The cabinet announced its decision to establish a Consultative Council with the Ministry of Economy for monitoring the fiscal discipline and fiscal performance of the companies in which the state owns more than 50% of the capital. The council will be chaired by deputy prime minister and minister of economy Nikolay Vassilev and will include the ministers of finance, economy, regional development, agriculture and forestry.
Source: Pari (22.01.2003)

Vratza District Court confirmed the rulings of the Region Court about the debts of NEC to Chimco and about the issuing of compensation order for the blocking of a sum of BGN 89 million. The rulings of the District Court are final and are not subject to appeal.
Source: Pari (24.01.2003)

The liberalisation of the gas-market, desired by the biggest consumers, will remain a good intention as for now, despite the fact that the new Energetics Law, which had been prepared by the Parliament allows to the companies to import natural gas. It is planned that monopoly of Bulgargas over the transportation and deliveries of natural gas will be abolished under certain conditions.
Source: Dnevnik (29.01.2003)

The Russian gas company Gasprom may become a shareholder in Bulgarian companies from the chemical industry against a cheap natural gas if they want, declared the Chairman of Gasprom Mr. Alexei Miller. He also added that the Russian gas concern will take part in the privatization of Bulgarian companies that are big cosumers of natural gas.
Source: Dnevnik (06.02.2003)

Toplofikatzia-Sofia SP JSC will secure with its receipts from NEC SP JSC the state guarantee on the loan agreement with European Bank for Reconstruction and Development for repair of the heating transfer network. This is according to a contract for extraordinary gage between Bulgaria and Toplofikatzia-Sofia that the Government approved at its meeting. The Ministers of Finance and Energetics Mr. Milen Velchev and Mr. Milko Kovachev are authorized to sign the contract.
Source: Dnevnik (07.02.2003)

The preliminary data for the financial result of Bulgargas SPJSC as for 2002, showed a pre-tax profit in amount of BGN 124 382 thous. The net profit of the company is in amount of BGN 99 032 thous. The taxes paid by Bulgargas SPJSC during the period January 1 2002 - December 31 2002 were in amount of BGN 369 449 thous., as BGN 157 070 thous. from them were VAT and BGN 23 350 thous - profit tax. During 2002 the company has imported natural gas in amount of 2 958 million cubic metres.
Source: BTA (11.02.2003)

The companies with over 50 per cent state participation may raise the salaries of their employees during the year only if they had reported good financial results over the previous year, is planed in a project of the Council of Ministers for a Decree for the formation of the salaries in the companies with more than 50 per cent state or municipal participation. The Decree affects 50 companies among, which are NEC, Bulgarian State Railroads, Bulgargas, Balkancar holding, mining, and steel-producing companies.
Source: Pari (12.02.2003)

Bulgargas stopped the supply of natural gas for Terem-Turgovishte on February 5 because of not paid debt for January in amount of BGN 36 126. The deliveries were ceased after many warnings from Bulgargas. The supply of fuel was restored when Terem paid BGN 27 000 in advance for the deliveries in February. At the moment the receipts of Bulgargas from irregular debtors exceed BGN 150 million.
Source: Monitor (19.02.2003)

Glavbolgarstoy and Rosseximbank are ready to invest in the construction of houses in Russia, announced the President of Glavbolgarstroy Mr. Simeon Peshev at the presentation of the programme that Bulgaria-Russia forum organizes for the forthcoming visit of the Russian President Mr. Vladimir Putin.
Source: Dnevnik (28.02.2003)

The Russian Federation is ready to increase the transit of Russian natural gas via Bulgaria and to participate in the privatisation of Bulgaria's energy companies and the construction of the Belene nuclear power plant (NPP). This emerged during President Vladimir Putin's three-day visit to Bulgaria. The willingness of Russia's Gazprom to participate in the divestiture of Bulgargas was also confirmed. Russia is ready to increase the volume of gas transited to Macedonia, Greece and Turkey from 12 to 18 billion cu. m and take part in the expansion of the pipeline network and the installation of gas supply in Bulgaria, President Putin said. The issue about the intermediaries in gas deals is not our problem, this is a problem of the Bulgarian side, Vladimir Putin underscored. The fewer the intermediaries, the less the prices are increased, he said.
Source: Pari (04.03.2003)

