One of the largest Bulgarian companies in the field of Oil & Gas, a subsidiary of a Russian entity, commenced a USD 1.5 billion project for engineering, procurement and construction of new installations aimed at increasing productivity, improving efficiency and setting the highest ecological standards.
The Italian company Technip S.p.A. (Technip) was chosen as the main contractor while another Italian company, Sices S.p.A. (Sices), became the leading subcontractor for the project.
The scope and size of the development require a large number of
Bulgarian subcontractors to be involved. The complexity of the project and the tight deadlines for completion made it necessary for the Italian companies to recruit a great number of employees, including from other countries, bringing the combined workforce to over 3,000 people.
Our initial task was to assist with the setting up of the presence of both Italian entities and fulfilling the necessary registrations allowing the companies to carry out such a highly complex project in the country. As a next step, a multidisciplinary team of specialists took over the bookkeeping and tax compliance for the companies, while providing ongoing legal, tax and regulatory support in day-to-day issues.
KPMG’s team assisted with all related HR activities – from the completion of
the immigration procedures, arranging for the issuance of work permits, to the day to-day payroll and HR administration requirements under the Bulgarian legislation.
As the project involves the import of a huge amount of equipment, spare parts and related materials, our team is also assisting with customs procedures and compliance issues as they arise.
Our clients receive a wide range of services, allowing them to focus on their
main priority: the completion of their project. It has been named “the largest
investment in Bulgaria’s new economic history” by Traicho Traikov, Former
Minister of Economy, Energy and Tourism. Some of the complex operations have attracted media attention, reporting on the transportation of large equipment also filmed by Discovery Channel for its Megastructures series.
In the longer term, our clients intend to explore other opportunities in the
Bulgarian market, helping to boost the overall economic environment.