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)

Bulgargas will not reduce the price of the natural gas because of the high dollar rate for the time being. The price of the gas for a last time was decreased with 3.9 per cent as of October 1, 2001 and in this way were saved about BGN 1 million of the heating companies. The Deputy Director of Bulgargas Mr. Ilia Ivanov declared that they were ready to negotiate on the contracts' clauses with the fertilizer plants.
Source: Dnevnik (04.01.2002)

The Regional Court of Razgrad opened the case on the insolvency of the glass factory Diamant JSC - Razgrad with appointing two syndics - Mr. Boyan Minev and Mr. Gancho Todorov. The creditors' General Meeting is scheduled on February 4, 2002. The state monopoly Bulgargas JSC is the Diamant JSC largest creditor with a debt of BGN 10 million for the last three years. According to the evaluation report the factory’s total assets are below the due amount. Diamant JSC was forced to suspend production in August, 2001 after Bulgargas JSC stopped natural gas supplies due to outstanding payments.
Source: BTA (08.01.2002)

Bulgargas expects a net profit in amount of BGN 30 million as for 2001, announced the Chairman of the Board of the Directors of the gas-company Mr. Gati al Djeburi. During 2000 the company reported a loss in amount of BGN 95 million. This negative financial result was due to the old debts of the big consumers and of the gas company to the state budget and this problems were solved with the raise of the capital of the company during 2001.
Source: Dnevnik (09.01.2002)

The investors interest to the privatization in the energy sector will be indicative of how well the Bulgarian Government had done its job in providing favourable conditions for the restructuring, ABN Amro's Tim Egar thinks. He had presented his views on Bulgaria's energy sector in a meeting with energy minister Milko Kovachev and the Bulgargas JSC Chairman Gatti Jebouri, the Ministry press center announced.
Source: BTA (11.01.2002)

The biggest Bulgarian company for manufacture of glass is waiting the formal announcement of its insolvency. The activity of the company ceased during August last year and in the beginning of this year Razgrad District Court opened the procedure for declaring in insolvency of the company. The temporary syndics of the company will give their report at the General Meeting of the creditors. The debts of the company to Bulgargas is more than BGN 10 million and it is bigger than the amount of the asses of Diamant JSC.
Source: Banker (14.01.2002)

By this moment no contract for deliveries of natural gas during 2002 was concluded between Bulgargas and Agropolichim. In the end of last year the Executive Director of the Factory for fertilizers Mr. Vasil Alexandrov announced that he did not agree with the offered contract because both sides of the contract does not have equal obligations and rights.Agropolichim is discussing the programme for optimization of the expenditures because of the unfavourable market conditions. The low amount of the sales and the high prices of the natural gas brought losses in amount of BGN 2 million for the first 9 months of the year.
Source: Pari (21.01.2002)

The factory for fertilizers Chimko - Vratza restored its manufacture because of the high demand of carbamide on the domestic market, was reported from the factory. During November last year the work of the factory was stopped because of the accumulated to Bulgargas. Chimko lost most of its markets because of the import of cheaper carbamide.
Source: Dnevnik (24.01.2002)

60 are the companies that at the moment do not have the right to increase their funds for salary. Among them are BDZ SP JSC, NK Zhelezoputna infrastuktura, Bulgargas, NPS Kozlodui, WMZ-Sopot, Varna Shipyard and others.
Source: Pari (25.01.2002)

Bulgarian Clients have placed an order for 10 000 tons of carbamide with Chimco-Vratza, announced the Prosecutor of the plant Mr. Andrei Semerdjiev. The work at full capacity of the plant starts on Monday. On 23 January Chimco and Bulgargas reached an agreement for the deliveries of gas. The management of the company decided that the factory will work only on preliminary orders of the clients.
Source: Dnevnik (29.01.2002)

The fertilizer plant Agropolichim will attack the national gas company before the Competition Protection Commission, was reported from the chemical giant. If the problem is not solved soon, the fertilizer plant in Devnia will start working at economic regime, was added from Agropolichim.
Source: Black sea (29.01.2002)

As of February 1, 2002 Agropolichim JSC will equal the price of the ammonia nitrate with the price of the natural gas at the moment in Bulgaria. Now the prices are lower with BGN 10. In the end of the last year Agropolichim required from Bulgargas to be concluded a new contract for delivery of natural gas at the conditions of equal rights.
Source: BTA (31.01.2002)

Due to the high price of the natural gas Agropolichim will rise the price of the ammonium nitrate, was reported from the factory. Since 1 February the price of a ton of nitrate will be BGN 266 - with BGN 10 more then the previous price. The raise is not more than 3 per cent and it does not cover the price difference which the factory pays to Bulgargas and the price of the products. The actualization of the prices will help Agropolichim to reduce the amount of its losses.
Source: Standart (04.02.2002)

