Ahmed Dogan Buys Majority Stake In Varna Power Station

Ahmed Dogan, the controversial chairman of honour of Bulgaria’s ethnic-Turk Movement for Rights and Freedoms (DPS), has acquired 70% stake in local company SIGDA, which is the owner of the Varna thermal power plant, for an undisclosed sum, according to information from the company register.

The deal raises questions regarding Dogan’s already very strong influence in Bulgarian politics and on the energy sector as Varna TPP is a major electricity producer and has secured part of Bulgaria’s cold reserve.

Dogan acquired the stake from Stanislav Papazov and Ivelina Papazova, son and daughter of former transport minister Danail Papazov who is allegedly close to the DPS.

Varna TPP was sold by Czech energy company CEZ last year to Bulgarian company SIGDA for an undisclosed sum. The Czech company decided to sell all its Bulgarian assets as it was not satisfied with the business environment in the country and claimed that Prime Minister Boyko Borissov had put significant pressure on it.

Dogan, who stepped down as the DPS’s formal leader in 2013, but is still considered to be the informal head of the party, became known for his statements back in 2005 that the party had organised circles of business interests.

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