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Thu, Jun 20 2013

Bulgaria secures one-year extension on Belene loan - minister

Mon, May 07 2012 15:46 CET

byThe Sofia Echo staff

18606 Views 1 Comment
Bulgaria secures one-year extension on Belene loan - minister

 
Photo: Nadezhda Chipeva

Bulgaria has secured a one-year extension to repay the 250 million euro bridge loan arranged by BNP Paribas to fund preliminary work on the planned Belene nuclear power plant on the Danube River, Economy Minister Delyan Dobrev said on May 7, as quoted by Focus news agency.

The option to postpone the due date was contingent on securing 55 million euro for immediate repayment of the amounts loaned by Belgium's Dexia and Japanese bank Mizuho. The funds will be provided to state electricity utility NEK, which contracted the BNP Paribas loan, from its parent company, Bulgarian Energy Holding (BEH), as a loan, Dobrev said.

Creditors have already agreed to the extension and the board of directors at both BEH and NEK have approved the loan.

Bulgaria decided in March to cancel the contract with Russia's Atomstroyexport to build two 1000MW nuclear units at Belene, citing the rising costs of the project and the uncertainty surrounding the cost and availability of funding.

Instead, a gas-powered power plant would be built on the site, while the equipment already built by Atomstroyexport would be used in a seventh unit at Bulgaria's Kozloduy nuclear power plant, which would cost significantly less than building the new infrastructure at Belene.

It was unclear how much Bulgaria owed Russian companies for the reactor, but Dobrev said that he did not expect the amount to be a "surprise".

Bulgaria is yet to begin the formal preparations for the installation of the new reactor at Kozloduy, but Dobrev said that a project company would be registered "in the near future".

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Преглед на профил robertdevero Sat, Sep 29 2012 14:41 CET
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Gloria Dimitrova has been appointed executive director and member of the managing board at Uniqa Life Insurance Bulgaria. Dimitrova began her career in 1998 at the insurance supervision directorate, but moved to the private sector and worked for professional services and insurance brokerage firm Marsh&McLennan and US insurer AIG, both in Bulgaria and the Middle East. She joined Uniqa as regional director for Sofia in 2010. Dimitrova has a degree in economics from the University for National and World Economy in Sofia and a master's degree in insurance from the Business Academy in Svishtov.

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Bedros Kalfayan, general manager of skin care and cosmetics company Beiersdorf Bulgaria, will oversee the parent's company units in Romania and Moldova starting April 1. Following company restructuring, Beiersdorf's subsidiaries in the three countries were merged and are now one unit, part of Beiersdorf Central and Eastern Europe. Kalfayan joined Beiersdorf in 2007 as sales manager and was promoted to general manager in 2008. Prior to that, he worked for Axxon Bulgaria, Ferrero and Rubella. Kalfayan has a master's degree in industrial management from the Technical University in Sofia.

Hewlett-Packard

Hewlett-Packard

Sasha Bezuhanova has been appointed Hewlett-Packard public sector director for emerging markets, where she will oversee HP public sector activities in 63 countries, including Bulgaria. Bezuhanova will also be in charge of HP's relations with the European Union. Bezuhanova has been HP's public sector director for Central and Eastern Europe since 2008; before that she was general manager of HP Bulgaria since 1998. Bezuhanova has a master's degree in electronics from the Technical University in Sofia and has completed a managment programme at INSEAD.

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