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...
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...
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...
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...
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...
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...
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...
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 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...
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...
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...
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...
Bulgaria's gross external debt was EUR 36 B in March 2011, a decrease of EUR 1.169 B year-on-year, according to latest data of the Bulgarian National Bank (BNB).
As of end-March 2011 gross external debt was EUR 36.099 B (94.5% of GDP), which is EUR 580.4 M less compared with the end of 2010 (EUR 36.7 B, 101.8% of GDP).
As of end-March 2011 Bulgaria's long-term liabilities amounted to EUR 25.342 M (70.2% of total debt), and short-term liabilities came to EUR 10.76 B (29.8% of total...
One of Bulgaria's leading Black Sea resorts Albena attracted 221 000 tourists in the summer of 2011.
The number of night stays in 2010 grew by 11% year-on-year, while the average occupancy rate of the resort located 30 km north of Varna and 500 km east of Sofia, increased from 76% to 79%.
According to the annual report of Albena about the company's work in 2010, it registered revenues amounting to BGN 77.131 M.
The 2010 profit was BGN 9.337 M. The report for 2010 will be presented to...
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...
Bulgaria's goods transported by land transport increased by 34.2% year on year in the first quarter of 201, according to the country's National Statistical Institute.
A growth was registered in both national and international carriages by 31.3 and by 40.5% respectively. In the road freight transport the increase of the goods carried was 2 948.6 thousand tons, representing 56.0% of the total growth.
In the first quarter of the year, Bulgaria's transport performance, measured in...
DoubleTree by Hilton Varna-Golden Sands, the first global hotel brand to enter Bulgaria's Black Sea coast, has officially opened its doors to guests just as the summer season kicks off.
"We hope that this first DoubleTree by Hilton hotel open and welcoming guests in Bulgaria will lead to continued and fast-growing popularity of our upscale, full-service hotel offerings across the region and around the world," Rob Palleschi, global head, DoubleTree by Hilton, said at a press conference in...
The EU will not set unjustified restrictions regarding the construction of the South Stream gas pipeline, which is supposed to transit Russian gas to Europe, Gunther Oettinger, EU Energy Commissioner, stated Wednesday.
The EU will not create either bureaucratic barriers or unreasonable limits, Oettinger said during a presentation on the project, RIA Novosti reports.
Russia and EU will be equal partners in the project, The EU Commissioner declared.
On Wednesday, the Russian Ministry of...
The long-term Issuer Default Ratings (IDRs) outlook of Bulgaria's Societe Generale Expressbank, Allianz Bank Bulgaria and Bulgarian Development Bank have been upgraded to positive by Fitch Ratings.
The outlook on Bulgaria's largest domestic-owned bank, First Investment Bank has been also upgraded to stable from negative, Fitch said in a statement late on Tuesday.
The upgrade followed Tuesday's news that Fitch Ratings has also upgraded ITS outlook on Bulgaria's currency ratings to positive...
International credit rating agency Fitch Ratings has improved its outlook on Bulgaria's currency ratings to positive from negative.
This has made it less likely that they will fall into junk territory, reflecting the Bulgaria's declining debt levels and recovering economy, reported Tuesday Dow Jones Newswires as cited by The Wall Street Journal.
Fitch has Bulgaria's foreign and local currency ratings at BBB- and BBB, or one notch and two notches above junk grade, respectively.
The...
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