Bulgarian Minister Reshuffles Energy Holding

Bulgaria's Minister of Energy, Economy and Tourism, Traicho Traikov. Photo by BGNES

The Minister of Energy, Economy and Tourism, Traicho Traikov, made changes in the Board of Directors of the Bulgarian Energy Holding (BEH).

The information was reported by the Ministry's press center.

The Board now has only three members, instead of the previous five. The CEO of the company, Maya Hristova, and Traikov's Deputy, Evgeni Angelov, had been dismissed from duties as Board members.

The BEH CEO is Yordan Georgiev and members of the Board of Directors are another of Traikov's Deputies, Delyan Dobrev (Chair of the Board of Directors) and Valentin Gruev – Director of Industrial Relations and Management of State Participation Directorate at the Economy and Energy Ministry.

BEH was incorporated in 2008 with a decision of Traikov's predecessor, after renaming Bulgargaz Holding EAD.

BEH subject of activity is acquisition, management, assessment and sale of participations in trading companies, carrying out business activity in the fields of generation, production, transmission, transit, storage, management, distribution, sale and/or purchase of natural gas, electricity, thermal power, coals, as well as any other type of energy and raw materials for the production.

BEH EAD is a shareholding company with 100% state owned participation. The Holding includes Mini Maritsa Iztok EAD, Maritsa East 2 TPP EAD, Kozloduy NPP EAD, NEK EAD, Electricity System Operator EAD, Bulgargaz EAD, Bulgartransgaz EAD and Bulgartel EAD.

All companies, brought together in the holding structure, preserve their operational independence and licenses, as they are all owned and directly subordinated to the corporate center BEH EAD.

The Bulgarian Energy Holding EAD is one of the largest companies in the region, and national energy leader.

According to BEH's official web page - its assets amounted to BGN 10.7 B, while the group total revenue for the nine months of 2009 was BGN 3.6 B. BEH employees about 22 000 people.

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