Bulgaria Transfers Concession on Bobov Dol Coalfield Section to Grand Energy

Bulgaria Transfers Concession on Bobov Dol Coalfield Section to Grand Energy

Bulgaria's government said on Wednesday that it has approved the transfer of the concession rights and obligations for the Bobov Dol section of the Bobov Dol coalfield to local company Grand Energy. The rights will be transferred upon the request of their current holder - Vugledobiv Bobov Dol, the government said in a statement following its weekly meeting.The government will propose changes to the contract's clauses, which envisage expanding the scope of the bank guarantee provided by the concessionaire, in order to cover both monetary and non-monetary obligations. Vugledobiv Bobov Dol signed a 35-year concession contract for the Bobov Dol section in 2005. According to commercial register data, Grand Energy is fully owned by private individual Aleksandar Spasov. Vagledobiv Bobov Dol is a wholly-owned unit of local Vugledobivna Kompania, which in turn is fully owned by Great Britain-registered Carlington.

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