In the beginning of April start the negotiations of Overgas and Topenergy with Bulgargas for mediation at the trade with Russian natural gas for Bulgaria. Russia wants to eliminate the two companies from the transit of fuel in the State, announced the Minister of Energetic and Energy Resources Mr. Milko Kovachev..
Source: Duma (13.03.2003)

Bulgargas initiated a full reconstruction and modernisation of the gas reservoir in the village of Chiren, announced the Director of the company Mr. Kiril Gegov. By the end of October in the reconstruction will be invested BGN 12 million. There has been no reconstruction in the object for the last 20 years. The main purpose of the reconstruction of the reservoir is that it will be turned in the most modern gas reservoir in Bulgaria.
Source: Duma (13.03.2003)

Chimco will not be declared in insolvency, announced the Chairman of the Managing Board of the company Mr. Nikolay Vuzev, after the Deputy Prime Minister and Minister of Economy Mr. Nikolay Vasilev requested a quick bankruptcy of the fertilisers factory. According to Mr. Vasilev if a company has reported losses at a value of BGN 68 million for the last four years there is no way that it could be saved. It is expected that the Supreme Administrative Court will make its decision on the claim of the main creditors of the company - NEC and Bulgargas.
Source: Pari (24.03.2003)

The prices of natural gas will grow from BGN 280.06 to BGN 287.19 VAT included for 1000 cubic meters as of April 1. This decision was taken by the State Energy Regulation Commission. The increase became necessary, after Gasprom increased the price of Russian natural gas with 20 per cent. According to the contract between Gasprom and Bulgargas, the prices may be changed every three months and depend on the prices of oil on international markets and USD rate.
Source: Dnevnik (28.03.2003)

Orbitel signed two contracts for IT services with Bulgargas - for provision, installation and configuration of software, necessary for the use of internet tranffic and for transfer of the ownership right on the techincal equipment for internet provision.
Source: ComputerWorld e-Daily (01.04.2003)

More than 400 workers from Chimco started termless civil strike. The reason is that the company’s management team has not paid the employees’ salaries due until March 31. The workers demanded that the state should intervene in the settling of Chimco’s problem and stop the draining of movable tangible assets.
Source: Pari (02.04.2003)

Bulgargas SPJSC reported an accountant profit in amount of BGN 23.2 million as for the first quarter of the year. The taxes paid by the company are in amount of 145.9 million, which is with 43.1 million more as compared to 2002. According to the preliminary data the consumption of natural gas during the first quarter of 2003 has grown to 1 084 million cub.m., which is a growth of 107.1 per cent as compared to the first quarter of 2002.
Source: Pari (11.04.2003)

The Minister of Energetics Mr. Milko Kovachev, the Minister of Regional Development and Public Works Mr. Valentin Tzerovski and the Chairman of the Parliament group for energetics Mr. Veselin Bliznakov opened at an official ceremony the renovated compressor stations Kardam-1 and Kardam-2 near the Bulgarian-Romanian boundary. The stations are at the entrance of the two routes for transfer of natural gas to Turkey, Macedonia, Serbia and highway gas-pipeline for Bulgaria.
Source: Dnevnik (14.04.2003)

The consumption of natural gas over the first three months of the year has grown with 7.1 per cent as compared to the same period of 2002. The consumption has reached 1.084 cub.m. was reported from Bulgargas. The accountant profit of the company has reached BGN 23.2 million. The company has paid BGN 149.5 million for taxes.
Source: Monitor (14.04.2003)

The Ministry of Energetics negotiates secretly from PA for sale of assets of the thermal companies in Pravetz and Vratza. The company in Pravetz had to be sold in the end of February through a public tender that failed because the two candidate-buyers – Energosnabdiavane and L M Impex SP Ltd. – Samokov. Then the experts declared that the deal failed because the initial tender price of BGN 1.5 million and the step for bidding of BGN 50 000 were high.
Source: Monitor (15.04.2003)

