their capital will be launched for sale on the Stock Exchange. Source: Pari (21.02.2003) |
| | On February 27 in London will be concluded an agreement with the Italian company Enel, which will become a strategy partner in the project of the American company Entergy for the modernisation of TPS Maritza Iztok 3, became clear after the meeting of the Minister of Energetics Mr. Milko Kovachev with representatives of Enel yesterday. The Italian company promised to enter the project with an investment in amount of USD 470 million. Source: Monitor (24.02.2003) |
| | Maritza-iztok mines SP JSC, Stomana industry, KZM-Plovdiv, Assarel-Medet, Elatzite Med, Umicore Med, Devnia tzument JSC, LUKoil-Neftochim-Burgas, Agropolichim and Neochim have now a statute of privileged consumers of 100 million kWh. Per year and are without debts to NEC SP JSC. On December 17 was decided initially 9 per cent of the stations' capacities:: TPS Maritza-iztok 2, TPS Varna, TPS Bobovdol, TPS Russe - bl. 4, and TPS Maritza 3. Over the last 6 months of 2003 will be freed more capacities of these stations. The ponit is to reach 18 per cent. Source: Pari (25.02.2003) |
| | The European Bank for Reconstruction and Development will grant EUR 112 million as a part of the loan at total value of EUR 348 million which is needed for the reconstruction of TPS Maritza Iztok 3. The investor in the project is the joint venture between NEC and the American company Entergy. Part of the loan will be covered by the Bulgarian Financial institutions Bulbank, United Bulgarian Bank, Biochim and SG Erxpressbank. Source: Dnevnik (04.03.2003) |
| | The Italian investor Enel Produkcione acquired 60 per cent from the American share in the joint-venture company Energy company Maritza Iztok 3, created for the realization of the project of the same name. The joint-venture company was a property of the Bulgarian National Electric Company and the American giant Entergy through its subsidiary Entergy Power Holding Maritza. The Italian company promised to pay between EUR 110 and 140 million. The memorandum for agreement between the President of Enel Mr. Nujdi and the Executive Director of NEC Mr. Vasil Atanassov was signed yesterday. Source: Duma (06.03.2003) |
| | As of July 1, there will consumers with privileges on the electricity market in Bulgaria. These are the companies which consume over 1001 mln. Kilowatt/hours annually. They will have the right to purchase electricity directly from the producers. Among these companies are Maritza Iztok mines, Stomana Pernik, Asarel Medet, Umicore med, Agropolichim, Neochim, Devnya cement, Lukoil Neftpochim, Elatzite, Non-ferrous metals complex. 9 per cent of the annual capacity of TPS Maritza Iztok 2, TPS Bobovdol, TPS Rousse and TPS Maritza Iztok 3 were will be used for this purpose. State Energetics Commission announced that the privileged consumers will be able to apply for the purchase of electricity. Source: 24 chasa (28.03.2003) |
| | Energoremont - Bobov dol JSC is registered as a public company. The whole issue of 98 868 shares are also registered. Source: FSC (03.04.2003) |
| | he project for modernisation of the Maritsa Iztok 3 Thermal Power Plant /TPP/ was finally launched yesterday. The ceremony was attended by Prime Minister Simeon Saxe Coburg-Gotha, Vice Premier Nikolay Vassilev, National Electric Company CEO Vasil Anastasov and senior managers of Enel and Entergy. Clauses in the contract for co-financing of the modernisation works, which was signed between Enel and Entergy, provide for Enel's changing its equity participation in the joint venture, Mr. Andrea Brenton of Enel Produzione said. This is aimed at providing more flexible management, he added. The project will be carried out by Maritsa Iztok 3 Energy Company, a joint venture between Bulgaria's NEC /27 per cent/, Enel /44 per cent/ and Entergy /29 per cent /. The project costs are estimated at EUR 600 million, the project financing amounts to EUR 348 million, which will be provided by Entergy and Enel and 10 European and Bulgarian banks. The European Bank for Reconstruction and Development extends EUR 112.1 million; France's Credit Agricole and Societe Generale, Italy's Midiocredito and Austria's Bank Austria Creditanstalt provide EUR 140.7 million; the Black-Sea Bank for Trade and Development extends EUR 20 million. Bulgaria's Bulbank, United Bulgarian Bank, Biochim and SG Express also participate in the financing with a total of EUR 75 million. The International Investment Guarantee Agency /MIGA/ provides political risk insurance to the foreign banks. Source: Pari (10.04.2003) |
| | " "", . , . . " ", " 3" - , , . , . 49% , , 25 . . " " " " , . . 1 . " " . 35% , , , , , , . Source: Dnevnik (15.04.2003) |
