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BULGARIA DELAYS EURO ADOPTION BY TWO YEARS AT LEAST (13/07/2012) Topics: Bulgaria's finance minister, who was initially targeting rapid accession to the euro zone, has confirmed the country is in no hurry to adopt the single currency. "We will not make any move toward the switchover in the next two years," Simeon Djankov told reporters in Vienna on Thursday. The statement is in line with the opinion of local analysts, who have tried to tone down the cabinet's enthusiasm for adopting rapidly the common European currency, saying it makes more sense for the... BULGARIA'S FDI UP FOR THE PERIOD JAN-MAY 2012 (16/07/2012) Topics: Bulgaria has registered an increase in its foreign direct investment in January-May 2012 year-on-year, according to the latest data of the Bulgarian National Bank released on Monday. According to the Bulgarian National Bank's preliminary data, the foreign direct investment in Bulgaria for January - May 2012 increased by EUR 473.8 M (1.2% of GDP), compared to an increase of EUR 72.2 million (0.2% of GDP) for January – May 2011. Bulgaria's attracted Equity Capital (acquisition/disposal of... BULGARIA'S CURRENCY BOARD IS SUPER STABLE (12/01/2013) Topics: Bulgaria's Currency Board Is Super Stable (Sofia, Jan 12) - "The currency board functioning in Bulgaria is super-stable," the monthly analysis of Raiffeissen Bank Bulgaria reads. The experts have calculated that at the end of November 2012 the currency board's reserves amount to 15.1 billion euro, which is an increase by 2.2 million euro from a month ago. The board's reserves have increased by 1.9 billion euro (14.4%) year-on-year, which is a surplus of about 89% to the minimum... WALL STREET LEGEND JIM ROGERS MULLS INVESTING IN BULGARIA (14/04/2015) Topics: Wall Street legend and highly successful international investor, author and commodities expert, Jim Rogers has said he is considering investing in Bulgaria. Bulgaria is among the few countries, in which he is considering investing right now, since they have made the most improvement since his latest trip around the world, the billionaire, currently based in Singapore, said in an interview for Gold Radio Cafй. He joined the broadcast for a brief discussion on his new book "Street Smarts:... ITALIAN COMPANIES TO JOIN PRIVATIZATION PROJECTS IN BULGARIA – ECONOMY MINISTER (15/04/2015) Topics: Italian companies may be attracted in privatization projects, including for tourist sites, as well as concessions agreements and modernization schemes for airports, and construction and reconstruction of road and railway infrastructure in Bulgaria, according to Minister Bozhidar Lukarski. Speaking Tuesday at the opening of an economic forum titled “Bulgaria and Italy: Together for Achieving Growth”, Lukarski pointed out that the trade and economic cooperation between Bulgaria and Italy... WE HOPE INFRASTRUCTURE FOR NON-HAZARDOUS HOUSEHOLD WASTE TREATMENT BE COMPLETED IN 2016: BULGARIA MINISTER (15/04/2015) Topics: “The opportunities OP Environment provides in the previous and the new programme periods establish prerequisites for a huge volume of work on designing and construction of ecological infrastructure as well as possibilities for the state to tackle challenges,“ said Ivelina Vasileva, Bulgarian Minister of Environment and Water, speaking at an annual conference themed “Strategic infrastructure and investments – Bulgaria and the Western Balkans“, FOCUS News Agency reported. “In the...

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IRISH ISLAND RENEWABLE ENERGY TO BUILD WIND PARK IN BULGARIA Topics: Renewable Energy Irish company Island Renewable Energy will build a wind park in the Northern Bulgarian Suhindol municipality. The project, which may be launched after, wind measurements and a feasibility study, involves a 90-megawatt wind farm with 30 wind turbines valued at EUR 130 M. The investment is to be made by Island Bulgaria Ltd., a subsidiary of the Irish company. The new wind power park will cover an area 50 decares and is expected to be operational in 2014. Its construction will secure... BULGARIA TO BEGIN EXPLORATORY WORK ON SOUTH STREAM Topics: Bulgaria will launch exploratory work in the Black Sea to set the route of the future South Stream gas pipeline, announced Foreign Minister Nikolay Mladenov after a meeting in Moscow with his Russian counterpart Sergey Lavrov. "Naturally, we discussed major strategic projects like South Stream", Mladenov declared, adding that he had filed a document to the Bulgarian Council of Ministers permitting the start of exploration activities in Bulgaria's Black Sea region. The South Stream gas... BULGARIA TO INVEST BGN 100 M IN EXTENDING LIFE OF KOZLODUY NUCLEAR REACTORS Topics: Bulgaria will need to invest over BGN 100 M in the extension of the life of the two operational 1000-MW reactors of the Kozloduy nuclear power plant, according to its CEO Kostadin Dimitrov. Speaking