# Bulgaria utility leadership reshuffle

> Live situation record from CLSTR: https://clstr.news/situations/bulgaria-utility-leadership-reshuffle
> Updated: 2026-08-26T11:36:54.000Z. Sources: 5. Developments: 3.

In early July 2026, Bulgarian Water Holding announced the appointment of a new board and chief executive, marking the first public sign of a governance overhaul within the country's state‑owned utility sector. Less than a month later, the restructuring extended to the gas sector when Bulgartransgaz removed long‑time head Vladimir Malinov and other senior officials, naming former board member Kiril Ravnachki as the new executive director and installing new board members.

By August 2026, the leadership transition at Bulgartransgaz was further detailed. Vladimir Malinov, who led the company for over seven years and previously served as acting Minister of Energy from April 2024 to January 2025, was replaced by Kiril Ravnatski. Ravnatski, who had previously held various roles within the company and served as interim head in 2024, was appointed executive director. 

The reshuffle also impacted Bulgartransgaz subsidiary Gas Hub Balkan. Following his removal from the executive role at the transmission operator, Malinov was appointed chairman of the Board of Directors at Gas Hub Balkan, with Petya Ivanova serving as an executive board member. These rapid succession of leadership changes across both water and gas holdings reflect a broader pattern of administrative adjustments within Bulgaria’s state‑controlled energy and utility companies.

## Claims

- Kiril Ravnatski has been appointed as the new executive director of Bulgartransgaz. (corroborated by 3 sources)
- Kiril Ravnatski replaces Vladimir Malinov as executive director. (corroborated by 3 sources)
- Vladimir Malinov has been appointed chairman of the Board of Directors of Gas Hub Balkan. (corroborated by 3 sources)
- Petya Ivanova is an executive member of the Board of Directors of Gas Hub Balkan. (corroborated by 3 sources)
- Vladimir Malinov led Bulgartransgaz for over seven years, with an interruption during his time as energy minister. (corroborated by 3 sources)
- Kiril Ravnatski previously served as interim head of Bulgartransgaz in 2024. (corroborated by 3 sources)

## Timeline

### 2026-08-26: Bulgartransgaz appoints Kiril Ravnatski as new executive director

Kiril Ravnatski has been appointed as the new executive director of Bulgartransgaz, replacing Vladimir Malinov, who will now chair the Board of Directors at Gas Hub Balkan.

3 sources. https://clstr.news/cluster/bulgartransgaz-appoints-kiril-ravnatski-as-new-executive-director

### 2026-08-01: Bulgartransgaz appoints Kiril Ravnachki as new chief executive

Bulgartransgaz removes long‑time chief Vladimir Malinov and Darina Koleva, appoints Kiril Ravnachki as executive director, and adds Roshen Petkov and Lazhar Georgiev to the board pending regulator approval.

2 sources. https://clstr.news/cluster/bulgartransgaz-appoints-kiril-ravnachki-as-new-chief-executive

### 2026-07-06: Bulgarian Water Holding names new board and chief executive

Bulgarian Water Holding appoints Venelin Shakov as executive director and installs a new Board of Directors, restructuring its governance until a permanent leadership tender is held.

2 sources. https://clstr.news/cluster/bulgarian-water-holding-names-new-board-and-chief-executive

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Cite as: Bulgaria utility leadership reshuffle. CLSTR, https://clstr.news/situations/bulgaria-utility-leadership-reshuffle