Natural gas consumer prices were cut by 9.24 per cent - 1.000 cubic meters will cost BGL 167.000 instead of the previous BGL 184.000. The proposal, made by "Bulgargas" JSC, was accepted by the Committee of Energy a few days ago.
Source: Pari (04.01.1999)

"Kozhuhgas" JSC - 80 per cent of its shares are property of "Overgas" and 20 per cent are owned by Petrich municipality, started negotiations with "Bulgargas" SPJSC for gas supply. "Kozhuhgas" JSC was the only candidate for concession for gasification of the municipality. According to preliminary data, the gas mains construction will cost nearly USD 2 million.
Source: Pari (11.01.1999)

PA invited the buyer of "Agropolychim" JSC (Devnya) - the Norwegian company "Norsk Hydro" to sign the sale contract. Despite the approval of sale for USD 1, the reason for lack of contract up to now is that there is no agreement between "Norsk Hydro" and "Bulgargas" JSC for payment of the debts.
Source: Pari (29.01.1999)

The procedure of glass-works "Cristal" JSC (Pernik) insolvency is temporarily stopped. Four potential buyers are interesting in the company. "Bulgargas" JSC is the biggest company’s creditor with the amount of BGL 6.6 billion. It was signed an agreement for an extension of the debt within12 years. "Cristal" JSC must pay the amount of BGL 100 million to the dismissed 480 company's workers last year.
Source: Pari (18.02.1999)

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

The Executive Director of "Chimco" JSC (Vratza) Mr. Emanuil Rafailov reported that 500 or 530 workers will be laid off. At the moment in "Chimco" JSC are working 2150 people. The expected financial result of the company for 1998 is a loss of BGL 40 billion. The expected sales for February are in the amount of BGL 6 - BGL 7 billion. "Chimco" JSC restored the servicing of its debts to "Bulgargas" JSC. The company has paid BGL 10 billion but the total amount of its debts is nearly BGL 50 billion. An increase in the sales of carbide gave "Chimco" JSC the opportunity to start paying back its loan of USD 2.8 million granted by UBB.
Source: Banker (08.03.1999)

The Turkish company "Erdemir", the Bulgarian company "Daru Metals" JSC (Sofia) and the Swiss company "Deuferco" have submitted offers for the privatization of "Kremikovtzi" JSC in the due term, was reported from PA. The state will undertake the company's debts to NEC and "Bulgargas" JSC - USD 50 million. Debts on the Bad Loan Management Act will be replaced by two new debts in the total amount of USD 105 million. One part to Kontrol bank - Austria and the second part to the Ministry of Finance.
Source: 24 chasa (09.03.1999)

"Neftochim" JSC (Bourgas) paid in the budget BGL 1.000 billion in 1998. At a national budget of BGL 3.5 trillion the refinery secures 1/3 of the country's budget, was reported from the enterprise's press-centre. At the beginning of 1998 the debts of "Neftochim" JSC were in the amount of BGL 356 billion and at the end of 1998 they amounted to BGL 215 billion. The company paid debts to "Bulgargas" JSC - BGL 108 billion and to NEC - BGL 25 billion.
Source: Pari (11.03.1999)

Natural gas supply to "Agropolychim" JSC was sharply decreased, was reported from the company. Reason for this are debts to "Bulgargas" JSC in the amount of BGL 40 billion.
Source: Standart (09.04.1999)

"Stomaneni Trubi" JSC (Septemvri) will not take part in the auction for delivery of the necessary pipes for gas-mains, stated Mr. Vasil Yanachkov, Chairman of federation "Metals".
Source: Pari (20.04.1999)

The Executive Director of "Chimco" JSC (Vratza) Mr. Emanuil Rafailov confessed that there are some contradictions among the company's managers. According to him, the workers had been mislead to establish a manager-employee company in order to retain their jobs but in fact this was an attempt for termination of the monopoly of "Bulgargas" JSC.
Source: Pari (21.04.1999)

"Bulgargas" JSC stopped the delivery of natural gas to "Agrobiochim" JSC because of debts of BGL 41 billion. The total debts of "Agrobiochim" JSC exceed BGL 160 billion.
Source: Democracy (22.04.1999)

