Apache Corporation, US independent energy company, will launch explorations for crude oil and natural gas in Bulgaria. This transpired from the report of Minister of Economy and Energy Roumen Ovcharov on his eleven-day visit to the USA. The Minister also said that the largest US producer of bio-fuels, Galveston Bay Biodiesel, showed interest in launching production of biodiesel in Bulgaria. During his visit to the USA Mr. Ovcharov also had talks with representatives of other leading US energy companies including AES, the company, which carried out the modernization of Bulgaria's Maritza Iztok 1 thermo power plant, Westinghouse and Chevron. Minister Ovcharov also discussed the possibilities for modernization of the Bulgarian army with representatives of the US military aircraft builders Lockheed Martin and Boeing. He said, though, that they showed no interest in the privatization of the defense industry plants in Sopot, nor in the Kintex arms-dealing company.
Source: Standart (12.03.2007)

British companies will commission the production of defence equipment to Bulgarian companies, it emerged at the visit of a British business delegation to Bulgaria. Experts from 24 British defence equipment companies will inspect armament plants in Bulgaria like Cherno More (Varna) producer of river radars for Western Europe, Terem - Navy Arsenal (Varna), Optics and Optiko Electron and Armitech (Panagyurishte), Arsenal - Kazanlak, VMZ - Sopot, Bitova Elektronika - Veliko Tarnovo and Samel-90 in Samokov. Bulgarian-British partnership becomes possible after armament production companies from the two countries signed a cooperation memorandum. Some of the British companies interested in Bulgarian defence equipment production are the giants Thales, ITT Defence and EASAT. The British companies intend to hire Bulgarian firms as subcontractors because in England a worker in a defence equipment plant receives 3 thousand pounds a month, while Bulgarian workers are paid BGN 300 (EUR 1 = BGN 1.95) for the same job.
Source: Standart (28.03.2007)

VMZ Sopot, a local state-run company licensed for the production of dual-use goods, has the approval of the Privatisation Agency to sell 7 properties. The company will dispose of 2 sites in the villages of Osetenovo and Chevira, 3 buildings in Sopot, a shooting range and a go-kart track. The economy minister will also have to grant his consent before the sales can go ahead.
Source: Dnevnik (06.04.2007)

Bulgaria's Privatisation Agency (PA) is opening sales procedures for self-contained parts of VMZ of Sopot, the PA said. These concern properties that will be sold by open auction. A hostel that is under reconstruction into a hotel will be offered for BGN 800,000, increments are set at BGN 50,000. Candidates have to pay a BGN 150,000 deposit for participation in the auction. The tender documentation costs BGN 1,000. Another hostel with a canteen will be offered for a minimum price of BGN 750,000. Candidates can raise their bids by BGN 50,000 at once, the participation deposit is again BGN 150,000. The third procedure is for an administrative building with a starting price of BGN 450,000. Increments are set at BGN 40,000, the required deposit is fixed at BGN 100,000.
Source: Pari (18.07.2007)

The Bulgarian sell-off authority said it will organise three auctions for self-contained units of Sopot-based defence company VMZ. The auctions will be held 20 days or so after the relevant notice appears in the Official Gazette. The first property is unfinished hotel building with a footprint of 1,020 sq m located on the VMZ plant site. The four-storey building has a built-up area of 456 sq m. Bidding will start at BGN 0.8 mln. The second property comprises a dormitory with a built-up area of 450 sq m and adjacent canteen in the city of Karlovo. Bidding will start at BGN 0.75 mln. The Privatisation Agency (PA) is also selling a VMZ administrative building in Sopot. Bidding for the four-storey building will start at BGN 0.45 mln. The property has a footprint of 2,250 sq m. 90 per cent of the sale proceeds will be used to settle VMZ's public claims. The property disposals aim to cash all non-core assets of the company. According to the PA website, next up are sports complex comprising gym, auditorium and outdoor swimming pool, a dental clinic in Karlovo and recreational facilities in the village of Rozino and in the city of Kalofer. In 2005, the previous government adopted a blueprint for the privatisation of VMZ to a strategic buyer. The document never made it to parliament before it served out its term. The economy ministry may start work on a new sell-off plan or propose to the MPs to approve the document drafted two years ago.
Source: Dnevnik (18.07.2007)

After last week the Privatization Agency announced open public tender for three properties of Vazov Machine Works SPJSC – Sopot, yesterday it put up for sale another separate parts from the armaments factory. For a Sports complex in Sopot the Government wants an initial tender price of BGN 3.6 mln, the bidding step will be BGN 200,000 and the deposit for participation is BGN 700,000. The compalex is with stadium, dressing-room, football and track-and-field athletics playgrounds, two open swimming pools as well as sports room for closed training and covered swimming pool. The initial tender price for bungalows and tea-room, situated in Mazhki Manastir district near Kalofer, is BGN 650,000.
Source: mediapool.bg (24.07.2007)

The Bulgarian sell-off regulator said it will put up for sale buildings, a hotel and vacation retreats owned by local defence company VMZ-Sopot. An August 22 auction is scheduled for an unfinished hotel building in Sopot. Bidding will start at 0.8 mln levs. The guide price for a VMZ administrative building in Sopot is set at 0.45 ml levs. The property has a footprint of 2,250 sq m. The auction is slotted for August 20. A vacation retreat in the village of Rozino is valued at 0.4 mln levs. The auction will be held on September 3. A second corporate retreat, in the town of Kalofer, is valued at 0.65 mln levs. The auction is scheduled for September 4. A VMZ-owned sports complex in Sopot will be auctioned on September 10. The complex, valued at 3.6 mln levs, comprises gym, sports auditorium and outdoor swimming pool. The privatisation procedures aim to dispose of non-core VMZ assets.
Source: Dnevnik (16.08.2007)

The local Center Region Group EOOD was the only buyer to turn up for the auction of a four-storey administrative building owned by state defence company VMZ-Sopot. In the absence of other bidders, the building was transacted at the starting price of 450 000 BGN. The buyer will pay 50% of the deal price upon the signing of the sale contract and the remainder in the ensuing 15 calendar days. VMZ-Sopot has scheduled a series of auctions for non-core assets that include holiday retreats in Kalofer and Rozino.
Source: Pari (21.08.2007)

GPM Company plc, Plovdiv bought the Dental Clinic in the town of Karlovo at an open auction. The clinic was part of the Military Manufacture Factories in the town. The buyer trades in Bulgaria and abroad, does business in the field of transportataion and consignement, catering etc. The purchase price will be transferred in the account of the Privatisation Agency - 50% of the sum will be transfered on the day the contract is signed and the other half is to be paid within the following 15 days. The initial price introduced at the auction was BGN 200 000 and the bids were to go up with BGN 20 000. 90% of the paid price will be transferred to the account of the Military Manufacture Factory in order to pay off the public liabilities of the company.
Source: Zastrahovatel (03.09.2007)

The Privatization Agency sold the recreation center Biala Reka in Kalofer, a part of Vazov Machine Works SPJSC for BGN 600,000 said the institution managed by Petko Petkov. The public bid auction was won by Miroslav Mihailov represented by Krum Mihailov. The center is situated in the Majki Manastir region in the area of Kalofer on a terrain with concessive construction right of 20.369 decares. The real estate is a state land fund owned by the Ministry of Agriculture and Forests.
Source: Dnevnik (26.11.2007)