Bulgaria's competition watchdog said it would allow Russian mining and steel conglomerate Mechel to buy out 51% of the shares it does not own yet in the heating and power plant in the town of Russe on the Danube in northern Bulgaria from Slovenia's Holding Slovenske Elektrarne.
The proposed deal would not have any negative impact on the central heating or electricity market in Bulgaria, the state regulator, Commission for Protection of Competition (CPC), said in a statement.
In December...
Bansko, Bulgaria's biggest ski resort, is the second-cheapest resort for British skiers in the world, according to new research by the Post Office.
Poiana Brasov in Romania came top in a study comparing costs at 12 of the cheapest resorts. At GBP 259.53 for six skiing essentials, including a week's ski pass, ski hire, evening meals and drinks, Poiana Brasov was six per cent cheaper than Bansko in Bulgaria and up to 20 per cent cheaper than Slovenia's Kanin resort.
The news comes just days...
The spare parts needed by Bulgaria's Nuclear Power Plant (NPP) Kozloduy arrived in Bulgaria overnight with an IL-16 aircraft of the "Volga-Dnepr" airline, the Bulgarian National Radio, BNR, reports Saturday.
Minutes after the plane's landing, at 2 am local time at the Sofia airport, the pipes have been loaded on trucks, which left for the Danube town of Kozloduy. Their installation is to last about one week, experts say.
On October 19, Economy and Energy Minister, Traicho Traikov,...
China's car maker Great Wall Motor Co and Bulgaria's Litex Motors will roll off their first vehicles in the plant in the town of Lovech, Northern Bulgaria, in February 2011.
Great Wall Motor Company, one of China's biggest automotive manufacturers, signed a joint venture (JV) deal with Bulgarian diversified holding company Litex Commerce in the presence of Chinese Vice President Xi Jinping and Bulgarian Prime Minister Boyko Borisov on October 15 last year.
The plant will have an annual...
The Russian Gazprom and the Bulgarian Energy Holding (BEH) have signed an agreement for the execution of the technology and economy validation of the Bulgarian segment of the South Stream gas pipe line.
The information was reported Saturday by the Bulgarian National Radio (BNR).
The agreement has been concluded according to the terms reached during the visit of the Gazprom CEO Alexey Miller in Sofia last week.
The agreement is a fresh start in the work on the Russian project in...
Bulgaria will introduce a flat 9% value-added tax (VAT) in the tourism sector as of the beginning of April next year under amendments that parliament adopted at first reading on Thursday.
The move comes in response to the demand of the European Union that Bulgaria should harmonize tourism VAT, which currently stands at 7% for organized groups and 20% for individual tourism.
The government has said that the new tax had to be introduced at the beginning of 2011, but was delayed until April...
The average apartment price in Bulgaria declined by 6% in July-September 2010, year-on-year, according to data of the National Statistical Institute.
Thus, in the second quarter of 2010, a square meter of apartment space cost BGN 959.79 on average.
Compared with the second quarter of the year, the average apartment price went down by 1.2%.
The highest average price per square meter is in Sofia – BGN 1592.58, Varna – BGN 1592.58, and Burgas – BGN 1164.88. The apartments in Kyustendil...
Bulgaria and Turkey intend to launch a ferry line connecting the Black Sea port of Varna with the Turkish ports Zonguldak and Samsun.
The new ferry like deal is expected to be a follow-up of a new Agreement for International Transport of Freight and Passengers between the Republic of Bulgaria and the Republic of Turkey signed during the 23rd session of the Bulgarian-Turkish Transport Commission, which took place in Istanbul over the week.
The new Agreement will replace the previous one,...
Dubai-based Oger Telecom will take over the management of Bulgaria's top fixed-line operator Vivacom following negotiations that have dragged on for nearly half a year, according to reports.
Oger Telecom representatives have confirmed for local Dnevnik daily that the company is a side in the lock-up agreement that the major lenders signed on the restructuring options for the debt-laden company with the mezzanine creditors, the most junior lenders in the capital structure.
Under the...
The 2010 investments of the European Bank for Reconstruction and Development in Bulgaria will reach the record annual figure of EUR 500 M, announced Stefka Slavova, an EBRD director.
A delegation of the EBRD Board of Directors completed Friday its four-day visit to Bulgaria organized to get up-to-date information on developments in one of the bank's countries of operation.