The temporary syndics of Diamant JSC Mr. Boyan Minchev and Mr. Gorcho Todorov will occupy this position continually, decided the General Meeting of the creditors. Eight legal entities and former employees of the factory for glass attended at the meeting. During the next 45 days they have to announce the amount of the claims that the factory owes to them.
Source: BTA (05.02.2002)

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)

Deliveries of natural gas in amount of 312 million cub.m. were negotiated at the meeting of the Prime Minister and Minister of Economy Mr. Nikolay Vasilev and the Chairman of the Board of Management of OAO Gazprom Mr. Alexey Miler. The deliveries are in accordance to the Yamburg agreement for the payment of the debts of Ukraine. In the end of January were concluded the contracts between Bulgargas SPLtd, NAK Naftogaz Ukraine and ZAO Gaztranzit, Kiev, which will provide the transport of the natural gas.
Source: BTA (06.02.2002)

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)

Glavbolgarstroy is selected for one of the sub-contractors of the project of the Swedish company IKEA for construction of trade objects in Russia together with the German company Hochfeit. Bulgarian company will build only one store in Moscow, announced the President of Glavbolgarstroy Mr. Simeon Peshov. Recently IKEA reported that the company also would start a manufacture in Russia and the first plant will be near Sankt Peterbourg. The plant will cost USD 15 million and in which will work 250 workers.
Source: Dnevnik (13.02.2002)

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)

The schedule for the deliveries of natural gas from Ukraine in accordance to the Yamburg agreement was finally defined after a meeting of the Minister of Energetics Mr. Mlko Kovachev with the Chairman of the Board of Directors of Gazprom Mr. Yurii Komarev. The deliveries of gas in accordance to this agreement will start in the beginning of March. The schedule for the payment of the Ukrainian debt was negotiated during the visit of the Deputy Prime Minister Mr. Nikolay Vasilev.
Source: Standart (19.02.2002)

Bulgargas JSC may cease the deliveries of natural gas for Toplofikatzia JSC-Lovech because it has accumulated debts in amount of BGN 150 000.
Source: Trud (19.02.2002)

Bulgargas has no debts to Topenergy and Gasprom for deliveries natural gas, announced the Minister of Energetics Mr. Milko Kovachev after his visit in Moscow. Gazprom once again refused to decrease the price of the natural gas. According to the Russian company there is no reason the price which was negotiated few years ago to be changed.
Source: Novinar (20.02.2002)

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)

Within a month Varna Appeal Court has to pronounce on the claim for declaration of a procedure in insolvency of another big debtor of Bulgargas - the glass plant Belopal - Beloslav. The claim was submitted by the State Claims Agency and Bulgargas in the end of 2000. The total amount of the debts of Belopal is BGN 10 104 050. The market price of the assets amounts to BGN 23 580 320.
Source: Standart (27.02.2002)

Five members of the Board of Directors of Diamant were suspended from the management of the company. The ban was imposed with a decision of Razgrad District Court. The ban was imposed by a request of the representatives of Bulgargas. The gas-supply company is one of the biggest creditors of the bankrupted glass factory The claims of Bulgargas are for more than BGN 10 million, which is more then the total amount of the assets of the bankrupted company.
Source: Standart (27.02.2002)

The Managers' team of Chimko-Vratza offers two alternatives for reduce of the expenses in the company. The one alternative includes a drop of the personnel with 50 per cent that means a decrease of 605 people. According to the second one the number of the personnel can be kept but if the Salary fund reduces with 40 per cent. One of these alternatives has to be chosen since the company will pay its current debts to Bulgargas and NEC.
Source: Pari (04.03.2002)

Both owners of Alkomet, Shumen - Industrial Holding Bulgaria and the Turkish company Faf metal reached an agreement. According to it the Turkish company will purchase the share of the holding in the joint company Alumetal. Alumeta holds 75 per cent of the shares of Alkometal, FAF metal holds another 15 per cent and the MEBO Alumina 98 owns 7.2 per cent of the capital. According to the agreement FAF metal and the MEBO remain the owners of the metallurgic factory.
Source: Dnevnik (05.03.2002)

The leader of SITUB Dr. Zhelyazko Hristov and the employees of Neochim JSC, Dimitrovgrad requested protection for the national manufacture of fertilizers . According to the trade unions and the employees from the branch the Council of Ministers has to impose a protection duty in amount of 40 per cent for the fertilizers. They insists for a differential prices of the natural gas for the fertilizers industry. At the moment Bulgargas is selling the natural gas for USD 135 per cubic meter In Ukraine and Rumania this price is USD 70
Source: Standart (19.03.2002)

Paper Factory SP JSC is the new owner of the assets of the paper factory Celhart based in the town of Stamboliiski. A company, especially created for this purpose, was the only candidate for the assets of the indebted company and bought them at the previously announced initial price of USD 28.944 million. The buyer is a newly-established company, which is 100 per cent ownership of the investment mediator Elana.
Source: Dnevnik (25.03.2002)

