Bulgarian Energy Holding will be composed of gas company Bulgargaz, National Electric Company, Kozloduy nuclear power plant, Maritza-Iztok II thermal power plant and Mini Maritza Iztok (Maritza Iztok mines), the report said . The consolidation is expected to be completed by the end of 2008, with assets totaling €4 billion ($5.8 billion) and an estimated annual profit of €1.8 billion ($2.6 billion), it said. The government will hold a 100% stake in the company. The Energy and Economy Ministry will hold up to 75% of the stakes in each of the five energy companies, while the minority shares, varying from 25% to 49%, will be transferred to the newly established company, according to the report. The consolidation was aimed at sharpening competitiveness and enhancing effectiveness and service quality, it added. (people.com.cn)
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