The parliamentary energy committee started debates on the government plan for restructuring of the natural gas utility Bulgargaz into a holding company with three major entities specialised in public supplies (Bulgargaz EAD), gas transportation (Bulgartransgaz), and telecommunications (Bulgartel). Bulgargaz CEO Kiril Gegov stated before the lawmakers that the plan is fully consistent with the EU guidelines for separating trade and transportation activities of network industries. The new structure of the gas utility, which is fully owned by the state, should be endorsed by the end of the year. Energy and economy minister Rumen Ovcharov has recently stated that minority shares of Bulgargaz could be floated on foreign stock markets. The company is however put in a list of state monopolists of national importance that cannot be offered for privatisation and any plan for initial public offering will require an explicit decision of the parliament.  Bulgargaz has posted a net profit of EUR 60mn for last year on a net asset value of EUR 568mn as of the end of 2005.