Bulgaria's Bulyard Shipping Industry (BSI), a unit of the Bulyard consortium, plans to invest 2 mln euro in refurbishments and new equipment in 2006, executive director Friedrich Katzer told Dnevnik. The consortium will use bank loans to finance its investment program.

The bulk of the money will go to purchase new blasting and painting chambers, forklifts, welding and painting equipment, a second plasma cutter, as well as ship design software.

In 2006, BSI plans to complete the construction of the first of two ships which it is making under a contract with Cyprus-registered Bulcom Ltd, a shareholder in the Bulyard consortium. The 9,370-ton vessel is priced 14 mln levs.
The company is also working on an order by the national maritime fleet Navigation Maritime Bulgare for three vessels, the first of which should be delivered in April 2007.

BSI, which occupies the facilities of the former Varna shipyard, has a staff of 1,001, including an office staff of 250. Another 100 trained workers are to be hired in a month. In early December the company launched a training program which has so far benefited 260 workers. The Bulyard consortium owns 75% of BSI.