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19.08.2014 10:42
Minister Orders South Stream Bulgaria to Stop Share Capital Increase Actions
The Bulgarian Energy Holding tried to take part in a share capital increase in its South Stream Bulgaria joint venture with Gazprom using permissions issued by ex-energy minister 8 month too late
AUTHOR: publics.bg

  • Vasil Shtonov (left) takes over from ex-minister Dragomir Stoinev
    © Bulgarian Ministry of Economy and Energy

Bulgaria’s minister of economy and energy Vasil Shtonov has ordered the Bulgarian Energy Holding (BEH) to suspend all actions on South Stream gas pipeline until “the project becomes compliant with the legal requirements of the Euorpean Commission”.

Minister Shtonov has sent a letter to BEH ordering no tender procedures and contracts for South Stream to be sealed. As a consequence BEH decided Aug 11 that it will not take part in a share capital increase allowed by ex-energy minister Dragomir Stoinev.

The ministerial approval and the minutes from two general meetings held back in December 2013 were published in the Trade Register an 8-month delay on Aug 12. The capital increase could have allowed South Stream Bulgaria to make advance payments to the construction contractors, thus finding a way around the promises of the previous government that the project has been suspended.

Minister Shtonov has also obliged the management of BEH to cooperate fully with the European Commission in relation to the infringement procedure started against the country on that matter.


TAGS: South Stream | Bulgaria | Bulgarian Energy Holding | capital increase | joint venture | Gazprom | gas | pipeline 


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