| | In the beginning of next week will start the offering of the first stakes of shares from Energetics pool. The Board of Directors of BSE-Sofia registered for trade at the non-official market the issues of four from the seven companies in the pool TPS Maritza 3 Dimitrovgrad, Energoremont holding and the subsidiary energetic-repair companies in Russe and Bobov dol. Meanwhile BSE admitted to the privatization exchange market only TPS Maritza 3 and defined April 21 for a date of the first auction. The initial price is fixed at BGN 1080 face value of the Compesatory Vouchers. Source: Pari (17.04.2003) |
| | TPS Maritza 3 calls an auction for sale of lang-term tangible assets (hot-house). Source: State Gazette (18.04.2003) |
| | Today on the Stock Exchange were launched for sale 49 per cent of the capital of another three companies from Energetics pull. The companies are Energoremont Holding, Energoremont - Rousse and Energoremont Varna. The stakes will be trade for Compesatory Vouchers. The deadline for participation in the sale of the shares is June 19. The shares will be traded one buy one, therefore it is expected that the minority investors will also be interested in the auction Source: Monitor (29.04.2003) |
| | The selling price of 49 per cent from the capital of Dimitrovgrad-based TPS Maritza 3 increased more than two times over the minimum when the buyer won with the offer of BGN 26 033 000, paid in Compesatory Vouchers. The winner in the bidding is First Investment Bank (FIB) that took part on own account. Fina S was the competitor and offered the minimum price of BGN 250 per share at the offer of FIB of BGN 567 per share. Source: Dnevnik (29.04.2003) |
| | First Investment Bank JSC has gained 49 per cent of the capital of TPS Maritza 3 SPJSC. Source: Central Depository (13.05.2003) |
| | First Investment bank JSC has has sold its stake in amount of 49 per cent of the capital of TPS Maritza 3 SPJSC. Source: Central Depository (20.05.2003) |
| | Topgroup SPLtd has gained 49 per cent of the capital of TPS Maritza 3 SPJSC. Source: Central Depository (20.05.2003) |
| | The Council of Ministers accepted 2 decrees for the electric energetics and for the natural gas. According to the decree for the electric energetics all consumers with over 100 million kw/h annual consumption has to be able to conclude contracts with independent producers in the State in 2003. In this way are guaranteed 18.9 per cent opening of the domestic market. For the time being is expected at the free market to be sold a part of the electricity of TPS Maritza iztok 2, of TPS Maritza 3, of TPS Bobov dol and of TPS Varna. In the near future will be also included NPS Kozlodui but first it has to start to pay the loans for the modernization of V and VI block and to stop to threaten the competition with antidumping prices. The companies that respond to the requirements for the statute of privileged consumers are Maritza iztok mines, Stomana industry, KZM, Assarel medet, Elatzite med, Umicore med, Devnia tziment, LUKoil-Neftochim, Burgas, Agropolichim and Neochim. The fact that these producers have a consumption over 100 million kw/h per year and are financially stable is sufficient proof that they wont allow anybody to make a market liberalization on their account. It is not surprising that they are disappointed from the offer even before the negotiations. Deregulation of the electric energetics market is in accordance with the contemporary world trends for stop of the monopoly in the energy deliveries but at the scheme which is developed, the consumer is forced to take a quite high risk, according to Mr. Anton Petrov who is representative of Bulgaria for Viohalco the Greek concern that is major owner in Stomana industry. Source: Pari (10.06.2003) |
| | The companies, which satisfy the requirements for privileged consumers of electricity in accordance with the new energetics strategy, adopted by the Parliament in the middle of 2002, are Maritza Iztok mines, Stomana industry, KZM, Asarel Medet, Elatzite med, Umicore med, Devnya cement, LUKoil-Neftochim Bourgas, Agropolichim and Neochim. The fact that these companies have electricity consumption of over 100 million kilowatt hours annually and are financially stabile should be sufficient evidence that they will not allow someone to liberalize the market for their extent. It is not a surprise that before they had the opportunity to negotiate directly for a purchase of electricity with the thermal power stations, they were already disappointed by the offer. The deregulation of the energetics sector is in accordance with the modern trends for lowering the monopoly in the branch, but the sheme which is used in Bulgaria forces the consumer to take an extraordinary risk, is the opinion of the representative of Viohalco group for Bulgaria Mr. Anton Petrov. Source: Pari (10.06.2003) |
