Negotiations on Gorna Arda Postponed Again

The Bulgaria-Turkey negotiations on Gorna Arda Hydro-Energy Cascade(HEC) and Maritsa highway were postponed for February 5, the "Standart" learned. The talks between the two countries were to start yesterday in Sofia. The Turkish Minister Cumhur Ersyumer, however, asked for postponing them with a week. The meeting was adjourned, because the Turkish Parliament discusses amendments to the Energy Act, proposed by Ersyumer. The Regional Development Ministry representatives said that they had not yet received an answer from the Turkish part on postponing the session for February 5. The other reason for the delay is reportedly the scandal with the 8 employees of the Turkish TEAS company, charged with corruption. The negotiations with the Turkish part on Ceylan Holding's participation in the two Bulgarian projects had to take place on the invitation of Evgeni Chachev, Minister of regional development. The general meeting of the joint venture on constructing of Gorna Arda cascade is to take place on February 8. The NEC (National Electric Company) and Ceylan shares are expected to be re-allotted at this meeting. NEC will acquire 95% of the shares by increasing its capital. 1 mln levs is the current capital, as NEC holds 70% of the HEC Gorna Arda and Ceylan - 30 percents. The Turkish Holding will retain 5% of the shares and will remain executor of 50 percents of the construction works. The other part of the project will be granted to a third strategic investor. Most possibly, it will be selected amongst two companies - the Italian Enel Hydro and the Belgian Tractabel. The negotiations with both of them are in most advanced stage so far.
Siya Velinova
svelinova@standartnews.com

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