Bulstrad IRC has a new company sign, was reported from the company. The logo is in green and orange. The green colour is a symbol of the free market strategy and the orange shows the belonging of the company to the structures TBIH Group. The market share of Bulstrad is 21.78 per cent. The company is an owner of the London-based brokerage house EIRB. Among the biggest clients of the insurance company are Bulbank, State Saving Bank, Bulgargas, Balkan Airline, Hemus Air.
Source: Banker (25.03.2002)

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)

The glass company in Beloslav Belopal was on the verge to be declared in insolvency for a second time when Varna Appeal Court confirmed the decision of the district magistrates as of April 12, 2001 for rejection of the claim of Bulgargas for bankruptcy of the company. The debts of Belopal to the gas company exceed BGN 13 million. The dispute will continue in Supreme Cassation Court in Sofia.
Source: Pari (29.03.2002)

The gas company Bulgargas will reduce its investments from BGN 96 million over the last year to BGN 22 million over this year, announced the Executive Director of the company Mr. Kiril Gegov. During 2001 the gas monopolist built the last 46-km section of the transit gas pipe to Greece and Macedonia, enlarged the stations Kardam at Bulgarian-Romanian frontier and Stranja at Bulgarian-Turkish frontier. The net profit of Bulgargas for 2001 is BGN 24.3 million and its incomes increased with 5 per cent.
Source: Dnevnik (03.04.2002)

The accounting profit of Bulgargas for the last year is about BGN 29 000, was reported from the company. The main problem of Bulgargas are the unpaid debts to the thermal-supply companies and some of the big industrial companies that amount to BGN 260 million.
Source: National radio (03.04.2002)

The management of Chimko reached an agreement with Bulgargas for rescheduling of the payment of its debts to the gas company for 10 years, announced the Chairman of the Managing Board of fertilizers factory Mr. Martin Makariev. Since 1999 Chimko has paid to Bulgargas BGN 22 million and it still owes to the gas company BGN 59 million. The State will support Bulgargas by imposing lower prices of the natural gas.
Source: Standart (16.04.2002)

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)

USD 29 million are invested in the technical equipment of Zlatna Panega. This sum is more than the obligations from the privatization deal, announced the Manager for Bulgaria Mr. Mihail Polendakov. The owner Heidelberger Zement Group JSC is the biggest investor in Eastern Europe in the area of building materials. According to the new three-year programme the amount of the investment of the German company in Zlatna Panega will be USD 40-50 million. The present investments are used mainly for increasing of the energetic efficiency and limitation of the ecological damages.
Source: Pari (19.04.2002)

In the beginning of May Agropolichim will start the so called cleaning of the historical pollution, was reported from the company. This is a part of the privatization contract and is an obligation of the State. The finances in amount of BGN 16 million are provided on the PHARE programme and will be used for the cleaning of the area of the plant from old buildings and equipment. The auction for the execution of the cleaning was won by Rei holding
Source: Pari (22.04.2002)

Bulgargas will pay by the end of the year the debts of BGN 22 million instead by June. This envisages an amendment in the Tax-procedure code, used by the Chairman of the budget commission Mr. Ivan Iskrov. In 1999 the Parliament accepted an act for arrangement of debts of the company in amount of BGN 650 million and the capital was increased with BGN 370 million and the rest of the debt has to be paid by June, 2002.
Source: Dnevnik (23.04.2002)

The Executive Director of Chimko JSC Mr. Andrei Semerjiev announced that the plant was negotiating with several banks for granting a credit. The funds are necessary for advanced payment to Bulgargas of the natural gas with which Chimko will restore its manufacture. With a part of the loan the company also intends to pay a share of its present debts to the gas company.
Source: Standart (25.04.2002)

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)

The General Meeting of Rahovetzgas decided to increase the capital from BGN 500 000 to BGN 1 million. The major shareholder in the company is Overgas Inc. that holds 51 per cent of the capital. Veliko Turnovo, Gorna Oriahovitza and Liaskovetz Municipalities hold respectively 7, 5 and 3 per cent of the shares, other 2 per cent are property of private shareholders. Rahovetzgas JSC has a contract for concession for supply with gas of the three municipalities.
Source: Pari (10.05.2002)

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)

National Social Security Institute prepared and distributed own countdown of the employers. It includes the names of 50 companies, in which the average salary for the last year exceeds BGN 700. The accurate state-owned companies are 8. These are Bulgargas, NPS Kozlodui, Bulgartabac holding, Blagoevgrad-BT, Kintex, Troyanovo sever groove, RVD and Elektrorazpredelenie-Plpvdiv.
Source: Banker (18.05.2002)

Representatives of the Ministry of Finance and the Ministry of Energetics will be included in the management of Toplofikatzia-Sofia after the reforms in the structure of the management are finalized, announced the Mayor Mr. Sofianski. The reforms are one of the terms for the company to receive a State guarantee for its credit in amount of EUR 30 million from the European Bank for Reconstruction and Development. The money from the loan will be returned in a term of ten years.
Source: Dnevnik (22.05.2002)