at the Bulatom energy forum in Varna Thursday, Dimitrov said the technical surveying of the two reactors will last 18-24 months. It is expected to provide answers on how to go about extending the life of Units 5 and 6 of the only Bulgarian NPP, whose 440-MW Units 1-4 were shut down in 2002-2006... BULGARIA'S BANKING SYSTEM STABLE, CORPORATE LENDING ON THE RISE Topics: Data on Bulgaria's banking system as of April 30, 2011, has indicated no negative change in its financial stability, according to the latest report of the Bulgarian National Bank (BNB). April has marked the highest monthly growth of corporate lending in Bulgaria since the beginning of 2011. BNB data shows that the liquid asset ratio, as calculated under BNB Ordinance 11, preserved its high level at 23.70%. "The liquidity position of individual credit institutions remained adequate.... BULGARIA REGISTERS NOTABLE INCREASE BIODIESEL CONSUMPTION IN 2010 Topics: Automotive Biodiesel consumption in Bulgaria registered a staggering increase in 2010 amounting to 38 911, 13 tons, according to preliminary information from the Ministry of Economy, Energy and Tourism. Biodiesel consumption in the previous two years came in at 4260 tons and 6566 tons, respectively, following a report prepared by Traicho Traikov, Minister of Economy, Energy and Tourism, on the implementation of national indicative targets for the use of biofuels and other renewable fuels in the... BULGARIA REGISTERS BUDGET SURPLUS IN APRIL THANKS TO CENTRAL BANK CONTRIBUTION Topics: Bulgaria registered a monthly surplus of BGN 190.5 M in April 2011, the second month in a row with a positive balance, the Finance Ministry announced. The April surplus appears to have resulted from the contribution of BGN 200.9 M of the Bulgarian National Bank (BNB) to the state budget, which is a leftover from BNB's 2010 surplus. Meanwhile, Bulgaria's fiscal reserve appears to have been depleted further. In March 2011, Bulgaria's budget registered a surplus of only BGN 8 M. In the... BULGARIA'S 2020 ENERGY STRATEGY FOCUSES ON EFFICIENCY, RENEWABLES Topics: The Bulgarian Parliament has adopted the country's much-anticipated Energy Strategy by 2020, which emphasizes energy efficiency and renewable energy sources. The document was approved with 79 votes in favor and 27 votes against, without any abstentions, with only 106 out of 240 MPs in attendance despite its importance. The document lists the following priorities: guaranteeing the security of energy supplies, the introduction of new and the development of existing mechanisms for boosting... BULGARIAN CIGARETTE COMPANY TABLES EUR 1 M PROFIT Q1 Topics: Bulgarian state cigarette producer Bulgartabac registered a net profit of BGN 2.17 M for the first quarter of 2011. For the same period in 2010, Bulgartabac had a net loss of BGN 2.3 M. The main reason behind the better performance this year is a 64% growth of revenue from cigarette sales, as well as 41% growth of revenue from export. Beginning of May the Bulgarian government announced a privatization bid for Bulgartabac, having stated it is looking for a strategic investor. This comes... BULGARIAN NUCLEAR PLANT STRESS-TEST TO COST BGN 12 M Topics: The stress-test of the Bulgarian Kozloduy Nuclear Power Plant, NPP, required by the European Union, will cost anywhere between BGN 10 and 12 M. The information was reported by the company's CEO, Kostadin Dimitrov, during a public debate on electric power prices, held Monday at the State Commission for Energy and Water Regulation (DKEVR). According to the CEO, DKEVR failed to acknowledge some of the important expenses of the NPP when determining the new prices of electricity, effective... SOFIA CITY HALL STARTS CONSTRUCTION OF NEW SPORTS FACILITY Topics: Construction The Sofia City Hall is making plans to have, for the first time in many years, a brand new park in the Vazrazhdane (Revival) district. The park, on 23 decares, will also boast a full sports complex, Mayor, Iordanka Fandakova, announced at a press conference to present projects for new sports facilities in the city. The new park will have five fields – a large one - 36x66 meters, and four smaller ones – 20x40 meters, two tennis courts, a field for beach football and volleyball, a field... MINISTER: BULGARIA HAS NO PLANS TO GIVE UP NUCLEAR POWER Topics: Bulgaria has no intention to give up nuclear energy, stated Bulgarian Minister of Economy and Energy Traicho Traikov Monday. Traikov was commenting the decision of the German government announced today to phase out all nuclear reactors by 2022 and to discontinue the production of electricity from fission. "Bulgaria will give up nuclear energy only when it gets populated by Germans," ironically commented the Bulgarian minister. Traikov mentioned that Bulgaria is committed to building a... SHALE GAS PROVOKES DOUBTS, CONTROVERSY IN BULGARIA Topics: The news that US company Chevron hopes to find major shale gas deposits in northeastern