September 07, 2008

Bulgaria Government supporting Kremikovtzi sale

Bulgarian media reported that the Bulgarian government will not obstruct the negotiations for the sale of a majority stake to Ukraine's Mr Konstantyn Zhevago.

The report cited Mr Petar Dimitrov Energy and Economy Minister said "The state holds a 25% stake in the company, but it will not create any problems for the deal to be finalized. He said that the government's seal of approval is crucial for inking the deal."

He assured that the potential buyer, who is holding negotiations for acquiring a majority stake in the loss incurring plant, has committed to make the necessary investments to bring the plant up to EU environmental standards.