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Nov 06, 2009 16:51 EEST
SOFIA (Bulgaria), November 6 (SeeNews) – Italy's AcegasAps said has bought the 48% stake in Sofia-based Rilagas held by Italy's Costruzioni Dondi for 5.3 million euro ($7.9 million), raising its ownership of the Bulgarian company to 100%.
In April 2006, a consortium of AcegasAps and Costruzioni Dondi was awarded a 35-year gas distribution licence in a region of 8,563 square kilometres in northwestern Bulgaria. The two companies set up Rilagas later the same year for the purpose of building natural gas infrastructure and supplying and distributing natural gas in nortwestern Bulgaria.
AcegasAps expects that Rilagas, which has pledged to invest 120 million euro for the term of the licence, can make an annual profit before tax of some 12 million euro once it reaches full operating capacity.
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