Bulgarian troubled co Remotex-Radnevo gets EUR 10 mln deal Bulgarian troubled industrial machine repair company Remotex-Radnevo has received a BGN 20 million contract from state-owned mining company Mini Maritsa Iztok. No further details on the deal were provided in the report in newspaper Standart. Late in 2013 the economy ministry said it is considering acquiring a majority stake in Remotex-Radnevo in a move aimed to retain the workers and pay them their wages regularly. Remotex-Radnevo employs 561 and owed its workers some BGN 3.5 million in back wages by December.
Source: Standart (06.01.2014)

Bulgaria’s Mini Maritsa Iztok 2013 coal output at 25.5 mln tonnes Bulgarian mining company Mini Maritza Istok reported on Wednesday a coal output for 2013 of some 25.5 million tonnes of coal. These figures were 10% above the company’s projection of 23.1 million tonnes of coal for the year, Mini Maritsa Iztok said in a notice on its website without giving comparative figures for 2012. The company produced some 3.33 million tonnes of coal in December alone, which was its highest output for the respective period in the past 20 years. The tree mines of Mini Maritsa Iztok excavated and transported some 72 million cubic meters of earth in 2013, the company added.
Source: Monitor (09.01.2014)

Bulgarian TPP Maritsa East 2 produces 7.8 mln MWh in 2013 Bulgarian coal-fired thermal power plant (TPP) Maritsa East 2 said on Thursday its electricity output topped 7.8 million megawatt-hours (MWh) in 2013. In December alone, the TPP produced 1.0 million MWh of electricity, equal to the output for the entire second quarter of 2013, it said on its website. With an installed capacity of 1,600 megawatts, Maritsa East 2 is Bulgaria's largest TPP.(cross.bg)
Source: Other (10.01.2014)

Bulgaria’s Mini Maritsa Iztok to purchase excavators with financial resources from EBRD Mr Vince Novak from the European Bank for Reconstruction and Development (EBRD) and Stanimir Kazlachev, Executive Director of Bulgarian company Mini Maritsa Iztok have signed an agreement today. Bulgarian Minister of Economy and Energy Dragomir Stoynev said the agreement was highly important as it concerned the purchase of new excavators by Mini Maritsa Iztok.
Source: Agency Focus (20.01.2014)

CEO of Bulgaria's Maritsa Iztok Mines Replaced Georgi Zlatev has been appointed Chief Executive Officer of Bulgaria's largest coal mining company, the Maritsa Iztok Mines (Mini Maritsa Iztok EAD). Zlatev was appointed CEO of the state-owned company on Monday through a decision of the Bulgarian Energy Holding. The new CEO of the Maritsa Iztok Mines was previously chief executive of briquette producer Brikel of energy tycoon Hristo Kovachki, according to reports of investor.bg. In a Monday statement, Zlatev claimed that he did not know the reasons behind the decision to replace Stanimir Kazalachev, the previous CEO of the state-owned coal mining firm. Zlatev also made clear that he had been invited to become CEO of the Maritsa Iztok Mines by BEH. Asked to comment on proposed legal changes aimed at reducing the use of coal, he insisted that such a measure was impossible to implement in Bulgaria at the current stage. A few days ago Andon Andonov, MP from center-right party GERB (Citizens for European Development of Bulgaria), announced that the Maritsa Iztok Mines had to receive BGN 120 M from debtors. Several weeks ago, Bulgarian Economy and Energy Minister Dragomir Stoynev bragged about a record-high coal output in December, at 3.3 million tones. On Friday, a contract was signed with the European Bank for Reconstruction and Development, which should allow the Maritsa Iztok Mines to purchase of three new excavators, the first upgrade at the company since 1992.
Source: investor.bg (21.01.2014)

Electricity production in Bulgaria rises in December 2013: NSI Electricity generation and production of solid fuels in Bulgaria were on the rise in December 2013, it transpires from the latest report of the National Statistical Institute (NSI). Electricity output was up 2.8% m/m and up 13.2% y/y, while production of solid fuels surged by 18.5% m/m and by 9.5% y/y. According to the numbers, natural gas output in the country slipped 11% y/y to 24 million cubic meters, but saw a monthly increase of 4%. Diesel production was down 33% to 132,000 tons, while propane-butane output contracted by 30% to 34,000 tons. NSI reports on a 33% squeeze in unleaded petrol deliveries to 28,000 tons a year. Diesel shipments saw a 7% decline to 142,000 tons in December 2013.
Source: Duma (31.01.2014)

