Caretaker Govt Replaces CEO of South Stream Bulgaria

Dimitar Gogov, former head of state-owned gas supplier Bulgargaz EAD, has been appointed CEO of South Stream Bulgaria. Photo by BGNES

Dimitar Gogov, former head of state-owned gas supplier Bulgargaz EAD, has been appointed CEO of South Stream Bulgaria, the company tasked with building the Bulgarian section of the South Stream gas pipeline.

South Stream Bulgaria decided at a general meeting on October 3 to replace the CEO, Vladimir Inkov, with Dimitar Gogov, according to a media statement published on the website of the Ministry of Economy and Energy.

“We remind that the governing body of South Stream Bulgaria did not comply with the protocol decision of caretaker Economy and Energy Minister Vasil Shtonov from August 11, 2014. Despite an explicit ban, a capital hike of South Stream Bulgaria was registered in the Trade Registry on August 18, 2014,” the statement says.

According to the Ministry of Economy and Energy, the change of CEO is aimed at protecting Bulgarian interests and guaranteeing maximum benefits from the project, provided that it is implemented.

Caretaker Economy and Energy Minister Shtonov had vowed earlier to refer to the prosecuting authority the management of South Stream Bulgaria for increasing the capital of the company by BGN 191 M despite an explicit ban of the Ministry on any activities under the project until the pronouncement of the European Commission on the matter, according to reports of Sega daily.

Dimitar Gogov was CEO of state-owned gas supplier Bulgargaz EAD in the period January 2007 – November 2013.

He was removed from the post of CEO of Bulgargaz EAD in November 2013, when Energy Minister Dragomir Stoynev announced that the company was in a very difficult financial situation.

Vladimir Inkov, former CEO of the National Electric Company (NEK), was appointed CEO of the company.

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