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Bulgaria: Recent News

70 million euros from EC - Bulgaria is due to get some 70 million euros from the EC economic recovery plan, announced Bulgaria's representative to the EU last week. Although EU ministers failed to agree on the detailed distribution of a 4 billion euro aid package, the latest draft set aside 45 million for the gas system between Bulgaria and Greeece, plus 10 million for connecting Bulgaria/Romania gas grids.

An additional 250 million is being allocated towards a feasibility study of the Nabuccco pipeling to carry gas from Central Asia to Europe.

After MotoGP, now Formula 1?

Bulgaria is in serious discussions to get a round of the F1 championship hosted in Bulgaria. This was reported by the British Motorcycling Federation head Bogdan Nikolov and the BBC news website.

It is stated that there could be a decision possibly this week and Bulgaria could build a second racetrack suitable for international sporting events. BMF have secured financing already for building the new MotoGP track which will host the event in 2012, the location of which has yet to be disclosed, and say that once a contract is signed for F1 a second high level track can be built.

It will be interesting to discover whether F1 will give the go-ahead for a round to be hosted by Bulgaria as more than just a top notch track is needed to take in such a prestigious international event. Infrastructure will also need to be taken in consideration as well as the current global financial crisis. Hotels, excellent roads, new airport terminals and services will all need to be provided and sponsors found.

Looking at the map and the attractions in Bulgaria for the F1 media circus, drivers and spectators alike, Varna would be a likely bet.

New natural gas found in Bulgaria

Welcome news after the gas crisis. New gas deposits which were discovered near the village of Deventsi in northern Bulgaria at the end of last year will give Bulgaria huge gas storage to compete with the Ukraine.

It is believed there is sufficient gas to be extracted for the following six or seven years. The area contains nearly 7 billion cubic m of gas and the extraction capacity should be around 500 million cubic per year.

The energy minister, Mr Tassev said that once gas is extracted the deposit area can be used for storage of 5 billion cubic m of gas, significantly more than the current Chiren gas storage facility. Gas is expected to be extraced during 2010.

New shopping centre Plovdiv

The new "Mall Plovdiv" opened its doors last week, with more than 100,000 people visiting the newest shopping centre in Bulgaria. The opening was inaugurated by a huge concert performed by Bulgarian pop stars.

The centre comprises a multiplex cinema and more than 52 million euros has been invested in the construction by Real Estate Services Bulgaria. The site comprises more than 45,000 sq.m. with over 110 famous brand name stores, many of which are entering the Plovdiv market for the first time.

The developer, who has already been involved in two shopping centres, is also working on constructing three more shopping centres - in Rousse, Stara Zagora and Sofia.