Fri, Feb 10 2012

Power plant acquisition approved in Bulgaria

Mon, Aug 07 2006 09:00 CET

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Bulgaria's Commission for the Protection of Competition (CPC) gave the green light on July 28 to Czech energy group CEZ to acquire control of a key Bulgarian coal-fired power plant in the Black Sea city of Varna.

CEZ signed in May a deal with the Bulgarian Cabinet to buy 100 per cent of the 1260MW Varna thermal power plant (TPP) for 306 million euro in cash and a capital hike, and pledged an additional 40 million euro in investments.

The CPC, which had the final say on the deal as the country's anti-trust watchdog, said that the expected positive effects of the contract, including modernisation of the Varna TPP and investment in Bulgaria's energy sector, would be in favour of domestic consumers.

The privatisation contract also contains a restricting clause, which would prevent CEZ from pressing competition, CPC said.

Under the deal, CEZ will be able to operate in the energy market with only three of the six units of the Varna plant, because the utility has to agree a five-year deal with Bulgaria's power grid operator, the National Electric Company, to regulate the so-called cold reserve.

The cold reserve is a power reserve bought out by the transmission system operator in the form of availability of generating units to be used in an emergency.
CEZ should pay the price and carry out the capital hike by end-August.

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British Council

Lyubov Kostova was appointed country manager of British Council Bulgaria effective January 1, replacing Tony Buckby, who left in October 2011 to take a similar position at British Council Greece. Kostova has been with British Council Bulgaria for 11 years, as public communications manager and, since 2008, as the head of project and partnerships department. Prior to joining the British Council, Kostova was head of international activities at the National Academy for Theatre and Cinema Arts (NATFIZ). She has a degree in Indian studies from Kliment Ohridski Sofia University.

CEZ

CEZ

Stefan Apostolov is the new chief executive of CEZ Razpredelenie Bulgaria, the power transmission subsidiary of Czech energy company CEZ in the country. He replaces interim chief executive Ales Damm, who remains the chairperson of the CEZ Razpredelenie management board. Apostolov has 30 years of experience in the energy sector, joining CEZ in 2007 as director of customer service and was later appointed as head of business development. Apostolov has a master's degree in electric systems from the Belorussian National Technical University in Minsc, management diplomas from Open University London and New Bulgarian University, as well as a master's degree in business administration from Plovdiv University.

BASF Bulgaria

BASF Bulgaria

Valentina Dikanska is the new general manager of chemical industry giant BASF subsidiary in Bulgaria, taking over from Herbert Fisch, BASF vice president for Southeastern Europe. Dikanska, who started her career as an expert in the Finance Ministry, joined BASF Bulgaria as director of finance and administration in 2002. She becomes the first Bulgarian to hold the top management position in the company in its 40-year history on the Bulgarian market. Dikanska holds a master's degree in economics from the University for National and World Economy in Sofia.

Rompetrol Bulgaria

Rompetrol Bulgaria

Alexander Albin has been appointed chief executive of fuel distributor Rompetrol Bulgaria, replacing Nichita Sorin, who left to become chief executive of Rompetrol Gaz in Romania. Albin was previously chief executive of Rompetrol Georgia. He has more than 15 years of experience in the oil and gas industry; prior to joining Romania's oil group Rompetrol in 2008 as an adviser, he oversaw operations at Atyrau refinery in Kazakhstan, owned by Rompetrol's parent company KazMunaiGaz. He previously held top management positions at two other leading Kazakh oil and gas companies.

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