Abu Dhabi has denied reports it is helping Bulgaria join the formula one calendar.

It emerged earlier this week that an economic cooperation agreement has been signed between the Bulgarian economy minister and the Emirates Associated Business Group, a state-owned Abu Dhabi company.

Bulgarian authorities, as well as local agencies and publications, claimed the agreement involves construction of a formula one circuit at the former air base at Dobroslavtsi, 15 kilometres from the capital Sofia.

The agreement would reportedly see Abu Dhabi pay for construction of the circuit, with the land provided by Bulgaria.

But according to the Bulgarian daily Sega, Abu Dhabi has denied the reports.

A statement also said the Emirates Associated Business Group was so disappointed with the incorrect information that it will cancel its Bulgarian investments altogether.

Sega quoted the company’s chief executive Raid Abu Hudra as saying the officials had acted so unprofessionally that he would advise others against investing in Bulgaria.

He said a mediator from the Bulgarian prime minister’s office had invited Abu Dhabi to invest in an F1 track but “We told him we would not be interested”.

Abu Dhabi is set to help Bulgaria join the formula one calendar.

According to reports, an economic cooperation agreement was signed this week between the Bulgarian economy minister and the Emirates Associated Business Group, a state-owned Abu Dhabi company.

Standart News and Sofia news agency Novinite claim the agreement involves construction of a formula one circuit at the former air base at Dobroslavtsi, 15 kilometres from the Bulgarian capital.

The agreement would see Abu Dhabi pay for construction of the circuit, with the land provided by Bulgaria.

The press office of the Bulgarian economy ministry confirmed the news.

2012 is slated as a possible grand prix debut date, but the reports said a proposal is late being lodged with the FIA.