Bulgarian miner Mini Maritsa Iztok sees 2014 coal output up nearly 14% Bulgarian mining company Mini Maritsa Iztok said on Monday it expects coal output of 29 million tonnes in 2014 compared to 25.5 million tonnes in 2013. Mini Maritsa Iztok’s coal output amounted to 3.34 million tonnes in January alone despite the harsh weather, which is its highest output in the past 21 years, the company said in a notice on its web site. Mine Troyanovo-Sever generated the highest coal output of over 1.0 million tones last month. The mines of Mini Maritsa Iztok excavated and transported over 8.0 million cubic metres of earth in January while for the last four years these figures varied between 5.0 million and 7.0 million cubic for the same period, the company added.
Source: money.bg (04.02.2014)

Bulgaria's BEH says NEK, ESO split-up completed Bulgarian state-owned electricity company NEK and Electricity System Operator (ESO) completed on February 4 the last phase of their split-up, regarding the unbundling of the ownership of the network and the associated assets, the Bulgarian Energy Holding (BEH) said on Wednesday. The unbundling will allow ESO, as the owner of the grid, to start the process of its certification as an independent transmission operator as a further step in the development of a competitive and financially stable energy market, BEH said in a press release. The split-up of the two companies is required under the EU’s Third Energy Liberalisation Package. Bulgarian Energy Holding (BEH) - a state-owned holding company set up in 2008 which controls Mini Maritza-Iztok, NEK, ESO, Bulgargaz and the country’s sole nuclear power plant Kozloduy - took full control of ESO from NEK in 2013.
Source: investor.bg (06.02.2014)

French want to work on South Stream French company Schneider Electric is interested and can be included in the construction of the South Stream project and the seventh unit of NPP Kozloduy. “We believe that with our technical expertise and global experience we can contribute in a number of key areas for the country's economy," said General Director of Schneider Electric for Bulgaria Christophe de Lafarge. He added that the company has already worked at the NPP Kozloduy, TPP Maritza Iztok 2, Terminal 2, Mini Maritsa Iztok. Meanwhile it became clear that Moscow was approved the marine environment assessment of the South Stream, which will pass through Russian territory to the Black Sea.
Source: Standart (18.03.2014)

Bulgaria's NEK mulls setting up export JVs in Serbia, Romania - media Bulgarian state-owned electricity company NEK may set up joint ventures in Serbia and Romania to facilitate its exports. BEH has lent NEK over BGN 900 million to pay energy producers. The company's CEO Yonchev also said that NEK and Electricity System Operator (ESO) are the only companies in the BEH group that closed 2013 in the red, according to preliminary estimates. Mines Maritsa Iztok reported minimum loss for 2013, as expectations are that the profit of the company will be to the amount of BGN 4.5 million.
Source: Standart (25.03.2014)

Remotex - Radnevo employees to be hired at Bulgaria's Mini Maritsa Iztok The government will appoint the workers of Remotex – Radnevo at a new unit of Mini Maritsa Iztok, but will not nationalise the company, Economy Minister Dragomir Stoynev announced. The government’s analyses of the company have shown great indebtedness. The Bulgarian Energy Holding (BEH) took a decision to set up its own unit at Mini Maritsa Iztok to execute basic repair and rehabilitation activities upon the heavy mining equipment. The state mines are Remotex – Radnevo’s main client, responsible for 76% of its income. Its largest creditor is First Investment Bank (Fibank) with the debt amounting to around BGN 15 million.
Source: investor.bg (07.04.2014)

Bulgaria's Energy Minister Predicts Coal Price Increase Bulgarian Economy and Energy Minister Dragomir Stoynev has predicted a coal price increase. Speaking Sunday in the southern town of Radnevo, he said that the price of coal produced by the Maritsa Iztok Mines would go up from BGN 75 to BGN 77 per tonne of conditional fuel in the new regulatory period. The measure will introduce the second increase in coal prices in the past 12 months. In the summer of 2013, the price of coal was increased from BGN 71.5 to BGN 75. The measure is to result in an additional financial stabilization of the mines which have a staff of over 7000.
Source: Dnevnik (12.05.2014)

