Bulgarian Energy Holding (BEH) has announced fresh reshuffles at the country's state-owned gas transmission operator Bulgartransgaz. This has been the second replacement of the state entity's senior representatives in the past two months. An enquiry on the Trade Register's website shows Bulgartransgaz's chief executive is currently Georgi Gegov, with outgoing Kiril Temelkov being dismissed. The Managing Board is now to include Tanya Zaharieva and Delyan Dimitrov, who are set to replace Evgeni Popov and Antoniya Uzunova.
Source: Monitor (05.01.2015)

Brussels gives green light for Bulgaria's gas hub project Bulgaria received a "green light" from Brussels for the construction of a gas hub in the country. This became clear after a series of talks between Prime Minister Boyko Borisov with European Commission Vice-President Maros Sefcovic, responsible for Energy Union. The leading EU politician expressed his strong support for the creation of gas hubs, which may play an important role in the development of regional gas markets. Boyko Borisov presented the idea of constructing a shared hub for Russian gas in Bulgaria in order to avoid the legal complications of the cancelled South Stream pipeline. Then, the EU members could get their gas from that hub, planned near Varna. The possibility of financing the strategic project was also discussed during the meeting. For this purpose, using the existing mechanism for EU financial support could ensure a rapid implementation of the project. Such gas hub can supply Central and Western Europe as well as countries of the European Energy Community, a statement from the European Commission stated.
Source: Standart (13.01.2015)

Bulgargaz appoints new CEO Bulgargaz has appointed a new Chief Executive Officer, announced the Ministry of Energy, BTV reports. Peter Ivanov will be replacing Dafinka Iankova. Iankova became Chief Executive of the gas company in December 2013. Several months before that the post was occupied by Shishman Chaoushev, who had replaced the dismissed Dimitar Gogov. Peter Ivanov has worked at Varna-pro, specializing in the supply of marine equipment and pipeline construction. He also used to be an accountant at the National Electric Company. A few weeks ago Ilian Dukov, son of former MP of GERB Snezhana Dukova, was appointed to the Directors' Board of the company. Botio Velinov, who became a member of the Directors' Board at the end of 2013, will remain one.
Source: Capital (05.02.2015)

Bulgaria is building gas hub for EUR 2.2BN The European Commission has frozen the criminal procedures against Bulgaria related to the South Stream, EC Vice President Maros Sefcovic informed today. After the High Level Group on Central and South Eastern Europe Gas Connectivity (CESEC) summit it became clear that Bulgaria may build a gas hub and that the project is now valued at EUR 2.2 billion. "We discussed the criminal proceedings related to the South Stream and we are here to inform you that these procedures will be frozen," Sefcovic. The EC Vice President gave a joint statement with Bulgarian Prime Minister Boyko Borisov after meeting with energy ministers from the EU. Mr Borisov emphasized that the South Stream is not officially terminated to date, as Bulgaria has not received any written document about Russia's decision. "We want to get back to a pragmatic solution to the issue outside the emotions, which would allow good business between the EU and Russia ", Mr Borissov added. The Vice President of the European Commission voiced solidarity with Mr Borisov and added:" We have the impression that communication for such projects should happen through established channels, but in the case that did not happen and so we were surprised. Mr Sefcovic recalled that he initiated a meeting with representatives of all parties involved in the South Stream just a day before Russian President Vladimir Putin announced in Ankara his decision to de-route the South Stream to Turkey. Mr Borisov emphasized that he was ready to negotiate a gas hub from Greece to Russia. "To go somewhere, you first have to be invited. You all know that Vladimir Putin was in Sofia. So why could not I go to Moscow? If he asked me, I am ready to talk," the PM said in response to a question whether he would sit down negotiations with the Russian president.
Source: Standart (10.02.2015)

Balkan gas routes established at the Summit Meeting in Sofia today Nine EU ministers of energy and two commissioners are discussing the route of gas today at the "Boyana" state residence. The first Summit meeting of Southeast European countries on the security of natural gas supply will be attended by power company executives from Austria, Croatia, Greece, Hungary, Italy, Romania, Slovenia, Slovakia and Bulgaria. The forum is also be attended by the Commissioners for Energy and Climate Change Maros Sefcovic and Miguel Canete. Prime Minister Boyko Borisov is familiarizing the experts with the idea of a vertical gas corridor through Greece, Bulgaria, Romania and Hungary, the Standart learned. It will be decided whether to create a gas hub in Bulgaria.
Source: Standart (10.02.2015)

