COPENHAGEN AIRPORTS BOOSTS VARNA, BURGAS INVESTMENTS

Copenhagen Airports will increase the initially planned EUR 106 M investments at Bulgaria's Varna and Burgas airports to reach EUR 140 M by the end of 2008. According to the Danish company's management, the two airports located on the Black Sea coast are too out-of-date and their facilities are breathing out of capacity to serve the constantly increasing passenger traffic. Earlier this year, Bulgarian government granted Copenhagen Airports a concession contract to run the airports in Varna and Burgas. The concessionaire intends to add a new terminal at the Varna airport by 2008 and expand the existing facility. Meanwhile, a corporate analysis on the airports of Varna and Burgas has shown that unless urgent reforms are implemented at both facilities, the airports may see a decrease in expected traffic as soon as next season. Due to insufficient quality of services, tour operators are likely to redirect tourists to alternative destinations. The study concludes that the cumulative effect will result in worse bed occupancy at Black Sea hotels and slowdown in the overall economic development of the region. "Airport services at Varna and Burgas are an inseparable part of the holiday expectations of tourists. Therefore we are determined to invest immediately in temporary facilities to guarantee in the short-term the best of services at both airports," an executive official of Varna-Burgas Airports EAD has said in a press release. Bulgaria's top three airports at Sofia, Varna and Burgas are struggling to cope with a 20% increase in passenger traffic, as the stream of tourists and business travellers is on the constant upsurge in and out of the country. The Varna Airport reported the biggest increase in passenger traffic in the first half of 2005, up by 20%, followed by Sofia with 19% and Burgas with 15%. Passenger traffic between the inland and the Black Sea coastline has flied up by 40% this summer. Presently fighting to win a court appeals against the granted concession, Copenhagen Airports expects to take over the Varna and Burgas airports finally at the end of this month.

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source: bulgarianpropertiesmarket.com

Over 1,000 Police Officers Guard Tourists at Bulgaria's Seaside

More than 1,000 police officers will guard the tourists taking a rest at Bulgaria's seaside over the summer. The seaside is once again attractive place for the criminals, the head of the Burgas Regional Police Pavlin Dimitrov told local Darik radio. Boosted police presence will be observed at discos, casinos and hotels in Sunny Beach resort and Nessebar, Dimitrov underlined.

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source: bulgarianpropertiesmarket.com

Bulgarian Customs Agency Revenues Up by 60%

Bulgarian Customs Agency registered a record high level of revenues for May. The agency takes pride in revenues of BGN 670,100,118 thus marking an increase of 60% as compared to May 2005. The net revenues are from goods import, VAT, excises and fines. The taxes collected are BGN 41,493,889 and the sum gathered from VAT is BGN 513,720,952. A record-high sum of BGN 59, 581,008 has been collected from fines and sanctions. Based on its results until now the agency forecasted that over the first six months of the year the agency's revenues will exceed BGN 3,2 B.

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source: bulgarianpropertiesmarket.com

Fraport Won Bulgaria's Airports Concession Deal

Germany's Fraport AG was granted the concession over the operation of the Bulgarian two coastal airports at Varna and Burgas. The June 15 decision of the Cabinet for the granting of the concession to the German company and Bulgaria's "BM Star" was promulgated in the State Gazette. Under the 35-year concession agreement the picked candidate will invest EUR 403 M for the modernization of the two airports. Some EUR 215 M will be invested in Burgas airport and EUR 188 M will be used for the modernization of Varna airport. The concessionaire will make a payment of EUR 3 M and is expected to pay annual fee of 19,2% of the total revenues. In June 2005 Copenhagen Airports AS signed the 35-year concession agreement with Bulgaria over the operation of the two coastal airports at Varna and Burgas. The deal was challenged by the consortium of Fraport AG and BM Starm, which was ranked second. The court then overturned the decision of the Bulgarian government to grant the concession to Copenhagen Airports AS and ruled that it reviews again the offers.

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source: bulgarianpropertiesmarket.com

Chirac Lines up for Bulgaria in EU

The President of France Jacques Chirac has sent a letter to his Bulgarian counterpart in support of the country's entry into the EU. It came along another letter from overseas, sent by US President George W. Bush who is also supportive of the Black Sea's accession to the bloc. The Bulgarian state of 7.7 million is struggling to convince Brussels before a September deadline that it can crack down on rampant corruption and be ready to join on January 1, 2007 In a letter to Bulgarian President Georgi Parvanov, French President Jacques Chirac said he thought it and its northern neighbour Romania could avoid a one-year delay Brussels has threatened to impose if they are not ready. "France is confident Bulgaria and Romania will be able to fulfil the last needed improvements to meet the requirements for the countries' EU accession on January 1 2007," Chirac wrote in excerpts of a letter provided by the Presidency. The office said it received the letter a few days earlier but only released it on Friday. Both accession states were in a position to achieve the "final necessary progress" towards EU integration, Chirac has written in the letter. The French president described an action plan decided on by the Bulgarian government designed to prepare the country for EU membership as "important and positive." The latest European Commission report of May 16 criticized Bulgaria for lack of progress in reforming its judicial system and in tackling organized crime and corruption. A new EU progress report in the autumn is expected to determine the readiness of the two Eastern European states for membership of the bloc.

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source: bulgarianpropertiesmarket.com