The Bulgarian Energy Holding paid the salaries of Mini Maritsa Iztok workers for September as well

The Bulgarian Energy Holding (BEH) transferred 8 million euros to Mini Maritsa Iztok so the latter could pay the salaries of its workers for September. The funds are part of the loan agreement concluded on August 16 between the two companies. With this money, the Bulgarian state, through the energy holding, effectively subsidizes the loss-making publicly-owned coal mining enterprise to keep it alive.

In November, a new transfer in the amount of 14 million euros is due, which will be used to pay salaries for October.

By decision of the Minister of Energy, the Bulgarian Energy Holding has already provided targeted financing to Mini Maritsa Iztok in the total amount of 28 million euros to provide the necessary funds for the employee salaries for the months of July and August, plus social security, payments to the budget and others.

The use of this funding is possible thanks to the signed framework agreement for financing up to 50 million euros from BEH and 25 million euros from a private bank, where the holding is a co-debtor.

Separately, in October 2024, BEH and Mini Maritsa Iztok signed a new framework agreement for financing in the amount of 50 million euros until June 30, 2025. It states that funds will be provided for the payment of labor remunerations to those working in the mines and the company's payment obligations to the state budget in the coming months. 

It is not clear how this enterprise could ever repay its loans.

The measures we are taking will ensure the normal and safe operational activity of the mines, which is key for the security of supplies to consumers in the coming winter season," commented the Bulgarian Energy Minister Vladimir Malinov, quoted by the ministry’s press center.

Translated by Tzvetozar Vincent Iolov