Банкеръ Weekly

Briefs

OVERGAS WILL BE SELLING AIR TO THE NETHERLANDS

A contract worth EUR1,382,500 was signed in Sofia during the week between the Dutch State Secretary for Finance Joop Wijn and the Executive Director of Overgas Inc. Sasho Donchev. This is the first trade agreement between the Government of the Netherlands and a Bulgarian private company under the Joint Fulfilment of Projects mechanism, planned in the Kyoto Protocol on reducing greenhouse gas emissions by the year 2010. As a result of replacing by gas oil the fuel oil and gas oil, used by industrial enterprises, public and administrative buildings, as well as of solid fuel in the households sector, the harmful greenhouse emissions in the towns of Veliko Tirnovo, Gorna Oryahovitsa and Lyaskovets, will be reduced by more than 70,000 tons per year. In 2003 Overgas won the ERUPT 3 tender for reduced carbon emissions, invited by the Dutch governmental agency Senter. The Bulgarian company participated with a project for providing gas supply to the three above-mentioned towns and succeeded to win a victory among 17 other projects of competitors from seven countries. Under the Kyoto Protocol, signed in 1997, the Netherlands undertook to reduce its greenhouse missions by 6% in the 2008-2012 period. At least half of the reduction will be carried out on its territory and the remaining part of the emissions will be decreased through joint projects in other countries and trade in emissions.

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