Bulgaria have raised the doubts of some experts and the concerns of environmentalists. Saturday it was announced that Chevron has landed a Bulgarian shale gas exploration concession with a whopping offer of EUR 30 M. According to the estimates of the bidders, the deposit near Novi Pazar contains between 300 billion and 1 trillion cubic meters of shale gas. The deal was strongly welcomed by Bulgarian... BULGARIAN ENERGY MINISTER HINTS AT NEW NPP CONTRACT WITH RUSSIA Topics: Bulgaria's Economy and Energy Minister, Traicho Traikov, announced the country is to, most likely, present to Russia a new project for contract for the Nuclear Power Plant, NPP, in the Danube town of Belene. "After consultants examined the current contract, they said that this is not an agreement for an NPP supposed to function based on market rules. This is a contract between two countries that have agreed they will build an NPP with secured financing, and it is obvious money will flow... EVN TAKEOVER OF MAJOR BULGARIAN HYDRO POWER PLANT EXPECTED 'IN DAYS' Topics: Austrian company EVN is expected to purchase a 70% stake in the Bulgarian hydro power plant project "Gorna Arda" from Turkish company Ceylan "within days", according to Bulgarian Economy Minister Traicho Traikov. Traikov spoke Saturday at a news conference in Sofia dedicated to the energy policy of Borisov Cabinet. In December 2010, there were reports that the much anticipated deal with the vastly troubled Bulgarian hydro power project on the Arda river in the south would be sealed in the... PRIVATIZATION OF BULGARIA'S NATIONAL PALACE OF CULTURE BANNED Topics: Real Estate Any privatization of Bulgaria's National Palace of Culture (NDK), a giant cultural and congress center in downtown Sofia, will be abolished, the country's Finance Minister, Simeon Djankov said Friday. Djankov told the Bulgarian Parliament Friday that he has come up with a proposal on banning NDK's potential privatization, which is included in the new amendments to the country's privatization law. The center's functions will not be changed, he added. Instead, it will be modernized and made... DOUBLE TREE BY HILTON WELCOMES SUMMER 2011 GUESTS ON BULGARIA'S COAST Topics: Tourism The smell of chocolate chip cookies, a staple of the DoubleTree by Hilton, is already greeting the guests at the brand latest destination - the DoubleTree by Hilton Varna – Golden Sands on Bulgaria's Black Sea coast. Situated between the ancient, protected forests of Golden Sands National Park and the beautiful Black Sea beaches of the popular Golden Sands Resort, the hotel officially launched the spring and summer season with key business and civic leaders. "DoubleTree by Hilton is... BULGARIAN GOVT, WESTINGHOUSE MOVE CLOSER TO COOPERATION Topics: Bulgarian Prime Minister Boyko Borisov has met with Westinghouse President for EMEA Anders Jackson and VP for Southern Europe Jose Gutierrez. Friday's meeting in Sofia is the latest in a series of meetings between the Bulgarian government and the US energy giant, and is the most high-profile one. It was also attended by Bulgarian Minister of Economy, Energy, and Tourism Traicho Traikov and US Ambassador to Bulgaria James Warlick. Its talks focused on discussing the results of... BULGARIA'S RAILWAYS CONTRACT TURKEY'S TUVASAS FOR 30 SLEEPING CARS Topics: The Bulgarian State Railways BDZ will order the construction of 30 sleeping cars to Turkey's state owned manufacturer Tuvasas after BDZ lost a court battle trying to cancel the order. The CEO of the debt-ridden Bulgarian state railways Pencho Popov and the technical director of the company Georgi Panchev visited the production facilities of Tuvasas in Turkey's Adapazari. During their meeting with the management of the Turkish state railways plant, the order for the 30 sleeping cars has... BULGARIAN FINANCE MINISTER'S 'FISCAL STABILITY' BRAINCHILD ENTERS PARLIAMENT Topics: Bulgaria's Finance Minister Simeon Djankov submitted to parliament on Friday a plan, known as the "Financial Stability Pact", which proposes constitutional amendments in a bid to ensure the stability of state finances. The Parliament is expected to set up a special commission to discuss the legal amendments needed before the proposals are put to the vote, Djankov told reporters. "I have been assured by quite a lot lawmakers that the constitutional changes can be approved by the fall," he... BULGARIA RANKED CHEAPEST SUMMER HOLIDAY DESTINATION Topics: Tourism Bulgaria is the cheapest summer holiday destination according to a survey of the German automotive union ADAC. The survey covers 50 resorts in 10 European countries and includes various costs, such as sun protection creams (a price range of EUR 4.80- EUR 25 at the French Atlantic coast), beach chaise longues (EUR 2 in Croatia, EUR 20 in Italian resort Cesenatico), etc. According to ADAC data, Bulgaria charges the cheapest for a consumer basket of 34 products and services for a family with...