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Nikolay Volev was born in 1946 in Sofia. He studied architecture and graduated in Film Directing at The London Film School in 1972. From 1972 to 1976 he scripted and directed documentary films for the Bulgarian National Television. From 1978 to 1991 he scripted and directed full-length feature films for theatrical distribution and documentaries at Boyana Film Studios. In 1985 his documentary film Earthenware won the Silver Dragon at the Krakow Film Festival and the Silver Rython for best Bulgarian documentary film in Plovdiv. The very same year he won the Special Jury Prize and the Don Quixote Award in Karlovy Vary for All for Love, acclaimed as best national film for 1985. In 1987 he won the Grand Prix, the FIPRESCI Award and the Nordrein-Westfalen Award at Oberhausen Film Festival for his documentary Home No. 8 (1986). His feature film Margarit & Margarita (1988) was selected for participation at many international film festivals, including Montreal, London, Edinburgh, Los Angeles, Istanbul. In 1990 Margarit & Margarita was selected for the Quinzaine des realizateurs at Cannes International Film Festival. From 1991 to 1998 Volev was Chairman of the Bulgarian Film Producer's Association and Co-Chairman of the Bulgarian Film Director's Guild. In 1994 he won the Golden Rose Award in Varna for his new version of The Goat's Horn and was selected for participation at Venice, Edinburgh, Munich, Gothenberg, Belgrade, Thessaloniki, San Jose, Copenhagen, Gent. From 2000 to 2006 Nikolay Volev was a member of the Board of Directors of Boyana Film Studios.