In the next ten years gas utilities will be installed to a total of 1,800,000 households. This is one of the main parameters of the National Programme for Installation of Gas Utilities in Bulgaria, which is being drafted by the Ministry of Energy and Energy Resources and the Ministry of Regional Development and Public Works. This was announced by the CEO of Overgas Inc. Mr. Sasho Donchev in Rousse. The document is based on the concept for Bulgaria's new energy strategy. In order for natural gas to reach all the 262 municipalities, the state monopoly Bulgargas JSC will have to invest a total of USD 420 million, or more than USD 41 million a year in the highway gas pipeline. According to Mr. Sasho Donchev, Bulgargas JSC develops well and has financial capacity to invest these amounts.
Source: Pari (27.05.2002)

Creditors closed the instrument work-shop of Alkomet yesterday. Representatives of Raiffeisen-Bulgaria and trade bank Bulgaria invest entered the plant. The plant owes to Raiffeisen a credot on which are pleged as a compensation 400 t alluminum scrap and machines from the closed work-shop. Bulgaria invest sent to the owners of the plant a notarialinvitation to pay a debt of BGN 180 000 by 7 days. Alkoment has not worked since May 17.
Source: Standart (07.06.2002)

Topenergy will be closed after the General Meeting of Gazprom on June 24, 2002. The subsidiary company of the Russian gas monopolist in Bulgaria initiated so many scandals that it became inconvenient for its owners. On January 8, 1996 were accepted new partners and the share participation was distributed as it follows; RAO Gazprom kept its quota of 50 per cent, Bulgargas reduced its share to 25.1 per cent. The new shareholders hold: Overgaz Inc. - 8.25 per cent, Multigroup- Bulgaria holding - 8.25 per cent, First Private Ban - 3.2 per cent, Bulbank - 3.2 per cent and Chimimport - 2 per cent.
Source: Banker (10.06.2002)

860 workers from Alkomet JSC-Shumen blocked for 1 hour and a half the main road to the highway to Varna. The workers want their job and their salaries or they will block everything in the town, including railway station. Alkomet stopped working on May 17 because of non-paid accounts to Bulgargas and NEC. The total debt amounts to BGN 708 000.The workers did not receive their salaries for January and April.
Source: Standart (11.06.2002)

Rothschild Conseil International Bank is interested in the privatization of energetic objects in Bulgaria, especially in the privatization of Bulgargaz, announced the Deputy General Director of the bank Mr. Francoise Lagre at a meeting with the Management of PA. The Director of the PA Mr. Apostol Apostolov invited the bank as consultant in the privatization of Navigation Maritime Bulgare, Bulgarian River Navigation and the big monopolies in energetics.
Source: Standart (18.06.2002)

The Ministry of Economy will start an investigation of the growth in the import of carbamide in Bulgaria. The reason for the investigation is the claim of the main producer of the fertilizer - Chimco -Vratza. Representatives of the factory claim that during 2000 and 2001 in Bulgaria was registered growth in the import of carbamide with 4 000 tons and 18 000 tons. The price of the imported product is lower than the production prices of Chimco. A ton of carbamide from the Vratza-based factory costs USD 110 because of the high prices of the natural gas. The international prices of the carbamide are USD 65-85 per ton.
Source: Dnevnik (19.06.2002)

The Turkish company FAF Metal has reached an agreement for the purchase of the stake in amount of 37 per cent of the capital of Alkomet JSC, which Industrial Holding Bulgaria JSC recently sold to the off-shore company Oracle Management, announced the Chairman of the Board of Directors of the Shumen-based factory for processing of aluminum Mr. Fikret Indce, who is a partner in FAF Metal. FAF Metal and the off-shore company Oracle Management hold 50 per cent of the capital of Alumetal JSC, which owns 74 per cent of the capital of Alkomet.
Source: Pari (20.06.2002)

Shumen-based Alkomet JSC resumed production after staying idle for one month. The company was cut from electricity and gas supplies due to unpaid debts to National Electric Company JSC and Bulgargas. On Wednesday the staff will receive the remainder of their salaries for the last two months. By the end of June Turkey's FAF Metal is expected to become owner of 91 per cent of the biggest aluminum works in the Balkans. This will happen after the Turkish company pays the shares currently held by offshore Orakel Management, which acquired them in late May from Industrial Holding Bulgaria JSC - Sofia, FAF Metal's former partner. On July 2 the Shumen Regional Court will hear the claim filed by Raiffeisenbank /Bulgaria/ JSC - Sofia for ruling Alkomet JSC bankrupt. According to Alkomet's Board of Directors Chairman Mr. Sikret Ince, the USD 430,000 debt to Raiffeisenbank will be paid on time and the company will avoid bankruptcy.
Source: Pari (24.06.2002)