495 are current concessions of natural resources, which have signed concession agreements, announced the Ministry of Economy and Energy. This includes concession contracts with municipalities. In 2013 the receipts from concession payments amounted to BGN 73.22 mln, without VAT and VAT to the amount of BGN 14.36 mln. The budgets of the municipalities with concession sites have received BGN 26.78 mln, without VAT. Most are concessions for building materials, but the main revenue for the state comes from the concessions of metals and oil and gas.
Source: 24 chasa (16.06.2014)

CEO of Bulgarian state holding co BEH resigns The state-run Bulgarian Energy Holding (BEH) said on Thursday its executive director Ivan Yonchev resigned from the position due to poor health. After Yonchev's resignation, Bulgarian energy minister Dragomir Stoynev appointed Jacklen Cohen as a member of the board of directors of BEH, it said in a press release. BEH incorporates assets of Bulgaria's sole nuclear power plant Kozloduy, gas monopoly Bulgargaz, gas transmission system operator Bulgartransgaz, telecommunications operator Bulgartel, the National Electricity Company and its wholly-owned system operator Electricity System Operator, coal-fired power plant Maritsa East 2 and the Maritsa East coal mines.
Source: Standart (11.07.2014)

Bulgarian Maritsa Iztok mines increased 2014 H1 production by 37% Coal mining in Bulgaria's largest energy complex Maritsa Iztok EAD - Maritsa Iztok mines, has recorded an increase in the first half of 2014. More than 12.8 million tonnes of raw material have been produced and realized in Q1 2014. To meet the needs of Bulgarian thermal power plants, over 3.48 million tonnes (37%) of coal more have been extracted in January – June 2014 compared to the same period of 2013. In the first six months of 2014, a total of 46,687,180 cubic meters of land mass, or almost 50% more than last year's quantities, were excavated, transported and piled in the three mines of Maritsa Iztok EAD.
Source: 3e-news (15.07.2014)

Bulgaria’s coal producer Mini Maritsa Iztok launches tender for BGN 13 mln Bulgarian coal producer Mini Maritsa Iztok has opened a BGN 13-million tender to find a contractor for heavy equipment repairs over the next three years. The company is currently facing bankruptcy procedures requested by its largest creditor Fibank. Mini Maritsa Iztok is also seeking to borrow BGN 50.16 million from some local lender in order to carry out its investment programs. The company is ready to pay over BGN 13 million to the bank for a 10-year loan with a 2-year grace period. Meanwhile, TPP Maritsa Iztok 2 has negotiated a BGN 15-million overdraft from United Bulgarian Bank (UBB) to cover short-term cash needs as its money remains blocked at Corporate Commercial Bank.
Source: Trud (13.08.2014)

The southern Bulgarian municipality of Radnevo is virtually bankrupt, according to the Mayor, Yulian Ilchev. In a Monday interview for the Bulgarian National Radio, Ilchev said he expected urgent assistance from the caretaker government, adding that he had sent a letter to caretaker Prime Minister Georgi Bliznashki about the problem which Radnevo was facing. Ilchev made clear that the difficulties were due to unpaid installments of BGN 4.4613 M of Bulgaria's National Electric Company (NEK) to state-owned company Maritsa Iztok Mines under a coal mining concession for the second half of 2013 and the first half of 2014. He explained that the concession fee accounted for 54% of the budget of the Radnevo Municipality and it was to be paid before the coal mining company pays taxes, according to provisions of the Concessions Act and the Subsurface Resources Act. Ilchev underscored that the only way for the municipality to avoid stopping current payments and salaries in the sphere of its social activities, education and healthcare was to take out loans. He noted that the town of Galabovo was in similar condition. Galabovo Mayor Nikolay Tonev stopped payments to companies providing services to the municipality over debts of BGN 1 M, or 25% of the amount of the municipal budget. - See more at: http://www.novinite.com/articles/162781/Bulgaria%27s+Radnevo+Municipality+Virtually+Bankrupt#sthash.apOUGW5j.dpuf
Source: Standart (19.08.2014)