Austria did not sign an agreement with Greece and Turkey for construction of a gas pipe for transfer of Iran gas to Western Europe that will go round Bulgaria, announced the CEO of Bulgargas Mr. Kiril Gegov. In a letter from April 10 the President of OMV Mr. Ergas Otto Mujzelih assured that the company would not take part in Turkish-Greek project since there has already been signed an agreement for construction of a transit pipe through Turkey, Bulgaria, Romania and Austria.
Source: Monitor (15.04.2003)

European Bank for Reconstruction and Development will invest EUR 380 million in Bulgaria in 2003. More of the credits will be for energetic projects, announced the Director of the bank for Bulgaria Mr. John Shomeldoll. According to him the bank is ready to take part in the restructure of Bulgargas and in the project Maritza Iztok 1, if there is such one. According to the reports of the Ministry of Energetics over the next 3 years Bulgaria will need investments between EUR 2.5 billion and EUR 6 billion for the energetics sector as a whole.
Source: Duma (30.04.2003)

Topenergy dropped out its intermediary function in Bulgaria`s gas supply and will turn into a regional distribution center, which will control the transit of gas on the territory of Bulgaria, Romania, Macedonia and Turkey. Topenergy is fully owned by Gazprom and together with Overgas is an intermediary in natural gas supplies from Russia to Bulgaria. The company was founded in 1995 as a Bulgarian-Russian joint-venture, but in 1997 Gazprom bought the shares of the Bulgarian companies and banks, who owned part of the capital. After Topenergy becomes a distribution point, based in Bulgaria, the only intermediary left in the gas supplies for Bulgaria will be Overgas. It is expected the price of the blue fuel to slightly decrease. The agreement between Topebergy and Overgas, signed in 1997 expired at the end if April.
Source: Monitor (07.05.2003)

Pernik District Court decided on April 29, 2003 to declare in liquidation Stomaneni otlivki I izkovki SP Ltd.-Radomir – a subsidiary of Radomir JSC. It includes all main work-shops without mechanic-processing ones. The Chief Director of Radomir metali JSC Mr. Plamen Paskalev announced that the liquidation was required by the Board of Directors. Mr. Ludmil Alexandrov was appointed for a liquidator. Mr. Paskalev explained it was not a total liquidation or selling off but for restructure of the production. The subsidiary was created in February. At the moment Radomir metali produces from 500 to 800 tons production per month. According to the Directors of the company the State kills the producers by means of the monopolists NEC and Bulgargas.
Source: Pari (15.05.2003)

TPS-Sofia started a project for rehabilitation of the network at amount of EUR 114 million, announced the Executive Director of the company Mr. Valentine Dimitrov. From them EUR 30 million are a loan from the European Bank for Reconstruction and Development, EUR 26 million are a loan from the World bank, EUR 30 million are a grant from the International fund of NPS Kozlodui and EUR 25 are own funds. The gratis period is 5 years and the period for payment is 15 years. For this year the expected investments are EUR 18 million.
Source: Pari (28.05.2003)

Glass factory Belopal in Beloslav has accumulated debts to Bulgargas in amount of BGN 12 million. The company has also accumulated debts in amount of BGN 3 million to other companies. The court procedure for declaring the company in insolvency has continued for 39 weeks ago already. The case has passed through all court institutions already. Varna District Court refused to satisfy the claim of Bulgargaz and State Receivables Collection Agency for declaring of Belopal in insolvency.
Source: Pari (29.05.2003)

The Deputy Minister of Finance Mr. Krassimir Katev will be a Director of the Board of Directors of Bulgargas at the place of Mr. Gati al Jeburi. The Minister of Energetics Mr. Milko Kovachev prepared the order for his appointment as a member of the Board. At the moment Mr. Katev is also a member in the Board of Directors of Bulgarian Consolidation Company.
Source: Sega (12.06.2003)