Gas Interconnector with Greece Expected to be Launched by 2018 Bulgarian Energy Minister Temenuzhka Petkova said that the planned gas interconnection grid with Greece is expected to become fully operational by 2018. Petkova announced this following a bilateral meeting with her Greek counterpart Panagiotis Lafazanis, daily Dnevnik reports. Both of them are participating in the first meeting of the advisory council on the construction of the Southern Gas Corridor, which is being held in Baku. It became clear that the final investment decision on the construction of the Bulgaria-Greece interconnector is expected to be taken until the end of May. Lafazanis assured that the Greek government will work actively for the development of energy projects, which are of mutual interest to both countries, as was the case with the interconnector. Petkova informed him that Bulgaria had produced a roadmap with concrete activities and deadlines for the implementation of the project. The state budget for 2015 allocates EUR 80 mln as a government guarantee aimed at accelerating the construction of the pipe.
Source: Monitor (13.02.2015)

Q2 Drop in Natural Gas Price May Not Lower Central Heating Price Although natural gas provider Bulgargaz last week issued a forecast for a drop in the price of natural gas by slightly over 13 per cent, this may not lead to lower bills for central heating customers, Svetla Todorova, head of the State Energy and Water Regulatory Commission (SEWRC), told journalists on Wednesday. Todorova said: "Don't expect the end prices of heat energy and electricity to change when the gas price falls." The prices at which the district heating companies buy gas may fall but the saving will benefit Bulgargaz or those companies, she added. Most of the savings should go to the district heating companies because they incurred losses when the price of their services did not go up on earlier occasions when natural gas went up. Todorova said that the while the price of natural gas may go down from April 1, the price of heat energy may remain unchanged. Dimiter Dimitrov, member of the state regulator, said Bulgargaz might also benefit from this because the district heating companies would save money to pay part of their debt to the gas provider. Todorova said she was expressing her own preliminary views. The district heating companies have until the end of March to present their financial reports which will show the accumulated losses.
Source: Sega (19.02.2015)

Bulgarian co Chimco up for sale at starting 11.7 mln euro The assets of insolvent Bulgarian fertiliser plant Chimco have been put up for sale again, this time at a starting price of BGN 22.8 million. Bids for the fertiliser's properties, buildings, and production facilities can be submitted until March 6, newspaper Capital Daily reported. The plant was put up for sale in the first quarter of 2014 at a starting price of nearly BGN 29 million, without attracting investor interest at the time. According to the daily, despite the lower price, Chimco's assets are amortised and their purchase would not prove lucrative, hence they will probably not attract investors on this occasion either. It also said that Chimco, which was declared insolvent in mid-2012, has about BGN 81 million in debts, mainly to state-operated electricity company NEK and gas monopoly Bulgargaz.
Source: Monitor (23.02.2015)

Industrialists Demand Slash of Gas Price by At Least 22.7 Per cent as of April Industrial energy consumers insist on cutting the price of natural gas by at least 22.7 per cent as of April. The demand is included in a letter the Bulgarian Federation of Industrial Energy Consumers sent to the ministers of economy and of energy. The industrial consumers argue that oil prices have reached a five-year bottom while the price of natural gas for industrial purposes in Bulgaria has not dropped. At the moment industrial consumers pay more than 600 leva per 1,000 cu m of gas. The letter says that the price of natural gas is strongly bound to a basket of alternative oil fuels which at the current moment of low oil prices should result in a sharp decline in the costs for natural gas which, however, does not happen. Calculations made by the Federation show that the regulated price of natural gas in Bulgaria are close to the 2008 levels when oil reached 145 dollars per barrel, whereas now the price of petrol is almost thrice lower. The Federation argues that given the huge difference in energy prices, the Bulgarian economy cannot be competitive on the world markets. The Federation says that state-run Bulgargas could take advantage of the successful models for managing the forex risk.
Source: Standart (24.02.2015)