Bulgarian state energy holding firm BEH to raise capital Bulgarian state energy holding company BEH said on Tuesday it will increase its capital. The company ended 2013 in the green and, after paying dividend, has asked the energy ministry for a nod to convert the remainder of last year's profit into capital, BEH's press office said, adding that a higher capital base would send a positive signal to investors. Earlier on Tuesday, news daily Trud reported, quoting data from the commercial register, that BEH will raise its capital by BGN 336 million. It also said BEH will pay BGN 20 million in dividend for last year. Last month, local media reported that three BEH subsidiaries were planning changes to their capital. The country’s sole nuclear power plant (NPP) Kozloduy has asked to increase its capital to BGN 165.6 million from BGN 153.8 million, while thermal power plant (TPP) Maritsa Iztok 2 plans to raise its capital to BGN 40.1 million from BGN 38.5 million. Meanwhile, gas monopoly Bulgargaz has applied to reduce its capital to BGN 206.2 million from BGN 257.7 million. BEH’s non-consolidated after-tax profit rose by nearly 39% to BGN 397 million in 2013 as revenues fell 56% to BGN 246.5 million. BEH incorporates assets that include NPP Kozloduy, Bulgargaz, gas transmission system operator Bulgartransgaz, telecommunications operator Bulgartel, the National Electricity Company, system operator Electricity System Operator, Maritsa Iztok 2 and the Mini Maritsa Iztok coal mines.
Source: Capital (10.09.2014)

Eurocoal: Bulgaria's Coal Production Decreases over Past Few Years Bulgaria's coal production has decreased over the past three years, according to statistics of Eurocoal. The European Association for Coal and Lignite (Eurocoal), the umbrella organisation of the European coal industry, consists of 35 Members from 20 countries amongst which national producers and importers associations, companies and research institutes from Belgium, Bosnia-Herzegovina, Bulgaria, the Czech Republic, Finnland, France, Germany, Greece, Hungary, Italy, Poland, Romania, Serbia, Slovakia, Slovenia, Spain, Sweden, Turkey, the Ukraine and the United Kingdom. According to Eurocoal, as cited by investor.bg, Bulgaria produced 26.4 million tonnes of lignite and 2.1 million tones of anthracite in 2013.In 2012, Bulgaria produced 31 million tonnes of lignite and 2.3 tonnes of anthracite. In 2011, Bulgaria's lignite output stood at 34.5 million tonnes and its anthracite production stood at 2.4 million tonnes. Bulgaria's coal imports decreased from a rate of 3.3 million tonnes in 2011 to 1.7 million tonnes in 2013. According to Eurocoal data, the EU27 (excluding Croatia) produced 407 million tonnes of lignite in 2013, compared to 433 million tonnes of lignite in 2012. Anthracite output in the EU also fell from a rate of 128 million tonnes in 2012 to 114 million tonnes in 2013. However, imports registered a slight increase from 211 million tonnes to 216 million tonnes.
Source: investor.bg (16.09.2014)

TPP Maritza Iztok 2 faces collapse The biggest Bulgarian thermal power plant - Maritza Iztok 2 is in a difficult situation, said the head of CITUB Plamen Dimitrov. As of 30 September Maritza Iztok 2 has accumulated nearly BGN 17 million loss, something unseen in years. By the end of the year, losses could exceed BGN 30 million and the TPP may stop paying mines and other suppliers, and serving the Japanese government-guaranteed loan used for the recent modernization, said Dimitrov. Failures in the energy sector came to the "golden goose" as everyone calls Maritza Iztok 2 because it was deprived from everything. Dimitrov reminded that on July 1 the plant was removed from the regulated market and operates only for export with the assurance that it will be profitable. Furthermore, the cold reserve of the TPP was reduced from 600 to 400 megawatts, of which revenues have fallen by more than BGN 71 million compared to the same period last year. Because of the difficult financial situation the TPP has reserves of coal for about 15 days. In the same serious condition is also the other state-owned company in the complex - Mini Maritsa Iztok, said Plamen Dimitrov. The mining company is to receive BGN 200 million for extracted but unpaid coal.
Source: Standart (29.10.2014)

