Bulgaria - Bulgartabac - sale should be completed by middle of 2011..

Bulgartabac,

January 22, 2011 - The combined profit of the Bulgarian state-owned companies increased by BGN 300 M (209 M USD) in 2010 year-on-year, announced Minister of Economy, Energy, and Tourism Traicho Traikov. Traikov spoke in Parliament Thursday, January 20th during the debate for the confidence vote of the Borisov Cabinet.

He pointed out to the MPs that the government has made important modifications in the Investment Encouragement Act to lure foreign investors. "The number of projects for boosting the exports of Bulgarian companies is on the rise," Traikov said.

The minister said he hoped the privatization of the Bulgarian state cigarette giant Bulgartabac should be completed by the middle of 2011.

September 19, 2010 Bulgaria's privatization agency has greenlighted the contract with Citigroup Global Markets Ltd., which was picked in February to advise the sell-off of the country's state-run tobacco producer Bulgartabac. (Bulgaria - Citigroup chosen as consultant for sale of Bulgartabac..)

May 12, 2010 - Bulgaria - Bulgartabac buyer may be chosen by end of year..

December 7, 2009 - Bulgaria's Economy and Energy Minister, Traicho Traikov, announced Friday that the State owned “Bulgartabac Holding” will be privatized in 2010.

Back in August 2009 - we reported: Bulgaria - new government to speed-up Bulgartabac sale..

See more related news briefs below..

He said the government will be setting up a unified institution to handle concessions of mineral resources – a structure, which in his words, has been expected by investors under the previous three Cabinets.

"For the first time Bulgaria's commercial offices abroad will become part of a united policy for external economic relations, and not a place for political appointments," Traikov said boasting progress in the tourism sector in 2010 in spite of the economic crisis.

The minister reaffirmed the EU-sponsored gas pipeline project Nabucco as a priority for the Cabinet. He also said the GERB government has set out to rid Bulgaria of its energy dependence on one source (i.e. Russia, and mentioned that the government has started procedures for share gas explorations and drilling in the Black Sea shelf.

Traikov also boasted the government has already reduced the bureaucracy by 15%, and is close to reached the goal of 20% reduction of the "administrative burden" by 2012.

Reference: Bulgarian State Companies' Profit Up by BGN 300 M in 2010, Novinite.com (Sofia News Agency), 1/20/2011.

Bulgartabac related news briefs:
Bulgaria - cigarette excise revenue down this year..;
Bulgaria - PMI to introduce their own Marlboro 10-pack cigarettes..;
Bulgaria - tobacco companies back effort to reduce illicit cigartte trade..;
Bulgaria - privatization agency gives approval to contract with Citigroup Global Markets..;
Bulgartabac - 1st half 2010 - Bulgarian Tobacco Company Registers Huge Profit Increase..;
Bulgaria - investor shows interest in state-owned cigarette monopoly Bulgartabac..;
Bulgaria - Bulgartabac Holding sales jumped by 15-20 percent..;
Bulgaria - Bulgartabac buyer may be chosen by end of year..;
Bulgaria - Citigroup chosen as consultant for sale of Bulgartabac..;
Bulgaria - sale of Bulgartabac coming - selection of a consultant..;
Bulgaria - tobacco producers propose Bulgartabac transfer..;
Bulgaria - start of steps leading to the privatization of the state-owned cigarette monopoly Bulgartabac..;
Bulgaria - Bulgartabac Holding” will be privatized in 2010..;
Bulgartabac Chief - cigarette tax increase as of January 1, 2010..;
Bulgaria Bulgartabac Holding Sells 23% of Shares to Mutual Funds..;
Bulgaria - new government to speed-up Bulgartabac sale..;
Does Russia own Bulgaria's tobacco monopoly, Bulgartabac..;
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