New partnership over oil and gas exploration in the Black Sea
A new partnership in oil and gas exploration will accelerate drilling efforts in Bulgaria's exclusive economic zone in the Black Sea, specifically in the Han Asparuh block. The agreement brings together OMV Petrom and NewMed Energy Balkan, a subsidiary of Israel's NewMed Energy, with both companies holding equal shares, while OMV Petrom remains the project operator through OMV Offshore Bulgaria.The transfer of the Israeli company's stake has been approved by Bulgaria's Council of Ministers. Energy Minister Zhecho Stankov expressed optimism that the partnership will unlock the block's full extraction potential, and NewMed Energy CEO Yossi Abu highlighted the region's high discovery potential and strategic location near key markets.
Parliament nears finalizing state budget
Bulgaria's state budget for this year is expected to be finalized by Parliament next week after lawmakers voted on the bill late Thursday night in its second reading. The budget passed with minimal revisions, supported by the four coalition partners and the MRF New Beginning party.In a surprise move, MPs from GERB, BSP, and ITN backed an MRF New Beginning proposal to create a state-owned grocery store chain with a capital of 10 million levs, a plan endorsed by Finance Minister Temenuzhka Petkova. The initiative, introduced by New Beginning leader Delyan Peevski, aims to sell food with a maximum 10% markup through post offices across the country to ensure affordable prices.
Meanwhile, opposition proposals-including maintaining a lower VAT registration threshold, keeping the current cap on social security contributions, and increasing gambling taxes-were rejected by the ruling majority.
Embezzlement charges for school head in Stara Zagora
A school principal and his employee have been arrested in Stara Zagora on charges of embezzlement and document fraud committed between August 2022 and March 13, 2025, according to the prosecution and police.
The two suspects, 46-year-old G.E. and 56-year-old J.A., allegedly signed fake civil contracts and inflated invoices for school supplies, diverting the funds for personal home renovations and luxury purchases, including furniture, appliances, and even a swimming pool.
During searches at multiple locations, authorities seized debit cards, mobile phones, and various documents linked to the fraudulent activities. The suspects were detained in a special police operation and are now under investigation, with the prosecution requesting house arrest as a preventive measure.
New partnership over oil and gas exploration in the Black Sea
A new partnership in oil and gas exploration will accelerate drilling efforts in Bulgaria's exclusive economic zone in the Black Sea, specifically in the Han Asparuh block. The agreement brings together OMV Petrom and NewMed Energy Balkan, a subsidiary of Israel's NewMed Energy, with both companies holding equal shares, while OMV Petrom remains the project operator through OMV Offshore Bulgaria.The transfer of the Israeli company's stake has been approved by Bulgaria's Council of Ministers. Energy Minister Zhecho Stankov expressed optimism that the partnership will unlock the block's full extraction potential, and NewMed Energy CEO Yossi Abu highlighted the region's high discovery potential and strategic location near key markets.