The case for the bankruptcy of Chimko will be up before Vratza District Court on June 18. The case was initiated by claims of Bulgargas and NEC because of debts of the plant in amount of BGN 100 million. Former workers and syndical organizations of the plant also initiated legal proceedings against Chimko.
Source: Duma (12.06.2003)

Bulgargas offered to State Energy Regulations Commission the price of the natural gas to be reduced on average with BGN 21 for 1000 cubic metres as of July. At the moment the price of the gas is BGN 287.19 for 1000 cubic metres and the prices were increased in the beginning of April. The upcoming reduce is due to the cheaper USD since the beginning of April in comparison with euro and optimization of the costs of the gas company.
Source: Dnevnik (17.06.2003)

BGN 18 million were invested in objects of Bulgargas in 2002. As of 2004 the funds will increase more. At least one year will be prepared an analysis whether the privatization of Bulgargas is efficient. The company must remain state-owned for a long time in order to realize its investment programme.
Source: Pari (19.06.2003)

Overgas Inc reached an agreement with Bulgargas for financial leasing for the construction of a part of the gas pipe Russia – Bulgaria near the gas-distributing stations of Veliko Turnovo, Gorna Oriahovitza and Liaskovetz. The objects are included in the investment programme of Overgas for 2004. The construction of the inner distribution networks in the town will also start.
Source: Pari (19.06.2003)

We received a letter from Gazprom offering the gas supplies to be transferred to Overgas, announced the energy Minister Mr. Milko Kovachev. The idea was Overgas to replace Topenergy – the subsidiary of Gazprom, who has a contract with Bulgargas for import of fuel until 2010. The price of the gas shall not be changed. Overgas intends to invest part of the profit in household gas supply infrastructure in Bulgaria. Gazprom owns 100% of Topenergy and 50% of Overgas.
Source: Trud (23.06.2003)

BGN 3.664 million is the profit of Neochim JSC-Dimitrovgrad, according to the annual financial report of the company. After taxation the net financial result is BGN 2 632 million which is with about BGN 1 million less in comparison with the former year. The incomes from the activity of the company are BGN 125 311 000 and the expenses for the activity are BGN 121 661 000. The debts of the plant to Bulgargas are BGN 19 million. The sales of Neochim JSC keep the level from the last year – about 429 000 tons. The main part, 61 per cent from the fertilizers are being sold at the domestic market.
Source: Pari (30.06.2003)

The glass-producing factory in Beloslav was announced insolvent after three years of legal procedures. The decision was made by the Varna Court of Appeal on June 18 2003. Actually, the magistrates canceled the previous decision from April 12 2001 taken by the Varna District Court, which did not allow the company’s bankruptcy. The starting date of the glass factory’s insolvency is September 30, 1999, according to the court’s decision.
Source: Banker (30.06.2003)

Vratza District Court rejected the claims for declaration in insolvency of Chimko JSC by NEC and Bulgargas JSC. The latter required a declaration in insolvency for Chimko because of debts in amount of BGN 69.4 million and NEC for BGN 33,4 million.
Source: Monitor (04.07.2003)

A new gas suppier, besides Gasprom, may start operating on the Bulgarian market before 2007, if this supplier is capable of delivering at least 25 per cent of Bulgaria's annual consumption. The other possibility is to construct a connection with a European country, which receives the same percentage of its consumption from an alternative supplier, different from the Russian company. Once Bulgaria enters EU, Bulgargas's monopoly will automatically disappear.
Source: Sega (09.07.2003)

The glass-factory Belopal JSC, Beloslav has debts in amount of at least BGN 18.950 million, announced the temporary syndic of the company Mr. Geiorge Budev at the first General Meeting of the creditors of the company, which took place yesterday. Belopal JSC is in a procedure for declaring in insolvency since July 7.
Source: Pari (16.07.2003)

The four companies that have joint property with Chimko-Vratza and remained without electricity because of debts of the fertilizer plant to NEC, will build own electricity distribution network, was reported from Elektrorazpredelenie-Pleven. The equipment will cost totally BGN 25 000.
Source: Pari (16.07.2003)

