Sat, Feb 11 2012

Kremlin moots buy of Bulgaria Overgas stake

Thu, Feb 05 2009 04:45 CET

byDnevnik.bg

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Russia's state-owned gas monopoly Gazprom was weighing a proposal to buy all or some of Bulgargaz’ stake in Overgas Inc, one of the three firms that ship gas to Bulgaria, Russian daily Vremya Novostei reported, quoting an unnamed Kremlin source.

Gazprom vice-president Alexander Medvedev, who also heads Overgas’ board of directors, hinted at a possible deal during a visit to Sofia in January.

Gazprom and its subsidiary Gazpromexport hold a combined 50 per cent in Overgas Inc’s capital, the remainder in the hands of private investors grouped in Overgas Holding.

London-based DDI Holdings Limited is the majority shareholder in the holding company with a 98.1 per cent stake. Executive director Sasho Donchev has 0.37 per cent, and the rest is equally split between Nikolov Invest EAD and Ivan Todorov, according to the commercial register.

Overgas Inc. has not received a proposal for such a deal, although it has made multiple proposals to swap shares with Bulgargaz, Overgas Inc. spokesperson Neri Terzieva told Dnevnik.

Sources from the Economy Ministry said that Gazprom has never lost sight of setting up a joint company with state-owned Bulgargaz, using the model of Topenergy, a gas company from the mid-90s, where both firms held stakes.

Source: Dnevnik

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