Sun, Nov 22 2009

Court upholds annulment of Bobov Dol power plant sale

Fri, Apr 04 2008 13:11 CET byElena Koinova 130 Views

A five-judge panel of the Supreme Administrative Court (SAC) upheld the decision of Bulgaria's Privatisation Agency (PA) to terminate the sale of Bobov Dol thermal power plant to Greek utility company Public Power Corporation (PPC), Dnevnik daily reported on April 4.

The company had appealed an earlier decision by a three-judge panel of SAC, which ruled that the complex environmental permit for the power plant was a main criterion for striking the deal. PPC also challenged the PA's interpretation of itsbinding offer as incorrect.

The agency argued in court that PPC's refusal to sign the contract with the obligation to observe the directive for the big fuel installations was against the law. The privatisation authority said it signed a preliminary contract with the thermal power plant's coal suppliers. The company said that the environmental permit had a negative impact on the signing of the contract after the final offer was signed.

PPC had offered 71 million euro for 100 per cent of Bobov Dol power plant shares. Talks with the PA lasted nine months and were extended several times. The court believes that the buyer of the power plant was informed about the European environmental requirements and the permissible emissions' norm.

As previously reported, the Privatisation Agency called in mid-March a new tender to sell Bobov Dol power plant. On April 1, PPC warned it would challenge the new tender in court.

Write comment

Name:Comment:

Generate new code
Send your comment

More in this category

Bulgarian MPs resurrect proposal to raise spirits excise

Strong public opposition to price hikes prompted Prime Minister Boiko Borissov to axe the Finance Ministry proposal to increase the excise duty on spirits, but MPs have put it back on the agenda.

Back to the future

Bulgaria’s Cabinet seeks to reverse recent changes in the telecommunications sector

At a crossroads, again

Kremikovtzi’s prospects for a recovery plan appear increasingly distant

Cash or card?

Bulgarians are getting the hang of debit and credit cards, MasterCard says

Bulgarian telecom Spectrum Net acquires local peer Orbitel

The two telecoms, both set up to challenge former fixed-line state monopoly BTC, will merge operations and expect to report 20 million euro in revenue and a gross profit of five million euro in 2010.

© 2000-2009, Sofia Echo Media Ltd.

Web Design by RIZN

Sofia Echo Media is part of the Economedia Group.
The news and information content on this website is provided by our editorial team and is copyrighted. Any unauthorised reproduction or use of it is strictly forbidden. Reproduction of this website's content is permitted only with prior written permission from the Editor-in-Chief, should be propertly acredited and provide an active link back to our site. Comments posted by the website's visitors are independent of the editorial materials and do not represent the views of sofiaecho.com. Sofia Echo Media cannot be held responsible for the statements contained in visitor comments. The percentаge change in the shares' prices are based on the price of the last transaction of the current session compared to the price of the last transaction of the previous session. Bulgarian Stock Exchange data is not real-time, but updated every 15 minutes, and should not be used as a basis for decisions about buying or selling stock options.