"The Dutch brewery Carlsberg contracted an agreement with the owner of Shumensko Pivo for the acquisition of major stake of the Bulgarian Brewery" , was announced by two independent sources. According to the same information, the former major owner, the Turkish company Fin Metal, is not completely withdrawing from the factory. It will remain minor shareholder. The regional and central office did not comment the deal, but the whole deal is expected to be finished and officially announced within two weeks.
Source: Capital (24.06.2002)

Ràiffeiçenbank sold its receipt from Alkomet in the amount of USD 430 000, because of which on June 18 it demanded that Shumen District Court should announce the aluminum factory of the trade bank Bulgaria Invest insolvent. Bulgaria Invest filed a request in court on Thursday, with which it asks to terminate the production in insolvency of Alkomet - was announced from the press center of Shumen District Court. Mr. Hristo Dachev, manager of MEBO Alumina 98 - shareholder in the aluminum factory, refused to comment the cession. He, however, announced, that the situation of Alkomet has changed radically. This happened after the big shareholder in the company - the Turkish holding FAF-metal, managed to contract a deal with Lichtenstein's Oracle Management for the purchase of 50 per cent from the shares of Alumetal. Mr. Dachev refused to give information about the price of the deal, but according to a source from the factory, it is about EUR 2.5 million.Now FAF already owns 90 per cent of the combine's shares. After this deal, the combine can actually start working. Until the current moment, the management was performed by FAF and Industrial Holding "Bulgaria", which sold its shares to Oracle Management in the end of May and due to contradictions about the price of the deal, which was concluded yesterday, Holding Bulgaria blocked the activity of Alcomet," added Mr. Dachev. FAF metal, which is registered in Turkey, owns 15 per cent of the combine's shares independently. Another 75 per cent are owned by Alumetal - a company, in which FAF and the offshore zone registered in Lichtenstein Oracle Management were co-owners. The MEBO Alumin 98 holds 7.2 per cent of the combine's shares. The remaining part are ownership of small shareholders. After a one-month stay, the aluminum combine started working in the beginning of the year. All the 860 workers came back to work and are currently executing orders for Germany. They were paid their salaries for March and April. The electricity and gas are running after agreements for extended payment of the debts to Bulgargas and NEC were signed . For the first time this year, Alcomet terminated its activity in the middle of February. Back then, NEC stopped the enterprise's electricity because of unpaid liabilities in the amount of BGN 845 000. Again then it was revealed, that the factory owes considerable sums to Bulgargas. When in 1998 the Shoumen-based combine was announced for privatization, the Panama company Master Business Corporated and the consortium Alumetal expressed interest in it. Master Business Corporated was established by Fiat and Ferrari especially for this deal.
Source: Dnevnik (01.07.2002)

Chimco-Vratza is negotiating with Bulgargas for an agreement for rescheduling of the debts of the plant to the gas monopoly, announced the Chairman of the Managing Board of the Vratza-based Mr. Martin Makariev without giving the exact the sum of the debts of Chimco to Bulgargas.During the last year the Minister of Energy Mr. Milko Kovachev announced that the fertilizers factory has debts in amount of BGN 100 million to the state companies and the National Social Security Institute. The company concluded a 10-year agreement with NEC for rescheduling of is payment. Bulgargas will reduce the price of the natural gas with BGN 0.08 per 1000 cub.m.
Source: Pari (02.07.2002)

Varna Court of Appeal terminated the lawsuit for the declaration in insolvency of the Razgrad-based company Diamant. Decision 161 from June 26 2002 terminated the procedure against the biggest glass factory in Bulgaria, which started in January by decision of Razgrad District Court. The company has extremely large debts and has not stopped attending the payments to its creditors, was decided by the judges, headed by Ms. Severina Ilieva.
Source: Dnevnik (03.07.2002)

The Members of the Parliament and the Initiative Committee of the former employees of Diamant, Razgrad reached an agreement for an urgent review of the privatization deal for the factory. The investigation will be executed by the Agency for Post-privatization control. After meetings with the biggest creditors of the company- Bulgargas and National Social Security Institute will found the best way to be protected the interests of the State and the company continue its work .
Source: Standart (04.07.2002)

The German energy giant E.ON Energy, based in Dusseldorf is interested in investments in the Sofia-based electric-distribution company. According to a source from the Sofia-based company, the German company offers to establish a joint company, in which it should be a major owner, and the Bulgarian party should enter with non-monetary contribution. E.ON Energy is the second largest electric company after RWE in Germany and has 25 million clients.
Source: Dnevnik (08.07.2002)

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)

Bulgargas will reduce the price of the natural gas for the big consumers with 26.5 per cent - to BGN 180 for 1000 cub.m. as from the next year, announced the Minister of Energetics Mr. Milko Kovachev. The transit tax for the transporting of the natural gas, paid to Gazprom remains in the company. The reducing of the price have to be approved by the Parliament with the Budget Law during the autumn.
Source: Dnevnik (22.07.2002)