Bulgargas will invest during 2003 BGN 12 million own funds in the sole in Bulgaria crib for natural gas Chiren. These are 42 per cent of the planned investments of the gas company for 2003. The modernization of the technologies and the renew of the main funds of the gas crib will be finalized and officially opened in October, this year, said the Executive Director of Bulgargas Mr. Kiril Gegov.
Source: Standart (22.07.2003)

Bulgargas is starting negotiations with Gasprom to sign agreement for increased transit of Russian natural gas in the region. Gasprom representatives are expected to arrive in Bulgaria on Monday. The Russian delegation will be led by the member of the company’s Board of Directors and General Director of Gasexport Mr. Alexander Medvedev.
Source: Dnevnik (25.07.2003)

The experts from Gasexport proposed Bulgargas to participate as minor shareholder in different gas companies with municipal share, for example in Sofia or Varna, where the private company Overgas has licenses for gas supply. Bulgargas' scope of activity does not include household gas supply, but the current legislation does not forbid the company to participate as minor shareholder with 20-25 per cent.
Source: Pari (30.07.2003)

Bulgargas and Gasexport may establish a joint company, which will construct the new sections of the transit gas-mains to Serbia and Greece and will collect the fees for transportation of Russian natural gas. This is one of the variants of the transit fees agreement, discussed between the two companies, Mr. Ilko Yotzev - Deputy Minister of Energy said. Bulgargas and Gasexport representatives discussed the execution of the memorandum with the contract for increase of the transit of Russian natural gas, signed during President Putin's visit in Bulgaria in March.
Source: Dnevnik (31.07.2003)

The Deputy Minister of Finances Mr. Nahit Zia became the new member of the Board of Directors of Bulgargas. He will replace Mr. Gati Al Djeburi was dispensed from the position. It is not clear yet if Mr. Zia will become Chairman of the Board of Directors.
Source: Pari (08.08.2003)

In the beginning of next year, Bulgarian Salt Company – Kanotrans is going to construct the first factory for production of fine refined salt in Bulgaria. This was announced by the Manager of Kanotrans Holding Mr. Toni Ikonomov. He explained that the factory will be located on an area of 30 decares in Provadia, and USD 8 million will be invested in it. The plant’s capacity will be 60 000 tons of fine refined salt a year. The annual consumption of table salt in Bulgaria is 40 000 tons The salt will be manufactured through evaporation of brine, which Kanotrans will buy from Provadsol JSC.
Source: Dnevnik (08.08.2003)

Petreko Bulgaria’s gas extraction programme will be ready by October 15, announced the company’s Executive Director Ms. Dorieta Angelova. This means that the construction of the facility will actually be delayed by around a month and a half. Ms. Angelova explained that the delay is due to the fact, that not all foreign supplies arrive according to schedule. The company Petreko Sarl, registered in Luxembourg, which is the sole proprietor of Petreko Bulgaria, signed a concession contract in 2001 with the former State Agency of Energy and Energy Resources, currently Ministry of Energy, for development and extraction of natural gas from the Galata deposit.
Source: Dnevnik (12.08.2003)

Three energy company will receive a credit rating. These are Bulgargas, NEC and Maritza Iztok 2. Currently, procedures for election of an agency, which should evaluate their credit rating, is ongoing.
Source: Standart (19.08.2003)

Bulgargas will accumulate a part of the finances, the company need for the investment programme by a bond issue, announced the Deputy Minister of Energetics Mr. Ilko Kotzev. The details for the bond issue will be announced after the election of an agency, which shall estimate the credit rating of the Bulgarian gaz Monopoly.
Source: Sega (19.08.2003)

The privatization of the Lovech-based company Toplofikatzia has been terminated. PA refused to reveal whether there had been a selected probable buyer. Toplofikatzia was announced for sale in the end of March 2003. According to information from the regional administration, a German company has demonstrated interest in it. It was supposed to buy 434 891 shares, representing 100 per cent from the company’s capital.
Source: Posrednik-Pleven (20.08.2003)