Bulgaria’s Chiren Gas Storage Has Enough Gas for 3 Months Bulgaria’s Chiren underground gas storage contains enough gas to meet the country’s needs for three months with some restrictions, according to a statement of the Energy Ministry. The information was released in response to Tuesday’s escalation of the conflict between Russia and Ukraine over gas supplies and the warning of Gazprom that there could be problems with deliveries to Europe in two days. The Energy Ministry, as cited by dnevnik.bg, assures that the pressure at the entrance of Bulgaria’s gas transmission system is normal at present. The total quantity of gas stored at the Chiren facility is nearly 247 million cubic meters of gas. On Tuesday, Russian energy giant Gazprom warned that it could halt gas supplies to Ukraine, adding that this would most probably cause problems in Europe.
Source: Dnevnik (25.02.2015)

Bankrupt Fertilizer Plant Chimco AD Fails to Attract Bidders in Second Tender No candidates to buy the bankrupt Vratsa-based fertilizer plant Chimco AD, also known as Himko AD, showed up in the second open tender. The price tag, at BGN 22.8 M, had been reduced by slightly over BGN 6 M from the previous tender held in 2014, according to reports of the Bulgarian Telegraph Agency. The bid increment had been set at BGN 1 M. The liquidator, Rositsa Tomova, announced that the tender had been held valid, despite the fact that no bidders had participated. She made clear that the creditors were to decide on the date of the next tender and the manner in which it would be organized. Tomova informed that the decision was to be taken at a general meeting of creditors to be assigned and to be held at the Vratsa District Court. The largest creditors of Chimco are state-owned gas supplier Bulgargaz, the National Electric Company (NEK), and the National Revenue Agency (NRA). The first tender for the sale of Chimco was held in the spring of 2014 and no participants showed up. Then-Economy Minister Dragomir Stoynev had included Chimco in the plan of the government for the reindustrialization of the Bulgarian economy, the idea being that the state would buy the plant and stabilize it and then sell it to a foreign investor. However, the Economy Ministry did not take part in the first tender as the price was considered to be too high.
Source: Capital (09.03.2015)

Pleven Heating Utility’s debts to Bulgargaz reached BGN 50 million Pleven Heating Utility’s debts to Bulgargaz have accelerated by BGN 27.994 million in 2014. In that way the company’s overall debt to the national gas distributor has reached BGN 50 million. The heating utility’s business plan for the present year says that money owed to Bulgargaz has to be covered by direct payments made by National Electrical Company for the power it gets from the company. Due to NEC’s bad financial state, part of these transfers are retarded which finally affects Bulgargaz. The largest heating utility in the country, the one based in Sofia also has BGN 20 million current obligations to Bulgargaz. For the period 2015-2019 Pleven Heating Utility has envisaged BGN 13.610 million investments, which is by BGN 8 million less as compared to the preceding four-year period. Money will be used mostly for projects focused on reduction of production costs. Repair work will take up another BGN 12.704 million. The company plans growth in generated electrical energy by 7% annually.
Source: Capital (11.03.2015)

European Commission Supports Construction of Bulgaria-Greece Gas Interconnector The construction of a natural gas interconnector between Bulgaria and Greece and the European Commission's support for the project were discussed by Bulgarian Energy Minister Temenouzhka Petkova and European Commission Vice President for the Energy Union Maros Sefcovic, the Energy Ministry reported on Tuesday. The two met during the groundbreaking ceremony for the Trans-Anatolian Gas Pipeline (TANAP), which was held in the eastern Turkish town of Selim. Petkova and Sefcovic considered the Bulgaria-Greece gas interconnector as part of the Southern Gas Corridor. Sefcovic said the European Commission supports the interconnector project because it is important not only for Bulgaria but also for the entire European Union. Petkova said her government has taken all necessary measures to speed up the project. The Bulgarian national budget in 2015 includes an allocation of 80 million euro as a government guarantee for the Bulgaria-Greece interconnector, which is part of the efforts for prompt construction of the pipeline, she said. Bulgaria is working with its Greek partners to accelerate the process even more, Petkova said. offnews
Source: Other (19.03.2015)

