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From Bulgaria

05.09.2013 14:28

Management Shifts in South Stream Bulgaria

Georgy Gegov who acted as CEO was replaced by Ilia Ivanov, member of the BD of state-owned gas company Bulgargaz

AUTHOR: publics.bg

© south-stream.info

Three Bulgarian representatives in board the joint venture for the South Stream gas pipeline in Bulgaria have been replaced. The decision, later confirmed by Bulgarian ministry of economy and energy, was voted during a general meeting of the stakeholders on Monday, Capital Daily reported. Georgy Gegov who acted as CEO was replaced by Ilia Ivanov, member of the BD of state-owned gas company Bulgargaz. Gegov is still a member of the board of Bulgartransgaz, which is responsible for the state gas transportation network. Mihail Andonov, who represented the Bulgarian Energy Holding (BEH) in the South Stream board, was replaced by his successor in BEH – Boian Boev. Yordan Zhelev, financial advisor withBEH, takes over the board seat of Boris Todorov, who also is member of the BD of Bulgargaz. According to unconfirmed information, the two Russian representatives in South Stream Bulgaria – Igor Elkin and Leonid Chugunov, will keep their positions. Elkin was also CEO of the now liquidated Bulgarian subsidiary of Gazprom – Topenergy.

Management shifts in state-owned Bulgarian companies have been happening on almost daily basis during the past few months, after left-led government of Plamen Oresharski won the elections in May 2013.

Mid-June it became clear that the current board of Maritsa-East 2 thermal station will take over the management of the Bulgarian Energy Holding – the most powerful group of energy companies, of which Maritsa East 2 is part, along with Maritsa East Mines, Bulgargaz, Bulgartansgaz, the National Electricity Company and Kozloduy nuclear station. Boian Boev, then CFO of Maritsa East 2 TPP and, currently, CEO of Stara Zagora-based PFC Beroe, took over the CEO position at BEH from Mihail Andonov. Georgi Hristozov, CEO of Maritsa East 2 TPP and BD member Ilko Zheliazkov also entered the board of the Holding. Later on Hristozov was transferred to the board of Kozloduy NPP. Further changes were also introduced in the boards of Maritsa East 2 TPP and the Mines.