Russia's Stroytransgaz 'Wants Share' of Bulgarian Energy Holding

Gennady Timchenko, the major shareholder in Stroytransgaz. Photo by allvoices.com

The Russia company Stroytransgaz, reportedly owned by the blacklisted Gennady Tсmchenko has proposed to buy a share in Bulgarian Energy Holding.

Bulgarian government sources cited by Mediapool agency also revealed that Stroytransgaz, which might take part in the construction of the South Stream pipeline's Bulgarian section, has also expressed interest in Energoremont Holding, a producre of energy equipment and spare parts.

An official press release by Energoremont Holding JSC confirms that "a Russian company" has shown desire to have a share in it, but does not specify further.

The statement says that the Russian enterprise had expressed willingness to be a partner in the modernization of energy infrastructure, nuclear facilities, mining and railway transport.

Stroytrangaz is almost fully owned by STG Holding Ltd, in which Gennady Timchenko's Volga Group has a 63% share.

Timchenko, who formerly also owned global commodity trader Gunvor (but recently sold it), found his place in the US list of sanctions approved in mid-March as a reaction to Russia's incorporation of Crimea. He is also known as part of Russian President Vladimir Putin's inner circle.

Stroytransgaz, a Gazprom subcontractor, was earlier reported to be one of the companies involved in the South Stream, but this is yet to be confirmed or denied by Bulgarian authorities.

Bulgaria's Ministry of Economy and Energy on Wednesday dismissed claims it had entered negotiations over the Bulgarian Energy Holding.

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