The Privatisation Agency (PA) has implemented and even exceeded its tentative privatisation volume target for 2004, the PA executive director, Ilia Vassilev, told reporters. The main reason for this development is the finalization of the deal for the sale of a 65% stake in the Bulgarian Telecommunications Company (BTC) for a total of EUR 230 million. Initially, the BTC sale was not included in the 2004 target plan due to the uncertainty of the sale procedures. According to its target for 2004, the PA expects payments to the amount of BGN 511.4 million (about EUR 260 million). The PA has completed a total of 344 privatisation deals in 2003, according to its annual report. The agency has managed to complete some 60% of the sales of majority stakes. The total amount of payments for 2003 were set at BGN 314 million. The PA has completed 34 privatisation deals for the first two months of 2004. Six months after the formal transfer of the 65% stake in BTC, the AP will float another 20% for sale on the stock market, Vassilev said. A 30% share of Navigation Maritime Bulgar (NMB) will be offered for sale against compensatory immediately after the sale of the Varna Shipyard, he added. The AP is capable of immediately launching the privatisation procedures for the majority stakes in NMB, the Bulgarian River Shipping (BRS) company, the Bulgaria Air carrier, Boyana Film and the Agency for Diplomatic Real Estates, the agency executive director said. The sale of the state-owned Terraton and Kintex arms traders is still in the preparatory stage. The agency is drafting also the regulations for the sale of the second batch of 7 electricity distribution utilities.