Industrial Energy Consumers in Bulgaria Demand 23% Gas Price Decrease as of April Industrial energy consumers in Bulgaria have called for a 23% reduction in gas prices from April, instead of the 13% price decrease proposed by state-owned gas supplier Bulgargaz. Konstantin Stamenov, Chair of the Management Board of the Bulgarian Federation of Industrial Energy Consumers (BFIEC), argued that gas prices in the region had plummeted as a result of the falling crude oil prices. Stamenov, as cited by the Bulgarian National Radio, noted that the difference between gas prices in Bulgaria, in neighboring countries, and on a global scale made it impossible for the Bulgarian economy to be competitive, to create jobs, and to re-invest. “Prices in two of Bulgaria’s neighboring countries are lower by around BGN 100 per 1000 cubic meters of gas. This is detrimental to energy-intensive industry and instead of attracting investments and retaining the investors who are already here, we shall discourage further decisions for investments and job creation,” Stamenov said. Industrial energy consumers call for an urgent meeting of the Security Council at the Council of Ministers and for the adoption of urgent measures to tackle the threat to the economic security of the country.
Source: Capital (20.03.2015)

EU Ready to Finance Bulgaria-Greece Gas Link, PM Borisov Says Bulgaria’s Prime Minister Boyko Borisov said on Friday he has been assured by EU energy chief Maros Sefcovic that the European Commission will finance the construction of a gas interconnection between Bulgaria and its southern neighghbour Greece. “I believe we’ll be able to build it using European funds,” Borisov told reporters in Brussels following a EU Council meeting. He also said that Bulgarian company Bulgartransgaz has completed preparatory works and is starting the construction of a new gas link with Romania. The interconnection between Bulgaria and its northern neighbour will be able to carry over 30 billion cubic metres of gas in both directions. Commenting on the proposal to build a gas distribution centre in Bulgaria to serve Southeastern Europe and the EU, Borisov said that the idea – now before the European Commission - is open to implementation. “We firmly insist and now everyone realizes that it can be done. There will be several sources of gas supply,” he said. Referring to the South Stream gas pipeline project, which Russia said it was abandoning in December 2014, Borisov said no written statement on the cancellation of the project has been submitted to the Bulgarian side so far.
Source: Standart (21.03.2015)

Bulgaria's BEH, units may be in breach of anti-trust rules - EC The European Commission has sent a statement of objections to state-operated Bulgarian Energy Holding (BEH) and two if its units, informing them that they may have breached EU antitrust rules. At this stage, the Commission has concerns that BEH and gas monopoly Bulgargaz and gas transmission system operator Bulgartransgaz have refused to give competitors access to the gas transmission network and the gas storage facility, as well as reserved capacity they do not need on the gas import pipeline. The Commission opened formal proceedings against BEH in July 2013 to investigate whether the company may be abusing its dominant market position in the gas market in Bulgaria. In a separate investigation, in August 2014 the Commission issued a statement of objections to BEH concerning possible territorial restrictions in its electricity supply contracts with traders on the non-regulated Bulgarian wholesale electricity market. A statement of objections is a formal step in Commission investigations into suspected violations of EU antitrust rules. If, after the parties have exercised their rights of defence, the Commission concludes that there is evidence of an infringement, it can issue a decision prohibiting the conduct and impose a fine of up to 10% of a company’s annual worldwide turnover.
Source: econ.bg (24.03.2015)

Gas price cut in Bulgaria may reach 10%: watchdog Bulgaria’s Energy and Water Regulatory Commission discussed the natural gas price proposals of state-run Bulgargaz for the second quarter of the year at a sitting on Saturday. Bulgargaz proposed 13.17% lower price compared with the first quarter of 2015 –BGN 523.72 per cubic hectometre (VAT, excise duty not included). Natural gas price cut may reach 10% depending on the type of the power plant and it will be mostly for the end-consumers. The principle in the formation of the separate prices for the different heating utilities and factory plants, using natural gas, is to compensate for their loss as a result of the lack of changes in the natural gas price over the past quarters, when it was increasing. Debts to the state-run Bulgargaz from the different consumers amounted at around BGN 200 million. Bulgargaz company’s request for decrease of the natural gas price for the second quarter of 2015 is due to the fact that the sale price of the US dollar is BGN 1.80, accounted at the currency course of BGN 1.66. Under this rate, the sale price of the natural gas of Bulgargaz will turn lower than the expenses on the natural gas purchase. According to initial estimations, this negative result amounts to more than BGN 30 million.
Source: Agency Focus (24.03.2015)

