Банкеръ Weekly



Several publications of the BANKER weekly about cancelling the deal on the Bobov Dol thermoelectric power plant (TPP) were confirmed, although with a great delay. On June 29 the Executive Director of the Privatisation Agency (PA) Atanas Bangachev said in front of journalists that the station would not be sold. The decision was made back on May 5, i.e. more than two months ago, but was not made public. As an official motive for the decision the PA pointed to the unsatisfactory offers with a view to the goals of the competition. Such a hypothesis could be only half true. The truth is that the second offer for Bobov Dol - that of Italy's Enel - was for just EUR100,560 or EUR0.40/share. But it is an absurdity to claim that almost EUR71MN or EUR282.09/apiece, offered by the Greek РРС, was little money for a station more than 30-years old, needing urgent rehabilitation and installation of sulphur purification facilities. Especially when PA's head Mr. Bangachev defiantly avoids to reply exactly what price he has expected from the deal. It is hardly a secret to anyone now that PA's decision was a result of the miners' protests, which lasted almost until the opening of the filed offers. Only one thing is certain after the cancellation of the sale and it is there will not be a new divestment procedure soon. It should be invited by the new cabinet (no matter what it is). And Bobov Dol's price will be decreasing during the months, necessary for the preparation of documentation for an eventual new tender. The delay could be to the interests of only those who wanted the power plant to be purchased by a Bulgarian investor together with the mines. But the deadline for installation of sulphur purification facilities, agreed with the European Union, is coming near, and the danger of decommissioning the enterprise becomes more realistic.

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