The largest state-owned enterprise Bulgarian Energy Holding (BEH) remains in large debt, its report for the first nine months of the year shows. The company has handed out loans and has to take from related parties and Heat Supply-Sofia a total of over BGN 1.75 billion. As to the first quarter of 2014 the figures amounted to BGN 1.5 billion. Much of this amount is provided by the bond issue of BEH, which matures in 2018. The majority of the loans have been granted to the troubled subsidiary NEK. Furthermore, BEH group includes Electricity System Operator, Bulgargaz, TPP Maritza Iztok 2, Bulgartransgas, NPP" Kozloduy, Bulgartel and Mines Maritsa Iztok. Revenues of BEH (mainly from dividends) for the nine months are BGN 148.6 million less because of poor financial results of its subsidiaries. The holding has reduced the price of its services to companies in the group.
Source: Trud (03.11.2014)

Mini Marica Iztok EAD did not find BGN 50 million for its investment program Mini Marica Iztok EAD has failed to secure the BGN 50.16 million in loans it needs to keep its investment program going. The company only received two offers – D Commerce Bank said it was ready to lend BGN 3.9 million and United Bulgarian Bank agreed to provide an overdraft of up to BGN 8 million.
Source: Capital (14.11.2014)

Bulgarian Energy Holding Conducts Top-level Reshuffle at Several Companies The Board of Directors of the Bulgarian Energy Holding (BEH) has carried out a top-level reshuffle at a number of state-owned energy companies. Georgi Hristozov and Georgi Zlatev have been removed from the Board of Directors of the Maritza Iztok mines (Mini Maritsa Iztok EAD) and are to be replaces by Dian Chervenkondev and Nikolay Dikov, according to a media statement of BEH. Andon Andonov keeps his place on the BoD of the Maritza Iztok mines. An Executive Director of the coal mining company is to be elected at a BoD sitting. Ekaterina Istatkova has been removed from the post of Chief Executive Officer of the National Electric Company (NEK). Istatkova is to be replaced by Petar Iliev, who has been a member of the governing body of NEK. Changes have also been made to the Executive Board of the Electricity System Operator (ESO), which welcomes Ivan Yotov, Dimitar Valchanov and Milko Milkov as new members. Diyan Dimitrov has been elected member of the Board of Directors of state-owned thermal power plant Maritsa Iztok 2. He replaces Mihail Mitkov. The changes will enter into force after their inscription into the Business Register. The changes at the governing bodies of the state-owned energy companies are aimed at streamlining their management and stabilizing their financial condition, according to the media statement of BEH.
Source: Sega (27.11.2014)

Bulgaria's Bulgargaz to draw EUR 3.6 mln credit Bulgarian gas monopoly Bulgargaz has decided to draw a short-term loan of BGN 7 million from D Leasing, a subsidiary of D Commerce Bank, local media reported on Wednesday. The loan will have an annual interest rate of 5%. Last month Bulgargaz cancelled a tender to select banks to provide it with revolving credit lines worth up to BGN 139 million in total after it failed to attract any bids. The company did not say how it planned to spend the proceeds from the credits. Earlier this month, an official of a unit of state-owned Bulgarian Energy Holding (BEH), Bulgargaz's parent company, said the holding company intends to provide a short-term loan to Bulgargaz to pay its liabilities to Russian gas giant Gazprom. He said at the time that Bulgargaz has to pay USD 100 million to Gazprom by the end of December, including USD 50 million in overdue payments.
Source: Capital (18.12.2014)

Energy minister promised new equipment for Mines Maritsa Iztok "There are no plans to privatize the state-owned mines, we seek options to provide fresh financial resources for the purchase of new equipment and repair facilities in the Mines Maritsa Iztok,” the Minister of Energy Violet Petkova assured. Minister Petkova was clear that the vast investment program in the mines will increase the efficiency of the production process and ensure safe working conditions. "We will defend the interests of miners - they are the backbone of the Bulgarian energy system," she assured. Representatives of the trade unions thanked Minister Petkova for the constructive dialogue and the opportunity to put in front of her all the pressing problems in the mines.
Source: Standart (22.12.2014)