The Varna-based Bulgarian Ship Hydrodynamics Center (BSHC) has been praised by a Bulgarian minister for managing to sell its high-level discoveries.
Bulgarian Minister in charge of EU funds absorption Tomislav Donchev has visited the hydrodynamics and aerodynamics institute, which is part of the Bulgarian Academy of Sciences.
"I was impressed by the fact that about one-third of the revenues of the hydrodynamics and aerodynamics center come from the sale of its scientific inventions, and...
Rental levels in Bulgaria have tracked sideways in mid-2010 as the impact of softness in demand had been offset by the effect of restricted new supply, according to global research outfit Business Monitor International (BMI).
Surprisingly, BMI country sources expect modest rises in rents in Sofia and Varna and forecast that rental yields will continue to track sideways over the next year or so, as movements in rents are matched by changes in capital values.
At the beginning of 2010 rents...
The Executive Agency for Promotion of Small and Medium-sized Enterprises (EAPSMEs) will allocate more than BGN 3 mln to organize business missions by 2012. The aim is to help firms with export potential to establish contacts abroad. An analysis is yet to be made which countries the business delegations will visit. Germany, Austria, Russia and India are currently being discussed. Groups of 20 Bulgarian businessmen (one from every company) will visit not only the capitals, but also other regions...
CEO of Enel SpA, Fulvio Conti, has said the Italian company will sell its stake in Bulgaria's Maritsa East 3 power plant in the fall of 2010.
Conti has made it clear, as cited by Bloomberg, that Enel plans to sell gas distribution assets in Spain by September, and its Bulgarian coal-fired power plant shortly after that.
Bloomberg reminds that Enel is selling assets to help reduce debt by EUR 45 B in 2010. The Rome-based company said in May it planned to sell EUR 7 B of assets including a...
Britain's JKX Oil & Gas, the operator of the B1-Golitza license in Bulgaria, began on Thursday a two-well drill program in the country to test targets with an estimated resource of up to 60 billion cubic feet (Bcf).
The Staro Oryahovo South R-1 well will be drilled to test a submarine fan target of Eocene age in the Kamchia Basin, south west of Varna, Bulgaria.
Drilling is planned to complete by the end of September when the rig will move to the Shkorpilovtci South West R2 location, 5km...
The Romanian unit of energy company GDF Suez has submitted an application for a licence to enter the Bulgarian power market, the State Energy and Water Regulatory Commission (SEWRC) said on Tuesday.
The company explained the timing has to do with the pick-up the market is experiencing at the moment, noting that it plans to sell electricity oversees and not in Bulgaria.
Plans call for purchasing power from Bulgarian generators and sell it on in Romania, Greece and Turkey.
In a report...
Bulgaria will inquire with the European Commission whether it would be possible to provide free quotas of greenhouse gas emissions from the State reserve for new market entrants to Brikel TPP (Thermoelectric Power Plant ) in order to enable the company to continue operating. The issue was discussed at a meeting attended by Traicho Traikov, Minister of Economy, Energy and Tourism, Nona Karadjova, Minister of Environment and Water, trade unions and the businessman Hristo Kovachki...
The Bulgarian Chimimport Holding group has registered a 3% growth in net profits for the first half of 2010 notwithstanding greatly decreased revenue for the period.
Chimimport has registered a 20% drop in income due to shrinking in its non-financial activities, especially in transportation, which has shrunk 14%.
In the transportation sector, Chimimport holds Bulgaria Air, Hemus Air and Air Ban.
Revenue from interest and insurance on the other hand has grown, mostly from Armeec...
Bulgartabac, Bulgaria's state tobacco company, has registered a 165.93% increase in net profit for the first half of 2010 in comparison with the same period last year.
Bulgartabac's financial statements attribute that to considerable increase in exports and optimization of costs.
Net profits for the first half of 2010 amount to BGN 7.5 M, with more than five-sixths of the production going for exports.
Exports have increased 56% in volume and about 80% in terms of revenue.
Sales for...
Bulgarian construction company Trace Group Hold unveiled double turnover and a profit of BGN 3.4 million for the first six months of the year, turning from a year-ago loss of BGN 2.3 million.
Turnover between January and June 2010 added up to BGN 93.4 million. Operating expenses surged by 87% to BGN 90.4 million. In its earnings report, the group did not specify the projects that fuelled the increase in revenue. Its most recent contracts include the Trakiya motorway section linking Stara...