Vratza-based plant Chimko concluded a deal with the Italian company Indagro for delivery of 6 000 t carbamide. The deadline for execution of the order is the end of this month. There was signed a memorandum between the management team of Chimko and the management of Bulgargas for rescheduling of the debts of the plant for gas. At a meeting of the Board of Directors of Bulgargas will be reviewed the document and will be discussed and accepted the concrete parametres of the future plan for payment of the plant's debts. At the moment Chimko works with 12 per cent of its capacity.
Source: Shans Express Vratza (23.07.2002)

The Prosecutor's Office brought a charge against the former director of Bulgargas Mr. Vasil Philipov. According to the representatives of the law, when he was on this position, he contracted unremunerative deals as a result of which the state and the company suffered serious losses. Mr. Philipov contracted deals with the American company Hardland Investment. These deals were in breach of the law. He caused Bulgargas damages in the amount of BGN 2 455 744. Customs duties in the amount of BGN 1 504 380 were not remitted to the state. The Americans profited USD 2 374 149 from this. The deals were realized in 1996 with a total of 164 clients in Bulgaria and were for delivery of natural gas.
Source: Maritsa (25.07.2002)

The auctions for the election of investors for the gas-supplying systems of the eighth regions of the country will be conducted in the end of September, announced the Deputy Chairman of the of the Energetic Regulation Commission Mr. Ignat Tomanov. The eight gas-supply regions are Dobrudja - centre Varna, Miziya - centre Pleven, Dunav - centre Russe, Serdika - centre Sofia, Primorski - centre Bourgas, Zapad - centre Vraza, Trakya - centre Plovdiv, Yugozapaden - centre Dupnitza. The general principles for the conduction of the auctions in accordance to the European standards is the establishment of consortiums of three companies, financed by an organization of the World Bank. The main criterion for the election of the investor will be the balance between his interests and the interest of the consumers.
Source: BTA (25.07.2002)

The debts of the central heating utility companies to Bulgargas SPJSC by this moment are in amount of BGN 151 million. About BGN 120 from them is the debts of Toplofikacia Sofia, announced the Executive Director of Bulgargas Mr. Kiril Gegov after the meeting f the Parliament Energetics Commission. The chemical companies and the central heating utility companies are the biggest debtors of Bulgargas, but they also are the greatest consumers of natural gas. According to the representative Mr. Hristo Kazandjiev of the Ministry of Energy and Energetic resource if the differentiated prices for the natural gas for them are imposed the effect will be minimal because the work of the biggest companies is not stabile.
Source: BTA (25.07.2002)

Pernik-based glass plant Crystal looks for opportunities for export to Serbia since there are difficulties with sale of its production at the domestic market, declared the Executive Director of the company Mr. Dimitar Dimitrov. The company is the only one in Bulgaria that manufactures hardened glass. Mr. Dimitrov said that there were made attempts for export to the neighbouring countries but the demand is low because the production of the plant is not familiar at the foreign markets.
Source: Dnevnik (30.07.2002)

The Parliament gave authorization to the Government to lead negotiations with EBRD for the signing of a guarantee agreement for EUR 120 million for rehabilitation of Toplofikatsia Sofia. The deputies from Coalition for Bulgaria voted "against", because it is written in the conditions for financing of the project, that a part of the funds (EUR 30 million) are granted for the quitting of the operation of the blocks of NPP Kozloduy. The Minister of Energetics Mr. Milko Kovachev was positive that this would not slow down the negotiations with EU in the chapter of Energetics.
Source: Pari (02.08.2002)

The Deputy Minister of Energetics Mr. Ilko Jotzev is the new member of the Board of Directors of Bulgargas SPJSC. He was appointed by the Minister of Energetics Mr. Milko Kovachev. Mr. Jotzev will replace the Deputy Minister of Finances Mr. Krasimir Katev in the Board of Directors of the gas-company. The former Director of the Energetic Efficiency Agency Mr. Drumi Drumev will take the position of a Deputy Minister of Energetics.
Source: Standart (07.08.2002)

The agreement for the rescheduling of the debts of Toplofikacia - Sofia to Bulgargas will be concluded very soon, announced Mr.George Rogachev. The debts of the Sofia-based company have been reduced with about BGN 114 million. The unpaid bills for central heat-supply and hot water of the public subscribers and companies are about BGN 75 million. The hot water-supply of several public buildings with large debts have been already ceased.
Source: Standart (15.08.2002)

Bulgargas plans in the nearest future to conduct auctions for the purchase of steel pipes with a diameter of 710-1220 mm, stations for the highway gas-mains and spare parts for them, measuring equipment for the gas-distribution stations, equipment for purification of the internal and external surface of the gas-mains.
Source: Pari (21.08.2002)

The incomes from sales of Chimco-Vratza for the fist six months of the year were only BGN 11.5 million, which is nearly six times less as compared to the same period of 2001. In the end of last week its shares reached their lowest price by this moment - BGN 0.15 per share. The result of the activity of the company are not surprising as for the first half of the year the company has worked only for a month. Chimco is in a crisis for a third consecutive year, as during 2001 it reported the record loss in amount of BGN 21.7 million.
Source: Pari (22.08.2002)