"In 2010 to date we have signed investment contracts in Bulgaria for EUR 341 M - these are mostly loans to financial...
The European Bank for Reconstruction and Development has invested over EUR 2 B in various sectors of the country's economy since the beginning of its operations in Bulgaria, mobilising additional investment in excess of EUR 5 B.
A delegation of the EBRD Board of Directors is expected to present on Friday the results of its four-day visit to Bulgaria, during which it obtained up-to-date information on developments in one of the bank's countries of operation.
During the visit members of the...
Russia's state energy company Inter RAO will most likely pay EUR 600 M to Italy's Enel SpA for a majority stake in Bulgaria's Maritsa East 3 coal-fired power plan, according to reports.
The deal is expected to be finalized before the end of 2010, according to reports in the Italian media.
Inter RAO, Austrian energy company EVN, British utility International Power, US power producer AES Corp. and CEZ AS are said to have shown interest in acquiring Enel majority stake in Maritsa East...
Hewlett-Packard will expand its outsourcing services in Bulgaria, the Prime Minister Boyko Borisov and HP public administration director for central and eastern Europe, Sasha Bezouhanova, have announced.
On Friday, the Bulgarian Council of Ministers signed a memorandum with HP for the development of the company's activities in the country.
Borisov has stated that the result of the investments of the American information technology corporation in Bulgaria will be 2,000 new job positions...
Japanese credit rating agency JCR on Friday affirmed its BBB rating on Bulgaria's foreign currency long-term senior debts and BBB+ rating on the country's local currency long-term senior debts.
The outlook was revised to stable from negative.
"The ratings are primarily based on the country's prudent fiscal policy that has led up to a substantial reduction of the government debt and accumulation of large fiscal reserves, its maintenance of the solid currency board arrangement through...
MP Menda Stoyanova, head of the budget and finance committee of the Bulgarian Parliament, has expressed confidence that the 3.6% GDP growth project for 2011 will be realized.
"Interestingly, all international agencies forecast the same growth for Bulgaria. Even the IMF, which is very conservative in its forecasts, predicts a 2.5% growth. That is not 3.5% but is still a very serious growth," Stoyanova told the Bulgarian National Radio on Sunday.
She is certain that Bulgaria's economic...
Economy Minister Traikov has invited German car-maker BMW and the European Aeronautics Defense and Space Company (EADS) to consider investment options in Bulgaria.
Traikov met with representatives of BMW and EADS in Munich on Thursday, on his second day from his visit to Germany's Free State of Bavaria. He was accompanied by the Bavarian Minister of Economy, Infrastructure, Transport, and Technology Martin Zeil.
"Bulgaria is creating favorable opportunities, and is encouraging investment...
The Bulgarian and Russian governments have formally agreed to set up the South Stream pipeline joint venture by November 15, according to information from the Russian cabinet.
This was agreed during a phone conversation between the two countries PMs, Boyko Borisov and Vladimir Putin. Borisov and Putin expressed satisfaction at the way the joint work on South Stream is progressing.
The South Stream gas transit pipeline is supposed to be ready by 2015. Its construction is expected to cost...
Musala Soft, a leading Bulgarian software company, announced it is participating in a project for leading Qatar telecom QTel.
Experts of Musala Soft, in conjunction with partners from US-based TIBCO, are working to improve and integrate functionalities in the QTel system.
Musala Soft president Elena Marinova comments that this is a part of an expansion campaign to the Middle East and the rest of Asia.
"The global economic environment is a stimulus for controlled investment and...
Bulgaria's Economy Ministry is planning to present the country as a destination at the Romanian Tourism Fair 2010.
The international tourist expo will take place in the Romanian capital Bucharest on October 21-24, 2010.
It is usually attended by over 30 000 businesspeople from the tourism sector.
Bulgaria will take part in the Romanian Tourism Fair with an information pavilion of 110 square meters.
A total of 16 Bulgarian tour operators, travel agencies, tourism organizations and...
Bulgarian Economy Ministry is launching a new national tourism campaign in December, which aims to convince Bulgarians to spend their vacation in their native country.
On Tuesday, the ministry announced that the campaign will be presented by TV channels, radios, print editions and popular websites. There will also be ads in the centers of the cities and on key roads.
Deputy Economy Minister, Ivo Marinov, has explained that the campaign will be financed under the EU program "Regional...
Bulgaria Translation