The strategy for the privatisation of national flag-carrier Bulgaria Air has been withdrawn and will be updated to reflect recent developments such as the surge in oil prices, the hire of new jets and the turnaround in the company's financial fortunes. The state will not retain a golden share in the privatised carrier and will offer a 100% stake to potential investors, transport minister Nikolai Vasilev said on Tuesday. The four-jet carrier leased four Boeing 737-300s over the last couple of months for the purposes of its charter business and managed to turn a profit in the first quarter, defying forecasts for a loss as wide as 2 mln levs. The first strategy for the denationalisation of the carrier was adopted in 2003 but never reached the parliamentary transport policy committee. Bulgaria Air is the legal successor of long-time flag-carrier Balkan Airlines which went bankrupt in late 2002. The government tapped the fiscal reserve for 30 mln levs which were earmarked for a capital raise but Bulgaria Air has spent only 10 mln levs of the resource so far.