The budget can grant BGN 24 million to the thermal-supplying companies in the State in order to pay their debts to Bulgargas. This is one of the alternatives that are discussed by the Ministry of Energetics and Ministry of Finance for payment of BGN 148 million to the gas company. This alternative can be realized but if there is a surplus in the income part of the budget, according to experts. In 2001 the budget granted funds to the companies because of the same problem. The subsidy for the companies for this year is BGN 50 million.
Source: Dnevnik (23.08.2002)

The Ministry of Economy has discussed the offer of American Steel Industries /ASI/, a US metallurgical company, for the purchase of Kremikovtsi steelworks. This was announced by a senior officer at the Ministry of Economy. The meeting, which was held in July, was attended by representatives of the Ministry of Finance and the Privatisation Agency. The Philadelphia-based company offers to buy 96.29 per cent of the metallurgical works and suggests and investment programme amounting to USD 400 million for an eight-year period. The current owner of Kremikovtsi - Finmetals Holding JSC - holds 71 per cent of the enterprise. ASI commits to settle Kremikovtsi's debts to National Social Security Institute, amounting to BGN 77.41 million as of July 12, 2002, to the Treasury, amounting to BGN 8.26 million as of March 1, 2002, and to the Customs Agency, amounting to BGN 27.38 million as of June 3, 2002. The debts will be repaid for 15 years with a five-year grace period and a 10-year rescheduled payment scheme. The US company plans to increase output from 1.5 to 3.8 million tonnes in 2005 and reach 5 million tonnes of steel products by 2015.
Source: Pari (03.09.2002)

PA has not announced an auction for the privatization of the Lovech-based company Toplofikatzia, was reported from the company. During June the German company RVE - Entzorgung /RWE AG/ announced in a letter to the Ministry of Energetics and Energetic Resources its readiness to participate in the privatization of Toplofikatzia. In the letter was said that the company will undertake a significant financial obligations for investments in amount of BGN 1.5 million for the rehabilitation of the capacities and for the purchase of new equipment. The District Governor Mr. Marian Balev with the support of Lovech Municipality and the Ministry of Energetics has sent a letter to PA for the acceleration of the procedure. At the moment are prepared the evaluation, the legal analysis and the memorandum, as the documentary-prepared by Beta consulting - Sofia, were not accepted by the commission of PA, explained the Executive Director of Toplofikatzia-Lovech Mrs. Margarita Kamenova.
Source: BTA (04.09.2002)

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 Management of Bulgargas will negotiate with eight banks for different ways for fixing the rate USD/EUR in the payments of the deliveries of natural gas of the company, announced the Deputy Minister of Energetics Mr. Ilko Jotcev. This scheme will allow the payments to be executed on preliminary negotiated currency rate. The purpose of the deal is to be avoided the unfavourable influence of the movement of the rate of USD on the price of the natural gas.
Source: Dnevnik (11.09.2002)

The workers from workshop 202 for packing glass of Kitka JSC - Novi Pazar demanded that the Regional Governor Dr. Yovcho Dobrev should cancel the tender for the sale of the workshop's land and building, which is due to be held on September 16 2002. They reminded, that the workshop is managed by Opakovachno Stuklo SP Ltd. - Varna since 2000, but because of defects in one of the devices the workshop stopped working shortly after that.
Source: Shumenska zarya (18.09.2002)

The Municipal Board of Dobrich did not accept the offering of the municipality to buy 80 per cent of Chernomorska technologichna kompania JSC - Varna in the joint-venture Gasengineering Ltd. that had to construct the installations and the transport infrastructure for gas-supply of the town. The municipal advisors motivated their refusal with the unclear price that Chernomorska technologichna kompania JSC - Varna wants for its share. They are afraid that Gasengineering may have hidden debts with which to burden the municipality.
Source: Pari (18.09.2002)

Kremikovtzi's debts to the state exceed BGN 900 million, or USD 450 million, and this makes the company different from others. This is the opinion of Mr. Lilyan Vachkov, former Executive Director of the company (1992-1996). That is why the Government cannot stay away from the enterprise, which is practically being destroyed. And this affects the whole branch. At the same time, the debts of Kremikovtzi to NII are in the amount of BGN 77.41 million, to NEC - BGN 60.09 million, to Bulgargas - BGN 21.81 million, to the ports - BGN 2.79 million, to Bulgarian State Railways (BDZ) - BGN 10.54 million. Some time ago, Metal Bulletin released a publication, according to which Bulgaria has serious problems with EU because of Kremikovtzi. The reason for this is that it gives subsidies, finances a private company. And this is still a problem. First of all, the privatization contract is not executed, the investment program is not executed either. For the second time already the owners of the plant are going to draw BGN 5 million from the guarantee for non-execution of the investment program. There is no repair program. The debts of Kremikovtzi at the time it was bought were in the amount of BGN 600 million, and now they are BGN 900 million.
Source: Pari (18.09.2002)

