The Bulgarian government will float between 10 and 15 per cent of the capital of Bulgarian Energy Holding (BEG) and four of its subsidiaries for trade on the local stock market, Economy, Energy and Tourism Minister Traicho Traikov said.

The subsidiaries headed for the Bulgarian Stock Exchange (BSE) include national grid operator NEK, gas company Bulgargaz, transmission system unit Bulgartransgaz and telecoms operator Bulgartel.

The sell-off of some of the state-owned energy companies is at the forefront of a new restructuring strategy initiated by the new Cabinet. The listing could drag on for months so preparation should commence before the end of the year, Traikov announced.

At a meeting with business representatives hosted by Capital weekly last week, Traikov unveiled plans for a shake-up at NEK, involving spinning off electricity system operator ESO.

Also on the ministry’s to-do list is completing the large-scale energy projects in line with a new roadmap. A working group is being put together to negotiate gas supplies via the South Stream pipeline which will cross Bulgaria to carry Russian gas to Italy and Austria. The ministry will seek an increase to 61 billion cu m from 31 billion cu m a year.

When he came in office in the summer, Traikov pledged to stage the sell-off of Bulgaria’s tobacco behemoth Bulgartabac Holding by the end of the year but yesterday said plans will be postponed at least until the first quarter of 2020 as the method has not been picked yet.