Банкеръ Weekly

Briefs

BOTH BOURGAS AND ALEXANDROUPOLIS WILL HAVE TO WAIT AGAIN

Russia has not yet signed the trilateral memorandum for building the Bourgas-Alexandroupolis oil pipe-line. All procedures for participation of the Bulgarian company in the project can be approved at the meeting of the Council of Ministers on February 13, the Minister of Regional Development and Public Works Valentin Tserovski said early last week. However, it didn't happen. Neither was a decree for establishment of the company accepted. The press centre of the construction ministry announced that the draft document had been brought to the Council of Ministers late in the afternoon of February 12. Within seven days the ten companies applying for participation in the consortium are expected to submit offers. No extra financial requirements will be put to them. There are no new candidates, either. The participants in the Bulgarian company for the oil pipe-line construction should control at least 10% of its capital which is planned to reach BGN3,001,000. They should also present an effective bank guarantee for the amount corresponding to the stake they apply for.Nobody from the ministry can still explain whether the guarantee should cover the whole investment (which totals EUR227MN for Bulgaria) or it should cover the founders' capital only. Under the Commercial Code, 25% of the applied stake should be paid in cash at the time of establishment, Valentin Tserovski said. The other 75% should be covered by bank guarantees. If the Bulgarian companies fail to fulfil their applications, foreign companies will be invited, too, the minister added.The State will not interfere in the distribution of the stakes, Mr. Tserovski said. One method for distribution is by applying the principle the first to win. The applicant who pays for the shares first will get the biggest part of the cake. When the company is registered, the stakes can be sold.Gazstroymontazh Executive Director Krassimir Popov told the BANKER weekly that his company applied for a 50% stake. According to the initial requirements, it received a confirmation letter from Roseximbank and the State Insurance Institute (DZI) that it could rely on an effective bank guarantee.

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