| | Several banks have approached the European Bank for reconstruction and Development with the intentions to purchase its share in the project for modernization of TPS Maritza Iztok 3, announced the Minister of Energetics mr. Milko Kovachev. The Minister was on a visit in London for the meeting of the donors of the International Fund for putting NPS Kozloduy out of exploitation During April the American company Entergy and the Italian Enel produkcion initiated the reconstruction of the station. The value of the project was EUR 580 million. The Bank for Reconstruction and Development granted a credit of EUR 112 million for its execution. In the financing of the project participated Societe Generale, Credi Agricole, Black Sea Bank for Reconstruction and Development, Bulbank, United Bulgarian Bank, Biochim and SG Express bank as well. Source: Dnevnik (26.06.2003) |
| | The stock exchange privatization of the energy companies started on April 21 with closed auction for 49 per cent of TPS Maritza-iztok 3, the biggest part of pool Energetics. The pool also included 49 per cent of Energoremont Holding, as well as minor stakes from the energy repair enterprises in Varna, Ruse and Bobovdol. The Ministry of Energy and Energy Resource will demand PA to accelerate the sale of the remaining state shares from the privatized energy companies. The practice from the last 14 years proved that the state suffers losses from its remaining shares. Source: Pari (08.07.2003) |
| | If the parliament does not adopt the strategy for the privatization of the electricity distribution companies by the end of September their sale will probably be postponed for 2004. The other reason for the postponement is the lack of interest from the leading companies from the branch, is the prognosis of the experts from Bulenergo. According to the preliminary plans the privatization of the electricity-distribution companies in three stakes had to be finalized by the end of 2003. Among the potential investors are German, French, Italian, American and Russian companies. Source: Monitor (14.08.2003) |
| | 51 per cent of the shares of the Pleven-based company Oil and Gas Exploration and Production will be sold through the exchange. This decision was made by PA after the successful privatization of 49 per cent from the companys shares against restitution bonds. The institution announced competition for selection of investment mediator in the deal. The major stake will be sold against cash. Golden sands and Energetica II will also be privatized through the exchange. Source: Standart (25.08.2003) |
| | Bulgaria exports 30-40% more electricity than for the same period last year, announced the minister of energy and energy resources Mr. Milko Kovachev. According to him the country is a mainstay of the regional energy market. All the neighboring countries are experiencing difficulties because of the dry weather and Bulgaria was able to satisfy to a great extend the additional demand. Maritsa-east has not be working that extensively for a long time, said the Minister. The complex works at 1300-1400 MW load, which is a record for the last years. Source: Dnevnik (01.09.2003) |
| | Five investment brokers bought documents for the privatization of Energetika 2 pool against cash, was reported from PA. The offers will be submitted within September 8 and the winner in the competition will sell the stakes on the stock exchange. It is not clear for the time being whether the broker will offer all of the shares or only in parts. The stakes that will be privatized in the frames of the pool are 50.01 per cent from the capital of TPS Maritza, 50.99 per cent from Energoremont holding, 39.99 per cent from Energoremont Bobov dol and per 16 per cent from the energetics-repair companies in Russe and Varna. Practically all of the stakes are major since the holding hold per 35 per cent from the shares of its subsidiaries. Source: Dnevnik (04.09.2003) |
| | The Haskovo District Court registered changes for TPS Marotza 3: erases Lilia Vladimirova Tzvetkova as member of the Board of Directors, registers Kolyo Ivanov Kolev as a member of the Board of Directors, registered as Chairperson of the Board Tzvetana Georgieva Bunkova. Source: State Gazette (05.09.2003) |
| | The return of the EDP companies after the go provate will be about 12 % was announced by the state commission on energy regulation. At present the Ministry of Energy and Energy Resources and the consultant on the privatization BNP Paribas are discussing returns higher than the present one (9%) and lower than the one determined on the investment of Entergy and Enel in Maritza East 3 - 17%. Source: Pari (11.09.2003) |
| | Privatization Agency elected Fina-S JSC, Sofia for an investment intermediary for the sale at an auction with public offering of the shares of five companies from Energetics 2 pool. Fina-S JSC will be investment intermediary for the sale of the shares from the capital of the following companies 50.01 per cent of the capital of TPS Maritza Iztok 3 JSC, Dimitrovgrad, 40 per cent of the capital of Energoremont-Bobov dol JSC, Golemo selo, , 51 per cent of the capital of Energoremont holding JSC, Sofia, 16 per cent of the capital of Energoremont Russe JSC, Russe, 16 per cent of the capital of Energoremont Varna JSC, Varna. The shares of the companies will be sold on Privatization segment for privatization with compensatory instruments of Privatization market at then Bulgarian Stock Exchanges Sofia. Source: BTA (16.09.2003) |
