The construction of the vastly troubled and long-delayed Bulgarian hydro power project on the Arda river in the south will most probably start in 2013, officials in Sofia say.

"We are now conducting a feasibility study and a tender to select a contractor for the engineering activities. Accordingly, construction works can be expected to start in 2013," Bulgaria's National Electric Company chief executive Ivo Lefterov said in an interview for Capital Daily.

Bulgaria has attached great importance to the project, saying the investment is crucial, especially in time of crisis and in an underdeveloped region of the country.

The joint project of the Austrian EVN, which is also one of the three power utilities in Bulgaria, and of the Bulgarian National Electric Company, NEK, is valued at EUR 500 M, Novinite.com reports.