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Bulgarian govt to sell up to 25% of State Energy Holding

28. January 2012. | 06:46 06:48

Source: BNR

Bulgaria's Cabinet is considering privatizing a minority share of the state-owned Bulgarian Energy Holding, a deputy economy minister has confirmed.

Bulgaria's Cabinet is considering privatizing a minority share of the state-owned Bulgarian Energy Holding, a deputy economy minister has confirmed.

Speaking to journalists in Sofia late on Friday, Deputy Economy Minister Delyan Dobrev has confirmed what was mentioned by Bulgarian Finance Minister and Deputy PM Simeon Djankov in an interview for Reuters.

Djankov had said the government aimed to sell a stake of between 10 to 25% in state energy company BEH (Bulgarian Energy Holding) via a foreign stock exchange by the end of the year, which could raise "several hundred million euros".

Dobrev, however, mentioned a smaller BEH stake slated for privatization – between 10% and 15%.

"This is still just an idea, no action has been taken in that respect," the deputy economy minister said on Friday, as cited by BTA.

In his words, this could happen only at some large international stock exchange because the volumes trade through the Bulgarian Stock Exchange are too small.

He explained that the sale of a minority stake at BEH was an alternative to the idea to privatize a stake at Bulgaria's Electricity System Operator (ESO) (the state company executing the planning and control of the electrical power system in Bulgaria – editor's note), which could be executed via the Bulgarian Stock Exchange.

The Bulgarian government is not mulling the sale of any stakes in Bulgartransgaz, a subsidiary of the state-owned natural gas provider Bulgargaz, Dobrev said.

The Bulgarian Energy Holding is a 100% state owned joint stock company, including the Maritsa Iztok (East) Mines, the Maritsa Iztok (East) 2 Thermal Power Plant, the Kozloduy Nuclear Power Plant, the National Electric Company NEK, the Electricity System Operator ESO, Bulgargaz, Bulgartransgaz, and Bulgartel.

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