| | The Parliament ratified the Convention on trans-border pollution, according to which Bulgaria is obliged to terminate the production and sale of leaded gasoline. Petrol stations will be forbidden to sell leaded gasoline as of the beginning of next year. Monitoring of the emissions of lead, mercury and cadmium given off by the enterprises for processing of ferrous and non-ferrous metals and thermal stations, using coal and the oil refineries will be performed. Source: Pari (30.09.2003) |
| | The French bank Societe Generale may repeat its participation in TPS Maritza Iztok 3 and in the modernization of TPS Maritza Iztok 2. This was announced by the bank's Executive Director Mr. Philippe Cittern. In the end of last week, he had a meeting with President George Parvanov and Deputy Prime Minister Lydia Shuleva. " We are not able to invest, but we may consult a Bulgarian or a foreign company", Mr. Cittern explained. According to him, the relationship between Societe Generale and NEC over the past 18 months have been encouraging. It's up to the Bulgarian authorities to decide whether the bank is going to participate in other infrastructure projects as well. Source: Dnevnik (06.10.2003) |
| | The Manager of TPS Maritza Iztok 3 Mr. Penko Penkov has been dismissed from his position. The official motive is that his post is closed.Mr. Michael Foster remains Executive Director of the company. The Bulgarian side is already represented in the company's Board by only one person. Source: 24 chasa (06.10.2003) |
| | 45 913 shares, or 49% of the capital of TPS Maritza 3 went private at the stock exchange against compensatory vouchers. The shares were bought by First Investment Bank at a single lot amounting to BGN 26,033 million denominated in compensatory vouchers, which is BGN 567.01 . face value per share or approximately BGN 130. Later, on the block segment of the stock exchange the same lot was bought by Topgroups, Sofia at a prive of BGN 145.95 per share. The state which now owns 51 % of the share capital of the TPS plans to sell on the stock exchange another 50.01% of its shares. This is the first TPS to go private. At present 100% of the revenues of the TPS come from sells of electricity. The revenues have been quite unstable mainly due to frequent repair periods. About 50 % of the costs are spent on raw materials. Another big portion of the expenses goes to buying services again due to the repairs. Source: Cash (17.10.2003) |
| | Pleven BT reported a growth in the profit for the first nine months of the year in amount of 178 per cent. The company reported a profit in amount of BGN 640 000. The profit of the company as of the first half of the year was in amount of BGN 403 000. The total amount of the profit of the company as of 2002 was BGN 484 000. The net incomes of the company showed a decline of 47 per cent, reaching BGN 8.753 million. The main reason for the drop is the decline in the stocks of raw materials and final production. Source: Pari (29.10.2003) |
| | The US company Entergy wants to sell its last working thermal power station in Europe Maritza Iztok 3, according to a Euromoney publication, dedicated to the companys new corporate strategy. Entergy and the Italian company Enel are rehabilitating the station as a part of a project costing EUR 580 million, which will extend its time of service with 15 years. According to the same publication, Entergy wants to sell TPS Maritza Iztok 3, as well as the rights on two other similar projects in Italy, for which, however, the US company still has no rights. The companys plans also include the sale of eight thermal power stations in USA, its 50 per cent share in a thermal power station near Chicago, as well as electric generators field, moved by the wind. According to Euromoney, the company has hired Deutsche bank as a consultant in these sales. Source: Dnevnik (29.10.2003) |
| | The American company Entergy wants to sell its last TPS still in operation in Europe Maritza East 3. This was announced by the Euromoney magazine in an article about the new corporate strategy of the company. Entergy and the Italian Enel rehabilitate the TPS and it is expected that this EUR 580 million project will prolong its life by 15 years. Source: Dnevnik (29.10.2003) |
| | Mr. Hristo Kovachki has already been a major owner of TPS Maritza 3. The possessed by him Sofia-based company Topgroup SP Ltd. bought 2 per cent from the capital of the station at the tender of BSE on November 12. This is the same company, which bought 49 per cent of the shares of the station in the spring. Mr. Kovachki paid on average BGN 189.97 per share. Generally, Maritza 3 is the first private TPS in the State. Source: Pari (14.11.2003) |
