Bulgaria may merge into a holding structure national power grid operator NEK, gas distributor Bulgargaz, thermal power plant Maritsa Iztok 2, nuclear power plant Kozloduy and the Maritsa Iztok mines after the gas and electricity companies complete their corporate restructuring, said economy minister Rumen Ovcharov.

Shares in NEK and Bulgargaz could then be floated on the local or international bourses.

The energy ministry should be ready with the concept for the large-scale restructuring - which will have to be cleared by the creditors of the affected companies, within 3 months.

If the full-scale consolidation is ultimately ruled out, the merger could involve only the electricity production, NEK and Bulgargaz, said Ovcharov.

Four companies, including owners of electricity distribution utilities in Bulgaria, have shown interest in swapping shares in the mentioned energy firms, said the government official.

The CEOs of Bulgargaz and NEK said the corporate restructuring of their companies will wrap by the end of 2006.

Source: Dnevnik a.m.