Extremely tense will be the next week for the Bulgarian energy sector. Insiders comment that the lobby clash between the circles around the President Rosen Plevneliev and that of the former Prime Minister Boyko Borissov has already begun. The reason is party figures openly nominated by GERB in several key energy companies, whose sole purpose was to control the millions that are distributed through public procurement.
The caretaker energy minister Assen Vassilev said several days ago that he planned personnel changes in state energy companies. He also mentioned that reshuffles will surely take place in the Bulgarian Energy Holding (BEH), but other companies as well as names have not been mentioned. According to sources of the BANKER weekly, however, the targeted figure is not the CEO of the mega structure Michael Andonov. His replacement was mainly provoked by the loan for 250 million euros, that the Holding intends to acquire in the coming months. During the week it became clear that the two international banks – Citigroup and Deutsche Bank are willing to grant that amount. Far more are candidates for investment advisor in any deal for the issuance of a bond issue, which is of the same amount. These are the already mentioned financial institutions, plus Goldman Sachs, JP Morgan, together with First Financial Brokerage House and Societe Generale, together with consultant for NPP Belene – HSBC.
BEH energy holding has to decide which of the two options would prefer and that has to happen very quickly. In May is the due date for the repayment of the 195-million-euro loan taken by NEC to cover expenses incurred in the second nuclear power plant. Whatever the choice may be, the obligation of 250 million euros will affect all companies falling under the umbrella of the holding, as the mother company has no own revenue and is financed by contributions from its subsidiaries. A rescue injection for NEC, however, will further complicate the situation of the otherwise troubled energy sector, as Assen Vassilev said. The one to blame for this, of course, is the inert chief of the mega structure, Mihail Andonov, for which he deserves to part with his chair position. Andonov took the leadership after a competition, but the wider audience was never informed as to why he was chosen over other candidates.
Another party figure of GERB, said to be soon asked to leave, is the head of NPP Kozloduy Valentin Nikolov. There’s hardly anyone in the industry who may have any doubts about Nikolov’s level of competence. (By the way he is a specialist in internal combustion engines) In early March, it even came to a showdown between him and his deputy at the nuclear plant, Alexander Nikolov, who accused him of delaying the maintenance and investment programme and predicted that the effects of his boss’s decisions would be fatal not only for Kozloduy. Hisd words can not help but produce a very legitimate concern in the new leadership of the ministry.
With Valentin Nikolov other political figures in the management of the plans will surely have to leave. The first one in the list is probably the member of the board of directors Armutlieva Marina, who was the Head of the Cabinet of ex-Energy Minister Delian Dobrev. The young ecologist has begun to lose ground under her feet after being asked to leave as a member of the board of another public company – Maritsa East Mines. However, except in the NPP board she appears to be in the supervisory board of the hydropower company Gorna Arda.
A controversial figure in the leadership of Kozloduy is the chief administrative secretary Kalin Stanukov. Former deputy mayor of Sofia’s Students District from the rightist coalition UDF has graduated in hydraulic and pneumatic equipment, which is quite far from the nuclear power industry.
International Secretary of GERB party, Valya Chilova, is thes CEO of the water power plant Kozloduy. The board of directors includes also Peter Yaymanov who at one point was the adviser of the agricultural ex-minister Miroslav Naydenov.
Expected to be shown the door is also the executive director of the project company to build unit VII of NPP Kozloduy Luben Marinov. He was an expert at the Ministry of Economy, Energy and Tourism, although judging by some unconfirmed information, graduated in history from the University of Plovdiv. Data in the information system Daxi shows that in July 2007 he registered service firm Marinov Ltd with activities: diagnostics and repair of cars and trucks, design, fabrication and installation of aluminum and PVC windows and other hydro and thermal insulation, etc. So this is the man who was selected to build the new 1,000-megawatt unit at NPP Kozloduy.
As a matter of fact, The BANKER demanded an official position of the Ministry of Economy regarding the political appointments, but never got a conclusive answer. The editorial office was informed that personnel changes are already being discussed and then they will be communicated to the media. That changes in the layers will take place sooner or later is certain, and a sign for this is the inspection of largest public companies in the energy sector of asked by Assen Vassilev from the Public Financial Inspection Procurement.
The BANKER