All production lines in Agrobiochim JSC terminate operations as from May 10. The company has a debts of BGL 61 billion to Bulgargas JSC. Last month the company stopped the production of ammonium and replaced the gas with coal. Last week Neochim JSC stopped producing ammonium.
Source: Pari (10.05.1999)

The privatization of Agropolychim JSC does not depend on PA, stated the Executive Director Mr. Zahari Zheliazkov. He also said that a favourable solution could be found for settlement of the debts of Agropolychim to Bulgargas JSC. The latter is ready to negotiate with the potential buyer Norsk Hydro.
Source: Pari (14.05.1999)

Stomaneni Trabi JSC will sign agreements with municipalities that have permission for gasification, was reported from the enterprise. Bulgargas SPJSC suggested that the municipalities negotiate with the enterprise.
Source: Standart (25.05.1999)

Against the price of USD 1 the Bulgarian company Daru Metals, with a capital of BGL 50 million and 6 natural persons - shareholders, became owner of Kremikovtzi JSC. According to the parameters of the deal, Daru Metals must make investments of USD 300 million by the end of 2005. The company will also decrease the number of jobs to 8700 people in 1999 and to 7100 - by the end of 2003.
Source: Democracy (04.06.1999)

The Energy Committee to transfer the amount of BGL 693 million on the accounts of "Bulgargas JSC (Sofia) for the payment of power plants' fuel. This has been offered to the Chairman of the Energy Committee Mr. Ivan Shiliashki. The power plants have received the amount of BGL 12.967 billion since the beginning of the current year.
Source: Sega (10.06.1999)

The Government considers the proposal for actualization of Bulgargas JSC (Sofia) capital. The actualization could be done eventually through remission of the company's debts and including of their amount in the company's capital. The capital of Bulagrgas JSC is USD 10 million but the gas company costs ten times more, stated the Deputy-Prime Minister Evgenii Bakardzhiev.
Source: Pari (11.06.1999)

The Government approved the contract with Bulgarian Daru Metals JSC (Sofia) on the sale of 71 per cent of the shares of Kremikovtzi JSC (Sofia). The deadline for the financial rehabilitation of the metallurgical plant expires June 30, 1999. The contract with the privatization adviser WS Atkins International-Raiffeisen Investment, expires June 29, 1999. The offer of Daru Metals JSC meets almost in full the framework set by the state. Gruppo Marcegaglia, the Italian long-term partner of Daru Metals JSC, was referred to as the guarantor of the long term-investments. Kremikovtzi JSC reported BGL 645 billion liabilities, towards April 30, 1999. The state assumes the company’s debts to the National Electric Company JSC (Sofia) and Bulgargas JSC (Sofia), totaling BGL 183 billion, outstanding customs duties, dues to the state and municipal budgets. The buyer makes the commitment to pay off previous liabilities above the amount assumed by the state but no more than BGL 93.688 billion and to service the ZUNK debt amounting to USD 105 million.
Source: Democracy (11.06.1999)

The contract for sale of 71 per cent of the shares of Kremikovtzi JSC was signed by PA's Director Mr. Zahari Zheliazkov and Daru Metals JSC, represented by Mrs. Svetlana Dimitrova. This is only a part of the plant's privatization. In the middle of September will take place the shares' endorsement, stated Mr. Zheliazkov. Till then must be signed additional agreements and also must be established a joint-venture company between the Bulgarian company and Gruppo Marcegaglia. The deal amounts to USD 1. The state undertakes debts of BGL 183 billion. The buyer must service debts of Kremikovtzi to Bulgargas JSC, NEC, National Security Institute of BGL 93.688 billion. Daru Metals is also going to undertake USD 70 million on the Bad Loan Management Act (transformed into a debt to Kontrolbank - Austria) as well as a USD 35 million debt to the Ministry of Finance.
Source: Sega (15.06.1999)

The statements made by Philippe Rombaut, the Director of Union Miniere Bulgaria, that the privatization deal with Norsk Hydro has failed are absolutely untrue, the Executive Director of Agropolichim JSC (Devnia) Mr. Ivan Diakov reported. He further said that Norwegian concern has not yet given up their intentions to by the fertilizer plant. Norsk Hydro has submitted a proposal for a framework agreement with Bulgargas JSC (Sofia) and is expecting now the answer of the gas company and the Ministry of Industry, added Mr. Diakov.
Source: Pari (18.06.1999)

