Italian ship-maker Fincantieri may abandon its plans for investment in Bulyard Ship-building Industry (BSI), the owner of the Varna shipyard, an informed source told Dnevnik on the condition of anonymity. This development comes in the wake of news that Fincantieri was dropped from a procurement procedure launched by Bulgaria's defence ministry. A few days ago, the tender committee of the defence ministry disqualified Fincantieri from the procedure for the supply of four corvettes, citing omissions in the information required from the bidders. It was announced in mid-February that Fincantieri could invest up to 40 mln euro in the construction of marine vessels at the Varna shipyard. The Italian investor was likely to co-create a joint venture with BSI after inspecting the assets of the shipyard. The Italian company had earmarked 20 mln euro for initial investment in the Varna shipyard. The aim of the investment was for the shipyard to reach full capacity within 36 months and to roll off four 40,000-ton vessels annually. The other 20 mln euro were to be spent on subcontracting and auxiliary operations. Fincantieri's investment plans are in jeopardy but it is premature to say for sure if the Italian company will back out, BSI executive director Zlatko Bakalov told Dnevnik.