| | Bulgaria's Atomenergoremont board of directors summons an extraordinary general meeting January 7, which will approve the mortgaging of the company's real estate, fixed tangible assets and the commercial enterprise. That emerged from a publication in Monday's issue of the Official Gazette. The board of directors will be authorised to take the respective decisions and issue the orders. It is a standard procedure, Viktor Sokachev, spokesman of majority owner Hristo Kovachki, said. The mortgage on the property, assets and commercial enterprise is the security given to First Investment Bank in exchange for the credit it extended for the purchase of the company, Sokachev explained. Even before it emerged that Kovachki's Bulgarian Energy Company won the Privatisation Agency's tender for 70% of Atomenergoremont, the entrepreneur had signed a contract with the bank, according to which the latter would provide the credit and if the deal materialised, the new owner would mortgage the company as a collateral for the loan. The price of the deal amounted to BGN 15.630 million. A three-member panel of the Supreme Administrative Court decided on October 10 that the deal was illegal. The ruling was appealed before a five-member jury, hearings are scheduled for December 19, 2003. The remaining 30% of Atomenergoremont is still held by the state. The energy ministry said their representative would attend the general meeting. The principal of the company, however, has no blocking quota. First Investment Bank also financed Hristo Kovachki for the privatisation of 49% of Maritsa 3 thermal power plant through the stock exchange. Recently Kovachki acquired another 2% of the shares in the Dimitrovgrad-based power plant and became majority owner. Source: Pari (03.12.2003) |
| | New 4685 shares or 5 per cent from the capital of Maritza-iztok 3 were sold on Friday at the privatization segment of BSE-Sofia. The average price per share was BGN 32 and totally BGN 149 920 were paid for the sold papers. Source: Dnevnik (08.12.2003) |
| | The majority owner of Atomenergoremont, Chukurovo mine, Beli breg mine and TPS Maritza 3 Dimitrovgrad LM Impex SP Ltd. continues its activity as Lyulin-Orion JSC, Sofia. The change was made so that the new structure would unite more companies, was reported from the company. Source: Pari (08.12.2003) |
| | After 51% of Maritsa 3 of Dimitrovgrad was sold on the stock exchange to Top Group, the new owner suggested cutting the wages and the insurance income of the workers at the Bulgarian power plant to the minimum levels allowed. The independent energy trade union categorically objected to the decision and negotiations are currently held with the employer. Top Group explained the wages were being optimised to improve the economic results of the company. Owner of Top Group and Maritsa 3 is Hristo Kovachki. The businessman took the same wage reduction measures in the other enterprises he privatised: Atomenergoremont, the mines of Chukurovo, Beli Breg, etc. Maritsa 3 is one of the oldest thermal power plants in Bulgaria. It was built more than 50 years ago to service the works of Neochim and Vulkan. About a year ago the turbine was refurbished, which reduced the cost price of the energy generated to one of the lowest in this country. Source: Pari (12.12.2003) |
| | Draft SP Ltd, property of the Lichtenstein -registered Draft Aktiengeselshaft has gained 46.01 per cent of the capital of TPS Maritza-iztok 3, became clear from the bulletin of the central depository. The majority owner of the capital of company with 51 per cent is Topgroup SP Ltd, property of Mr. Hristo Kovachki. Source: Pari (16.12.2003) |
| | Draft SP Ltd, property of the Lichtenstein -registered Draft Aktiengeselshaft has gained 46.01 per cent of the capital of TPS Maritza-iztok 3, became clear from the bulletin of the central depository. The majority owner of the capital of company with 51 per cent is Topgroup SP Ltd, property of Mr. Hristo Kovachki. Source: Pari (16.12.2003) |
| | The managing board of TPS Maritza 3 convenes an extraordinary general shareholders' meeting on January 21, 2004. Source: State Gazette (16.12.2003) |
| | The US energy company AES confirmed its engagement under the project for building of a new 630 mW facility on the platform of TPS Maritza Iztok 1, Mr. Peter Barret, Executive Director of the project stated. According to the analysis, performed by the consultants from Goldman Sax, over the past year there has been a significant improvement in the companys financial state. As of July 30, the cash resources in the companys balance were in the amount of USD 1.7 billion, compared to USD 780 million in the end of 2002. USD 850 million direct investments should be made under the project Maritza Iztok 1. Source: Dnevnik (17.12.2003) |
| | The State Receiving Commission signed the written statement for the electric transmission network TPS Maritza Iztok 3 Alibeykyoi Turkey. This was announced by the Ministry of Energy and Energy Resources yesterday. The facility has a capacity of 800 mW and allows bigger electricity exports from Bulgaria to Turkey and vice versa. Source: Monitor (18.12.2003) |