Gas alternative –as early as in three years’ time Gas connection between Bulgaria and Greece will be entirely funded by European means. The value of this interconnector will be EUR 220 million. The European commission has made it clear that the project will be funded with European money. The gas connection between Bulgaria and Greece was partially funded with EUR 45 million by the European commisiion back in 2009 under the European Energy Programme for Recovery. In May the final investment decision has to be made either. Shareholders in the project have equal shares. They are Greek DEPA, Italian Edison and Bulgarian energy holding. Construction of pipeline should be completed by the end of 2017 and came into operation in 2018. In that way Azeri gas will come to Bulgaria from the Trans-Anatolian pipeline whose construction was announced a week ago.
Source: Capital (24.03.2015)

France becomes engine of Bulgaria's gas hub France will become the engine in Europe for Bulgaria's gas hub. This is the promise Bulgaria's visiting Prime Minister Boyko Borisov received from French President Francois Hollande after their meeting at the Elysee Palace in Paris on Tuesday afternoon. The meeting between the two lasted longer than the planned protocol. Mr Borisov explained to Mr Hollande his detailed plans and proposals for the construction of a gas hub of Russian gas as a replacement of the failed south Stream project. "France has always helped Bulgaria in heavy times. The gas hub and the South Stream are wonderful opportunities to use the entire transmission system of Bulgaria with new compressor stations, which have strategic place. So I am very happy that President Hollande understood me. I explained to him the possible routes over a map for half an hour and all I can say to the Bulgarians say that we found the rotor to help us in the realization of this idea. And France is a country that has a great impact in the European Council, European Commission and relations with Russia, "the PM said after the meeting.
Source: Standart (15.04.2015)

Bulgargaz seeks 10 banks Bulgargaz announced a tender for selection of ten serving banks. The reason for the high number is that public companies must not concentrate more than 25% of their net money in a credit institution. So far, Bulgargaz did not comply and 96.93% of the company's funds proved blocked in accounts in CCB. According to sources these funds are over USD 90 million. Bulgargaz will evaluate the offers in quantitative and qualitative criteria. Quality criteria include the availability of online banking platform, the period for which a transfer of large sums can be executed and the availability of a branch or headquarters in Sofia. The quantitative criteria include all service charges of the bank, the possibility of fast online banking and fees for transfers to other credit institutions. In early March, the parent company of Bulgargaz - Bulgarian Energy Holding, also announced selection procedure for 5 serving banks. Like Bulgargaz, the holding kept a lot of money in the CCB until recently.
Source: Trud (17.04.2015)

Bulgaria Launches Tenders for Oil, Gas Exploration Rights at Silistar, Teres Blocks The tenders for oil and natural gas exploration rights for Block 1-14 Silistar and Block 1-22 Teres, two exploration blocks located in Bulgaria's Black Sea continental shelf and exclusive economic zone, are underway. The licenses for prospecting and/or exploration of oil and natural gas will be awarded for 5-year periods. The applicant-merchant or at least one of the participants in the applicant-corporation should have generated total net income of sales for the last 3 financial years, depending on the date on which it was established, not less than EUR 150 000 000. The applicants’ proposals for the competition shall be assessed on the basis of the proposed working programmes, resources for environmental protection and bonuses as provided for in the competition dossier. The deadline for submitting the proposals under the competition dossier expires on the 155th day following the publication of this Decision in the Official Journal of the European Union. The holders of the permits are expected to be selected in early autumn. The launch of the competitions for the two exploration blocks is part of the commitment of the Bulgarian government to reduce the country’s dependence on imports and to develop its domestic oil and gas reserves.The government expects that the competitions will attract the attention of leading international companies in the sector, as is the case with the Han Asparuh exploration block.
Source: Standart (21.04.2015)

