Bulgaria to Relaunch Failed State Railway Privatization

The Bulgarian state has decided to canel and relaunch the privatization procedure for the BDZ state railway company freight unit, after only one bidder turned up.

"In the first privatization bid, we formulated some very demanding requirements and now we're going to tone them down a bit to attract more investors," stated Bulgarian Minsiter of Transport Ivaylo Moskovski.

"We're just taking requirements one step down, we're not going to sell BDZ Freight Transportation for nothing," added he.

Duet Railway Bulgaria, a consortium registered in Cyprus, was the only one out of five companies that bought privatization documents, which actually decided to bid.

Initially, Bulgaria's Privatization Agency had said that the procedure is in order and will continue, since even under changed conditions, it would be unlikely to attract more buyers.

As it turns out however, the Bulgarian state will cancel the procedure and present a new privatization offer.

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