December 14, 2017 / 3:52 PM / a year ago

Bulgaria's competition watchdog approves sale of CEZ's Varna plant

SOFIA, Dec 14 (Reuters) - Bulgaria’s anti-monopoly commission has given the green light for transport company Sigda to acquire a coal-fired thermal power plant in the Black Sea port of Varna from Czech utility CEZ, according to its website.

CEZ, which is selling all of its Bulgarian assets, agreed to sell the idle plant to Sigda at the end of October for an undisclosed sum.

Sigda, managed by former Bulgarian Transport Minister Danail Papazov and his son, plans to rebuild three of the plant’s six 210 megawatt units so they can operate on natural gas.

CEZ bought the Varna plant in a privatisation tender for 206 million euros ($243 million) in 2006. The plant stopped operating in early 2015 after failing to meet EU environmental standards. ($1 = 0.8479 euros) (Reporting by Tsvetelia Tsolova; Editing by Susan Fenton)

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