The capital of Bulgargas JSC will be increased up to BGL 370 billion, according to a draft for settlement of the debts of Bulgargas, that was approved by the cabinet. This increase will be completed through issue of new shares of BGL 370 million with a face value of BGL 1.000. The cabinet also approved a programme for restructuring of the company.
Source: Standart (02.07.1999)

The monopoly of Bulgargas JSC will not be terminated till the year of 2006. This is a part of the rehabilitation programme passed by the cabinet, stated the Minister of Finance Mr. Muravey Radev. Till then the company must pay all of its debts as well as execute the programme for restructuring. The companies that do not pay their natural gas deliveries, will not be delivered gas anymore. 22 enterprises owe BGL 500 billion to Bulgargas - among them are Kremikovtzi JSC, Neochim JSC, Agropolychim JSC, Agrobiochim JSC, Chimco JSC.
Source: Pari (05.07.1999)

After a few unsuccessful attempts PA finally sold Chimco JSC - Vratza - BGN 1.1 million for 57 per cent of the shares. Buyer is IBE Trans of NY - USA. Investments in the plant should amount to USD 50 million and another USD 10 million must be allocated for working capital. Within 6 months after the contract becomes effective, the buyer is due to present written agreements with Chimco's creditors - Bulgargas and UBB. Of USD 8 million due to UBB, Chimco has paid USD 6 million - the new owner has USD 2 million to pay. The debt to Bulgargas exceeds BGL 54 billion (old leva).
Source: Standart (09.07.1999)

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

Bank DSK JSC claims for being a creditor of Kremikovtzi JSC (BGN 10 million) on the cession contract between Kremikovtzi JSC and Multigroup JSC for the debts to Bulgargas JSC, stated Mr. Bozhko Bonev from Daru Metals JSC.
Source: Pari (02.08.1999)

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

KPMG will complete the financial audit of Bulgargas JSC for 1998, stated the company's Executive Director Mr. Kiril Gegov.
Source: Standart (16.08.1999)

Agropolichim JSC has negotiated a deferred debt payment scheme regarding all large creditors of the works, one of the three company’s liquidators Mr. Martin Martinov reported. Since 5 July the company has paid out over BGN 3 million debts to suppliers. Agropolichim JSC signed with its largest creditors Bulgargas an agreement for due payments gratis period till October 1, 1999. After this date payments of the principal standing at non-denominated BGL 47.5 million will be made on a gradual basis and non-denominated BGL 20.5 million penalties will be purged. Over non-denominated BGL 120 million dues to Port Varna will also be paid out under a negotiated deferred payment scheme. According non-official information the consortium between Union Miniere and Harland Investment will re-employ about 1500 workers in case the sale of 63 per cent in the capital of Agropolichim JSC is finalized until September 13, 1999.
Source: Democracy (02.09.1999)

PA's Supervisory Board approved of the sale of 63 per cent of Agropolychim JSC - Devnya to the consortium ACID&Fertilizers - Union Minier Pirdop Med JSC and Hardland Investment Ltd. (USA). The price is BGN 1. The new owners must reach an agreement with the company's creditors up to April 14, 2000. The debts of Agropolychim JSC amount to BGN 92.959.680. Biggest are the debts to Bulgargas JSC, Union Minier JSC, Devnya Thermal Power Station, KZM, OZK, Karimex - Beirut. ACID&Fertilizers must make investments of USD 15 million in the next 5 years.
Source: Standart (14.09.1999)

The Parliament took a decision for the state share in Bulgargas SPJSC to be increased with BGN 370 million. The debts of Bulgargas SPJSC to the state amounted to BGN 600 million at the end of June.
Source: Standart (20.09.1999)

The only candidate-buyer of Neochim JSC - Dimitrovgrad is a consortium formed by Lebanese company Carimex and Euro Fert JSC - Dimitrovgrad. The deal can be concluded only after the debts of Neochim JSC to Bulgargas JSC are settled, stated PA's Executive Director Mr. Zahari Zheliazkov.
Source: Pari (27.09.1999)

The state-owned stake in the capital of Bulgargas JSC will go up by BGN 370 million. The company's Executive Director Mr. Kiril Gegov must file an application for registration of the new capital up to September 30, 1999.
Source: Standart (29.09.1999)