The Portuguese company Gaz Natural is interested ion the privatization of Bulgargaz JSC. The Portuguese company is one of the applicants for the purchase of the Greek gas company DEPA
Source: Dnevnik (26.08.2003)

Bulgargas SPJSC opened a procedure for the election of a company, which will execute the financial audit of the company as of 2003 in accordance with the international accountant standards. The elected company will also consult Bulgargas SPJSC in the area of internal control and other specific areas.
Source: Dnevnik (28.08.2003)

Bulgargas SPJSC may gain 20-25 per cent of the capital of the gas-distribution companies in Sofia and Varna, announced the Deputy Minister of Energy Mr. Ilko Jotzev. The companies have already requested the assistance of Bulgargaz for the construction of the gas-supply networks in Varna and Sofia. Sofia gaz is 100 per cent property of Overgaz Inc. The company has a 10-year license for gas-supply services in Bankya and Bojurishte regions. Varna-gaz is a joint company of Overgaz Inc. and Varna municipality
Source: Dnevnik (29.08.2003)

The average insurance in the 20 most loyal companies insuring a staff to 15 employees is BGN 898, the National Social Security Institute’s information showed. 263 people work in these companies. The companies with a staff of 100 to 250 people employ a total of 4252. The average insurance income there is BGN 699. Top 20 of the most loyal employers in these criteria includes the names of Media Holding, Sheraton ­ Sofia-Balkan, publishing house 168 Hours, Tax Administration, Central Cooperative Bank, Bulgartabac Holding, Economic and Investment Bank, Municipal Bank, Privatization Agency. Etc.
Source: Pari (17.09.2003)

Within the next two weeks will be elected the rating company, which will prepare the credit rating of Bulgargaz JSC, announced the Deputy Minister of Energetics Mr. Ilko Jotzev. Interest in the deal so far have announced Standart&Poor’s, Moody's and Fitch. Bulgargaz has to invest EUR 100 million in the construction of new gas pipelines. The investment could be executed either by loan or by raising of the capital of the company.
Source: Pari (23.09.2003)

State Energy Regulation Commission increased the price limit of natural gas as of October 1 2003 with 10 per cent for consumers from the network of gas distribution companies, and with 9 per cent for consumers directly connected to the distribution network of Bulgargas. The highest price at which the distribution companies will be allowed to sell gas to consumers from the distribution network as of October 1 2003 will be BGN 288.72 per 1000 cubic meters (VAT included).
Source: Pari (30.09.2003)

Gazexport and Bulgargas have signed a new contract to deliver Russia's gas to Bulgaria, according to the Russian AK&M Information Agency. Gazprom said the document was sealed Oct. 8 in Moscow over the meeting of Gazexport General Director Mr. Alexander Medvedev with Bulgargas Chief Executive Official Kirill Gegov. The new contract allows the use of the transit gas-mains to Greece and Macedonia for gas supply of consumers in Southwestern Bulgaria.
Source: Dnevnik (10.10.2003)

Bulgargas received permit for construction of optical highway in the section Ihtiman - Central Office of Bulgargas. This is the last section of the optical cable line Kardam - Sofia, which is a part of the company's information servicing system. The overall length of the optical line is 630 km, and the last section of it is 80-km long. Bulgargas refused to reveal the cost of the section's construction, but emphasized that it will be completed by the end of the year, since the project is a part of the company's 2003 investment program.
Source: Pari (13.10.2003)

Bulgargas reported a profit of BGN 92.022 million after taxation for the year 2002, the company announced. BGN 388 million have been paid in the budget. The company imported 2.958 billion cubic metres of natural gas mainly from Russia through subsidiaries of OAO Gasprom. In 2002, 13.515 billion cubic metres of gas have been transported to the Balkan countries. This represents a growth of 6 per cent compared to 2001. 2741 million cubic metres of gas have been supplied to Bulgarian consumers. In the end of 2002, the company had 270 clients, including 23 gas distribution companies.
Source: Pari (24.10.2003)

