Online Newsletter
Sign up for our newsletter to receive the latest news and information from publics.bg

News

From Bulgaria

30.01.2017 11:25

Bulgarian Energy Holding Bought Nabucco Bulgaria

BEH made the move in order to use the technical documentation for other projects and to not allow an unknown entity to take hold of the project work on the Bulgarian stretch of the cancelled Nabucco pipeline project

AUTHOR: publics.bg

© Nabucco Gas Pipeline

The state-run Bulgarian Energy Holding (BEH) has bought Nabucco Gas Pipeline Bulgaria from parent company in liquidation Nabucco Gas Pipeline International. The commercial activities of Nabucco Gas Pipeline Bulgaria in Bulgaria have been renewed after the deal was closed in September 2016, Mediapool reported.

The deal was inked after an anonymous investor tried to acquire through an intermediary the assets of Nabucco Gas Pipeline Bulgaria from its parent company. BEH made the move in order to use the technical documentation for other projects and to not allow an unknown entity to take hold of the project work on the Bulgarian stretch of the cancelled Nabucco pipeline project.

BEH declined to comment on the price of the deal without the consent of the seller. Mediapool however said it could be estimated at BGN 9.4 million (about EUR 4.8 million) at the lowest, mirroring the company’s capital.

The Bulgarian subsidiary was owned by the Austria-registered Nabucco Gas Pipeline International which was poised to build the natural gas pipeline of the same name. Nabucco was to bring natural gas to Austria’s gas hub of Baumgarten via Turkey, Bulgaria, Romania and Hungary. Until the summer of 2013, stakeholders in the international entity included Austria’s OMV, France’s Gaz de France, Bulgaria’s BEH, Turkey’s Botas, Romania’s Transgaz and Hungary’s MOL. The parent company had subsidiaries in all the countries along the route of the planned Nabucco Pipeline.