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)

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 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)

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)

Bulgargas SPJSC has invested BGN 20 million in the modernization of Compressor station - Strandja, was reported from the center of the company. Last week was the official opening of the compressor Station in Gorska Polyana village. The reconstruction and modernization of the equipment for raising of the safety of the transit system started during 2001. The election of the chief executor and designer of the project was made at open international auctions.
Source: BTA (28.10.2002)

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)

Bulgargas raised the transit of Russian natural gas up to 9.9 billion cub.m. as for the ninth months of the year for Turkey, Greece and Macedonia, announced the Executive Director of the company Mr. Kiril Gegov. During the same period of 2001 have been transported 8.9 billion cub.m. According to the long-term agreement with Gazprom is planed by the end of 2007 the transit to grow to up to 18 billion cub.m. annually. This is maximum quantity which can be transferee through Bulgaria.
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)

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)

À principle settlement was reached between Bulgargas JSC and Rakhovets Gas-96 JSC of Gorna Oryakhovitsa on three projects concerning gas mains construction in Veliko Tarnovo, Gorna Oryakhovitsa and Lyaskovets. Under the agreement Rakhovets Gas JSC will build a high pressure arm from the major northern Russia-Bulgaria gas pipeline towards the three towns and two automated gas distribution stations. The project is assessed at BGN 40 million. Bulgargas JSC will buy the construction via beneficial natural gas prices for a 10 year time with an 18 month grace period. Rakhovets Gas-96 JSC is ready to start also the intra-urban mains construction connecting first the large industrial customers. The framework agreement is to be signed in a month's time. Natural gas consumption is expected to rise from 15 million cu.m in the first year to 95 million cu.m. in the third year to 112 million cu.m. in the tenth year. Construction works are to be launched in the first days of March, 2003. Some 200 jobs will be generated, the Veliko Tarnovo municipality said.
Source: Pari (05.11.2002)

Bulgargas will gain one third of the Sofia-based Toplofikatzia. This is the last offer the Ministry of Finances, in order to be cleared the debts of the company for fuel, which are in amount of BGN 140 million
Source: Standart (08.11.2002)

Overgas Inc. will be able to transfer gas when the monopoly of Bulrgargas over the transfer of gas is eliminated, announced the Executive Director of Overgas Mr. Sasho Donchev. 50 per cent of the capital of Overgas are property of the Russian company Gazprom. In the key terms of the new Energy Law is included the elimination of the monopoly over the gas transfer. According to the experts from the Ministry of Energetics in the new law will be written that every company has the right to deliver gas. If the monopoly is eliminated Overgas will be able to built a 24-kilometer gas pipeline, which will supply gas to Gorna Oryahovitza and Veliko Tarnovo.
Source: Dnevnik (11.11.2002)

The deal for the privatization of the company for manufacture of porcelaine Kitka JSC, Novi Pazar will be broken. The motif for the braking of the deal is the fact that the MEBO, owner of the company has executed only one of the terms of the privatization contract. The company has transferred the initial implement, announced the Minister of Economy Mr. Nikolay Vasilev. Kitka JSC was listed in the trade register of Shumen District Court during June 1994 as a joint stock company for manufacture and trade with colour glass, porcelain The capital of the company is BGN 410 283, distributed in 410 283 shares with face value of BGN 1. During the summer PA sold 25 per cent of the capital of Kitka JSC at an auction with open bid tenders. The purchaser was teh newly registered Kitka 1 MEBO. The auction price was USD 802 590 and the price per share reached USD 7.824.
Source: Dnevnik (12.11.2002)

Since its creation in 1996 Rahovetz gas 96 has expected to solve the technical problem with the construction of the 26-km section from the highway gas pipe near Polski Senovetz to gas-distributing stations near Veliko Turnovo and Gorna Oriahovitza, declared the Executive Director Mr. Dimitar Dimitrov. Now is expected by the end of the month to be signed the contract with Bulgargas that has a license for transport of natural gas with high pressure. According to the preliminary calculations are necessary USD 15 million.
Source: Borba - Veliko Tarnovo (15.11.2002)

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)

Bulgargas will be launched for privatization in 2004 when is expected to finish the restructure of the company, annoinced the Minister of Economy Mr. Nikolai Vassilev. The transit of natural gas through Bulgarian territory will be increased from 13 billion cubic metres to 18 billion cubic metres per year. At the moment Bulgargas transits Russian natural gas to Turkey, Greece and Macedonia. A month ago the Directors of the company dealt with the management of Gasprom the transit to Greece to be increased from 2 billion to 6 billion cubic per year. There is also an opportunity Bulgaria to transit fuel to Serbia, added Mr. Vassilev. He forecasts that our country can't expect many candidates that will take the transit of Bulgargas after the privatization.
Source: Monitor (27.11.2002)

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)

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)

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)