Bulgargas JSC will stop gas deliveries to its debtors. If the debt is not paid in 30 days, the debtor has one month to pay it, otherwise his bank accounts will be blocked.
Source: Democracy (08.10.1999)

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

PA declared the following sales: 71 per cent from Kremikovtzi JSC, Sofia were sold to Daru metals - JSC for USD 1 that are paid in cash. The buyer is engaged to invest USD 300 000 000 for the period 2000-2005. The buyer is engaged to service the debts of Kremikovtzi - JSC to Bulgargas - SP JSC, NEC - SP JSC, National Security Institute, taxes, duties and others over the amount of BGN 183 billion.
Source: State Gazette (08.10.1999)

Bulgargas JSC and US company Enron signed an agreement for cooperation, was reported from Bulgargas. Enron is expected to prepare a programme for development of the gas company.
Source: Standart (11.10.1999)

Agropolychim JSC will be granted BGN 47 million from the state budget to settle its debts to Bulgargas SPJSC. The company's privatization contract envisages for transfer of the shares after the debts to Bulgargas SPJSC are settled.
Source: Democracy (22.10.1999)

Directors of 5 glass-works sent letters to President Petar Stoyanov, Prime Minister Ivan Kostov and the Executive Director of Bulgargas JSC Mr. Kiril Gegov, saying that the monopoly of Bulgargas JSC ruins the glass industry through the high prices of gas - BGN 207 per 1000 cub. meters.
Source: Standart (05.11.1999)

Glass-works Crystal JSC - Pernik has to pay BGN 6 million debts to its creditors. According to the company's rehabilitation programme, the money must be paid back in the next 10 years. In April, 1998 the plant stopped working because of BGL 4 billion debts to Bulgargas JSC.
Source: Standart (17.11.1999)

We could reject the gas deliveries of Bulgargas SP JSC, the new Executive Director of Agropolichim JSC - Devnya Mr. Vasil Alexandrov reported after the General Meeting of the fertilizer plant's shareholders. We are in negotiations with Bulgargas SPJSC at the present moment for lower gas prices. We are ready to stop the production of ammonia and to import it from Russia, if the state-owned company refuses to give us lower gas prices Mr. Alexandrov added. The company's shareholders have taken a decision the capital of Agropolichim JSC to be increased from BGN 2.7 million up to BGN 22 million. The new owner of the Agropolichim JSC - Acid & Fertilizer, a consortium between Haarland Investments and Union Minier, will keep the company's name.
Source: Standart (15.12.1999)

A representative of Italian Edisson said the company was ready to start making deliveries if natural gas to Bulgaria, announced Mr. Dimitar Dimitrov, Chairman of the State Energy Regulatory Commission. We have good contacts with Libya and the Emirates and can supply gas from there at competitive prices, was emerged from Edission. Mr. Dimitrov explained that the talks were still in their proposal phase and there were no discussions as to where a sea terminal might be built or who would finance the project.
Source: Pari (20.12.1999)

Production of ammonia and carbamide in Chimko JSC - Vratza was suspended as Bulgargas SPJSC - Sofia stopped raw supplies on December 16, 1999. The company's management failed to collect the necessary funds to pay the amounts invoiced December 7.The transaction concerns an advance payment of 1/2 of the ordered monthly gas deliveries as per a contract between the two companies. Chimko management said the works' facilities will be loaded on Monday.
Source: Pari (20.12.1999)

The financial investigation in the gas company has found that Bulgargas SPJSC owed to the state BGN 108.4 million for the period of July 1996 up to September 1998. The debts were not included in the company’s annual report. BGN 1 070 was the average wage in Bulgargas SPJSC for 1998 and BGN 752 for 1997, the MP Mr. Stefan Neshev reported.
Source: Standart (20.12.1999)

We signed a credit contract with Gasprombank and we'll receive USD 47 million for the year of 2000, stated Mr. Kiril Gegov, Executive Director of Bulgargas JSC. The first tranche of USD 9 million has already been transferred.
Source: Sega (22.12.1999)

International financial corporation Global Fidelity will grant USD 6.5 million for the gasification of Gabrovo. Gas-mains' construction will start in the spring.
Source: Standart (28.12.1999)

Neftochim JSC litigates the claim of Bulgargas JSC for BGN 20 million. The refinery has debts for delivered but not paid natural gas, accumulated before its sale to LUKoil.
Source: 24 chasa (29.12.1999)

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

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