Bulgarian Energy Holding Reports Declining Income, Profit in 2014 The operating income of the Bulgarian Energy Holding (BEH) EAD dived by 64.16 per cent in 2014 from 2013, and the profit before tax plummeted from BGN 414.8 mln to BGN 285.9 mln, according to the company's Annual Report for 2014 that has been published. On March 20, 2015,Fitch Ratings downgraded BEH's long-term foreign and local currency issuer default ratings (IDR) and its foreign currency senior unsecured rating one level to 'BB' from 'BB+' and placed the ratings on rating watch negative (RWN), the report recalls. "The rating downgrade reflects a substantial deterioration of BEH group's credit metrics driven by a wider tariff deficit at its subsidiary Natsionalna Elektricheska Kompania EAD (NEK) amid an unfavourable regulatory and market environment," the ratings agency said. Fitch views the Bulgarian regulatory environment as less developed and far less predictable than in western Europe. "Several legislative and regulatory changes aimed at narrowing NEK's deficit are planned by the government, parliament and the regulatory office for 2015, but may be subject to delays or may yield lower-than-expected positive impact as happened in 2014 with some planned changes." A substantial narrowing of NEK's deficit and increased predictability of cash flows at BEH group could lead to a positive rating action, the report points out. The company's principal sources of income are dividends received, interest received on loans extended to subsidiaries, and services provided to subsidiaries in financial management, project management, corporate governance and business planning, legal and regulatory matters, public relations and communications.
Source: econ.bg (11.05.2015)

Bulgaria's Bulgargaz plans to seek 6.61% drop in gas prices in Q3 Bulgarian gas monopoly Bulgargaz said on Monday it plans to ask the regulator to approve a 6.61% decrease in the price at which the company sells natural gas to its wholesale clients in the third quarter of 2015. The tariff of BGN 489.10 per 1,000 cu m proposed by Bulgargaz does not include Value Added Tax and excise duties, the company said in a notice on its website. It reflects an expected drop in the price which Bulgargaz will pay for gas supplies in the July-September period, the company added. Bulgargaz will make public its final proposal for third-quarter natural gas prices on June 10, upon submitting it with the energy regulator. The adjustment in the wholesale tariff, made on a quarterly basis, must be approved by the energy regulator to take effect. Bulgargaz is a subsidiary of the state-owned Bulgarian Energy Holding. Bulgaria imports almost all the natural gas it needs from Russia through a pipeline crossing the territories of Ukraine, Moldova and Romania.
Source: Sega (12.05.2015)

Bulgargaz and Bulgartransgaz held over 25% of their money in CCB The total amount of cash in the CCB of the Bulgarian Energy Holding (BEH) and its subsidiaries amounted to BGN 132.839 million, said Minister of Energy Temenuzhka Petkova. "In particular, the holding’s current accounts in CCB amounted to BGN 44.073 million at the time of placing the bank under special supervision. On June 20, 2014 NPP Kozloduy had cash in the CCB of over BGN 4 million. The requirement for a net concentration is observed as of June 30, 2014. NEK had BGN 14 million in CCB. The company has a contract with the bank following a procedure of public procurement law. Minister Petkova pointed out that the choice of bank is approved by resolution of the Board of Directors. Cash of ESO in the bank amounted to over BGN 3 million.
Source: Presa (27.05.2015)

Bulgargaz has proposed to cut natural gas price by 7.11% in the third quarter of the year. The state-owned gas supplier proposed to Bulgaria’s energy regulator EWRC to set the price at BGN 486.48 (EUR 248.73) per 1,000 cubic meters, which is a decrease of BGN 37.24 compared with the second quarter, Bulgargaz said in a statement. The price doesn’t include excise duty and Value Added Tax of 20%.
Source: Sega (11.06.2015)