There is no difference in the expenses made for buying an office by a mortgage in Bulgaria and leasing it, according to non-banking financial institution Creditex, part of the Bulgarian unit of Dutch-based TBI Financial Services.
The company anticipates pick-up in the Bulgarian business property market due to changes in the ratio between selling prices and rents.
Around 16 percent of Creditex’ loan portfolio covers investment properties. While lease prices are lower than in 2008 and...
In June 2010 compared with May 2010, the EU industrial new orders index rose by 2,4%, according to estimates released by Eurostat, the statistical office of the European Union.
In the Eurozone, new orders increased by 2.5% in June 2010 while in May the index increased by 4.1%.
Excluding ships, railway and aerospace equipment, for which changes tend to be more volatile, industrial new orders grew by 1.6% in the Eurozone and by 1.8% in the E.
In June 2010, compared with June 2009,...
The Navigation Maritime Bulgare company (NAVIBULGAR) is planning to construct at least 6 ships in the ship building yard of MTG-Dolphin PLC in the Bulgarian Black Sea city of Varna.
According to the Bulgarian daily “Pozvanete”, two of the vessels have to be ready by the end of the year. They are part of the six vessels that the company is planning to acquire in 2010.
“It all depends on whether we will manage to find financing or not. For two of them, we are sure we can get credit...
The export of Bulgaria's largest pharmaceutical company Sopharma has seen a substantial growth of 38% in the first half of 2010.
Only in June 2010, the company's exports grew by 66% compared to the same month of 2009, it has announced.
Sopharma's total sales have grown by 42% in June, with a 2% increase of the sales on the Bulgarian market.
The total sales for the first six months of 2010 grew by 23% year-on-year., with the sales on the Bulgarian market retaining their level from the...
Chinese car parts manufacturer KSM Dongfang is going to purchase machines and equipment for EUR 1.8 M from the Ilinden factory located in Bulgaria’s Pleven.
The deal between the KSM Castings Dongfang located in Changchun in Northeastern China and the Bulgarian company from Pleven was signed in the presence of Bulgarian Economy Minister Traicho Traikov, who is on an official trip to China.
The KSM Castings Dongfang is part of the German-owned KSM Castings Group, and produces parts for...
Knauf, the German supplier of construction materials, announced it has put into operation what is claimed to be the most up-to-date plasterboard plant in Bulgaria, located near the power complex Maritza Iztok.
The company launched the construction of the plant in 2007 after qualifying for certification as First Class Investor by InvestBulgaria Agency, the local investment promotion authority.
The plant will use each year 300,000 tons of the by-product from the flue gas desulphurisation...
Bulgaria has managed to generate interest with Chinese companies and authorities for the setting up of a joint large-scale industrial zone at Bozhurishte near its capital Sofia.
The project, which was formally announced and approved by the Bulgarian government only last week, has been included in a special memorandum signed by Bulgarian and Chinese officials, the Economy Ministry has revealed.
The Memorandum for Encouraging Bilateral Economic and Commercial Cooperation between the...
Bulgarian producer of electric and LPG forklifts Di-Ven Ltd has presented the first Bulgarian electric light truck.
Di-Ven Ltd, which is stationed in the Danube town of Lom, and is one of the founding members of the Bulgarian Electric Vehicles Industrial Cluster (EVIC), has unveiled its electric truck project at the machine building fair “Mach Tech Expo 2010” taking place May 26-28, 2010, at the Inter Expo Center in Sofia.
Electric transport car model ETK 021 from the PONY series is a...
Driven by strong exports, the Bulgarian economy expanded by 2.5% in the first quarter on an annual basis, well above analysts' forecasts, flash data of the statistics office showed on Friday.
The country's gross domestic product grew by 0.4% quarter-on-quarter, following a 0.5% expansion in the previous quarter, downwardly revised from 2.1%.
The data, which marks the first considerable increase in economic growth since the country plunged into a recession, overshoots analysts' forecasts,...
Bulgaria is 48th in terms of travel and tourism competitiveness out of 139 countries, according to a report of the World Economic Forum.
The WEF ranking evaluates the countries according to 14 different criteria – from infrastructure and safety to regulatory framework and human, cultural, and natural resources.
Switzerland, Germany, France, Austria, and Sweden take up the top five spots. Tunisia and Israel are right in front of Bulgaria, while Turkey and Poland are right after...
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