January 19 (SeeNews) - The Bulgarian government said that it will extend by 15 years its concession agreement with local company Technostroy-Engineering 99 for the dolomite deposit Konevets, in southeastern Bulgaria.
The proposed new agreement widens the scope of the requested bank guarantee to 100% from 50% of the concessionnaire's financial obligations related to the execution of the concession contract, the government said in a statement following a weekly meeting on Wednesday.
The concession agreement for the Konevets building materials deposit, located in the municipality of Tundzha, in the Yambol region, was signed in 2011 and retroactively entered into force from 1999.
Yambol-based Technostroy-Engineering 99 is active in road construction and concrete production. In 2019, Bulgarian civil engineering contractor Trace Group Hold [BUL:T57] sold its 8,251 Technostroy-Engineering 99 shares for 1.1 million levs ($608,636 million/562,421 million euro).
(1 euro = 1.95583 levs)