Банкеръ Weekly

Briefs

CABINET AND LUKOIL SETTLED THE ACCOUNTS

LUKoil Neftochim's bad financial performance and the subsequent reactions of members of Simeon Saxe-Coburg-Gotha's Cabinet were among the most commented issues by players on the Bulgarian capital market for a second week in succession. In the afternoon on August 6 it became known that the talks between the Bourgas-based oil refinery and government representatives, which lasted for 2 hours and 20 minutes ended in a positive result.
The meeting was attended by Deputy Premier and Minister of Economy Nikolai Vassilev, Kaloyan Ninov, who was proposed as his deputy, the MPs from the National Movements Simeon II Valeri Dimitrov and Ralitsa Again, and the Chairman of the refinery's Management Board and Director General of LUKoil Bulgaria Valentin Zlatev. Mr. Zlatev explained that the reported bad financial results were due to a mistake in the accounting of provisions. Otherwise the refinery is a money-maker, Mr. Zlatev said.

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