Austrian OMV may transfer Romanian gas via Bulgaria Austrian OMV has interest in transferring natural gas through Bulgaria, if reserves are found in the deposit which is being analyzed together with ExxonMobil in Romania’s territory waters in the Black sea. The idea is about 1-2 billion cubic meters of gas annually to be transferred through the interconnectors gas link between Bulgaria and Romania, which has not yet been entered into exploitation. The reason for the interest in transit of gas via the Bulgarian gas network was prompted by the lack of well-developed gas infrastructure in Romania. Part of transit quantities can even remain in Bulgaria if Bulgargaz or other distribution companies show interest in such a deal. Three candidates showed interest in the pre-project research for construction of interconnector link between Bulgaria and Turkey. These are: Chimcomplect Engineering AD, which was the designer for the construction of Nabucco, which never started, Gastech BG AD, which is owned by Overgas Holding and makes feasibility study of the gas link with Serbia and Burgasnefteproekt Ltd., owned by Lukoil.
Source: Standart (12.06.2015)

OMV is building a gas pipe through Bulgaria to link the Turkish Stream to Austria Austrian state energy giant OMV is building a gas pipeline linking the so-called Turkish Stream passing at the Bulgarian-Turkish border to the central gas distribution center in Baumgarten near Vienna, Austrian edition "Die Presse" reports. Rainer Seele, the future CEO of OMV, plans a new path for Russian gas to Vienna with Gazprom. Seele will take over one of the most powerful energy companies in Central Europe on July 1st. The project, passing through Bulgaria, Romania and Hungary will be lead by Reinhard Mitschek - a former boss of the Nabucco pipeline project. Since 2009, he has been leading Wintershall - a division of the chemical giant BASF, one of the main European partners of the Russian gas giant and frank critic of EU sanctions against the ruling at Russia. OMV Supervisory Board Chair Rudolf Kemler noted that the delivery of Russian gas through Ukraine may change and that it is "very important that OMV may be included in this process and we can play a key role as an important point of delivery of gas from Russia to Central Europe."
Source: Standart (15.06.2015)

Price of natural gas drops by 7,35% from July 1 The price of natural gas in Bulgaria will drop by 7.53% from July 1, State Energy and Water Regulatory chairman Ivan Ivanov announced. The decision to cut the cost of natural gas was taken at yesterday's meeting of KEVR. The price at which the public supplier "Bulgargaz" will sell natural gas from the beginning of next month is reduced by BGN 40 - from BGN 524 to BGN 484 per 1,000 cu. M without VAT and excise duty. This is very good for the Bulgarian industry, which mainly uses natural gas as an energy source. Many Bulgarian households also have gas supplied homes. However, the Confederation of Employers and Industrialists in Bulgaria (CEIBG) and the Bulgarian Federation of Industrial Energy Consumers (BFIEC) pushed for a total fall of 22.7% from April in February and March. They cited the drastic depreciation of the fuels international markets as their justification. For the second quarter, however, the price of gas was reduced by only by 13.17%, thus much less than expected from the Bulgarian businesses. The depreciation of natural gas in Bulgaria is the result of the tendency that "Bulgargaz" buys energy raw materials 15% in dollar terms. The dollar, however, rose again by 7.55%, KEVR's chairman explained. /Dnes.bg
Source: Other (29.06.2015)

Only companies with experience and money will look for oil and gas in the Black sea Ministry of Energy as a principal will be able to eliminate candidates in tenders for granting a concession for search and extraction of oil and gas in the Black Sea, if they do not meet the minimum requirements for technical capacity and financial resources. These amendments to the Law on Mineral resources were approved of by the MPs in the Energy Committee in the Parliament. The bill was proposed by the Cabinet at the end of May. With the amendments to the Law on Mineral Resources companies will be able to start mining only if they have a plan for recovery of waste. The control on execution of activities on search and extraction of mineral resources is shared between the Energy Minister, the Minister of Environment and Water, Minister of Labor and Minister of Culture, as well as mayors of municipalities.
Source: Duma (29.06.2015)

