Bulgaria has decided to increase the capital of Project Company Bourgas - Alexandroupolis Oil Pipeline BG, the Government's press office said on July 13 2011.
The capital hike will be carried out through the issue of 150 new shares worth a combined 150 000 leva. The issue will be taken up by the state with funds from the budget of the Finance Ministry.
The sum is the minimum amount required to keep the company operational until the country decides whether to take part in the pipeline's construction, the statement said.
The funds will be also used for fulfilling the entity's obligations as a a shareholder in Amsterdam-registered Trans Balkan Pipeline (TBP), the project company behind the Bourgas–Alexandroupolis pipeline.
TBP, set up as part of an agreement signed by Russia, Bulgaria and Greece, is in charge of all activities concerning the project, including research, design and construction of the pipeline.