Parliament's Energy Commission made a suggestion to the Ministry of Finance to tax Bulgargas as a normal trading company in the budget for 2005. The reason is that according to the draft law for the 2004 budget, Bulgargas should make non-tax payments from the transit of natural gas under the Yamburg agreement in the amount of BGN 75 million.
Source: Pari (13.11.2003)

If we have to count the biggest corporations in America, Japan or Germany, the only necessary thing is to look the exchange screens at Wallstreet, Tokyo and Frankfurt. In every developed economy the stock market is the background of the huge business. There are situated the industrial concerns, banks and insurance companies, big trade chains and the giants in the sector of services. There are also the new technologies – the engine of the growth of every economy. It is quite prestigious to appear at the exchange stage where the whole world sees and assess you. It is also a business question because the capital market feeds the economy and takes the temperature every minute. 345 companies in Bulgaria have a statute of public companies. Almost all of them are on the capital market with a state force and by administrative order of the new legislation. The experiment mass privatization brought shattered shareholders’ structure in many giants of the social economy and in few privatization funds, which hold 15 per cent of the Bulgarian economy. As a result on the exchange came out state monopolists and whole industries. These are the metallurgic giants Kremikovtzi, Stomana and OZK-Kurjali, almost the whole chamical and pharmaceutical industry /ahead with LUKoil-Neftochim, Chimko, Polimeri and Sopharma /, the sea and winter resorts, a big part of the food-processing industry /including the whole tobacco production /, former monopoly structures in the wholesale /Petrol and Toplivo /.
Source: Pari (17.11.2003)

Around 60 per cent of the natural gas produced in Russia and consumed in Turkey is transited through Bulgaria. Around 90 per cent of the amounts destined to Greece and 100 per cent of those destined to Macedonia pass through Bulgaria. This was announced by the Minister of Energy and Energy Resources Mr. Milko Kovachev during an Energy Forum held in Athens yesterday. Mr. Kovachev said Turkey would play an increasingly important role in the transiting of gas in the region, since it was surrounded by gas producer, which is important for Bulgaria.
Source: Monitor (09.12.2003)

In 2004, Overgas is ready to start work on the construction of the gas transportation networks in all 26 towns in the country, the company announced. Three of the towns are Veliko Tarnovo, Gorna Oryahovitza and Lyaskovetz. For the building of the gas networks in these three towns, EUR 9 million have been allocated.
Source: Pari (22.12.2003)

For the fifth year in a row the Bulgarian Chamber of Commerce and Industry is making a rank list of Bulgaria’s leading 100 companies, using the world recognized assessment criteria such as Forbs and Fortune.The selection for 2002 has been made between 400 Bulgarian companies, distributed in two top lists. TOP 100 -1 includes companies, ranked on the basis of their incomes from sales, while TOP 100 – 2 has an additional criteria, excluding the companies whose debts to suppliers, employees or social funds exceed their profit. For the first time the experts from Bulgarian Commercial and Industrial Palace have prepared two more rank lists – TOP 50 of small and medium-sized enterprises and TOP 50 of the public companies. The first rank list includes companies with incomes from sales exceeding BGN 10 million in 2002, rated by their production capacity per employee working under labour contract. The second list includes winning companies, traded at the Bulgarian Stock Exchange – Sofia, rated by the return of the invested own funds in 2002 and by the change of this indicator compared to 2001. The private commercial companies are already pushing away the big state-owned enterprises from the top positions of the best developing companies in Bulgaria. Two industrial companies occupy the two top positions by profit, correlated to BGN 100 incomes from sales. The number one company is Pernik-based Stomana registering a profit of BGN 61 per BGN 100 incomes, and the number two company in the list is the cement factory Vulkan – Dimitrovgrad, which posted BGN 14 per BGN 100 incomes. Sofia-based company Telelink is number three with a result of BGN 13, followed by Hewlett Packard Bulgaria (BGN 10).
Source: Dnevnik (23.12.2003)