Lukoil is ¹1 in the ranking of the largest companies Lukoil Neftochim Burgas topped the list of Capital of the 100 largest Bulgarian companies again this year. Revenues of the refinery in 2014 is BGN 6.5 billion. Second is Aurubis Bulgaria with BGN 4.1 billion and commercial company Lukoil Bulgaria is third with BGN 3.2 billion revenue. The first four places (the fourth is NEK) ranking of companies is the same as in 2013, with the difference that the income of the four companies were higher than in 2014. The results show that the 100 largest companies in the country have total revenue of BGN 58 billion, which is 20% of all declared business turnover in 2014. Despite economic growth of 1.7% for the year, the revenues of big business decline. Debut among the top 10 companies in the ranking makes the NPP Kozloduy, which rose from 14th to 10th position. Other companies in the top 10 were Bulgargaz, CEZ Electro Bulgaria, OMV Bulgaria, Kaufland Bulgaria and Saksa.
Source: Standart (02.07.2015)

Bulgargas has 40 million cubic meters in its deposit in Chiren At present Bulgargas has 40 million cubic meters of gas in its deposit in Chiren. In May the state gas company pumped only 0.6 million cubic meters, while in June-17 million cubic meters. These are working data, as the company is due to presents its commercial accounts for June. As compared to May 2013 and 2013 more than 50 million cubic meters of gas were injected, while in June in the same two years the amount was 72-73 million cubic meters. Bulgargas’ last data is as of 8th of June. The company is owner of the deposit in Chiren, where there were about 166.5 million cubic meters of gas.
Source: Monitor (06.07.2015)

Bulgaria revenue agency launches check of print media Bulgaria’s National Revenue Agency (NRA) said on August 3 that it has started checking the finances of all print media, going back five years, for compliance with tax and social security laws. The agency said that its checks were prompted by a report drafted in June, which said that there was a “risk for evasion in the sector of print media publishing”, the NRA said in a statement. The agency said that “a significant number of publishers” have not been audited by the NRA “for years” and had overdue payments owed to the state. A similar report was being drafted concerning electronic media, which in Bulgaria can mean both broadcast and online media, and it was “not excluded that similar reviews will be carried out with regard to companies managing online publications,” the statement said. The statement comes only a day after daily newspaper Sega claimed that its accounts were being audited by the NRA and claimed that it was a consequence of the newspaper’s critical position regarding a number of government decisions, citing an indirect reference made by Prime Minister Boiko Borissov recently. The newspaper said that a gas company owned by Sega’s publisher had been the target of similar checks in 2008, when it took a critical stance towards the socialist-led tripartite government coalition of the time. NRA said in its statement on August 3 that the checks were not in any way related to the editorial policy of the publications audited, but a “routine practice by NRA to appraise the risk of avoidance”.
Source: Capital (04.08.2015)

Bulgargaz Plans 13.65% Cut in Q4 Gas Price State-owned Bulgargaz said on Monday it plans to cut natural gas price for consumers by 13.65% in the fourth quarter of the year due to an expected drop in the price of gas supplies. Bulgargaz said in a statement it will propose to the energy regulator KEVR to set a price of BGN 418.14 per 1,000 cubic metres of gas in the last quarter of 2015, a decrease of BGN 66.12 compared to the third quarter. The price doesn’t include excise duty and Value Added Tax of 20%. Bulgargaz, which sets gas prices quarterly, is obliged by law to announce publicly what prices it will ask the state energy regulator KEVR to approve for the next quarter a month before submitting its final proposal to KEVR. In June, Bulgargaz asked KEVR to cut gas price by about seven percent in the third quarter.
Source: econ.bg (11.08.2015)

The yield of the Bulgarian gas fell to 7 million cubic meters per month Local gas production for the first six months of the year amounted to 44 million cubic meters, or just over 7 million cubic meters. This amount represents only 3.5 percent of all natural gas delivered in the country for the first six months of the year, Bulgargaz report shows. Besides being small, the share of local production continues to go down. Yoy drop was 31.2 percent compared to the reported yield for the first half of 2014 by 64 million cubic meters. Experts expect that domestic production will fall further. The reason is the depletion of current fields and delays in the start of commercial production of others. One of the most promising fields studied so far is Koynare, prospected by Direct Petroleum (owned by the Canadian Trans Atlantic). It has four sections - Borovan, Vranyak, Gornik and Sadovets. Gornik is only one of the four sections studied completely. 13.7 billion cubic meters are expected from it. On its launch forecasts for jump in the share of local production to 25-30% were made. Compared with the first six months of last year were imported 1,198 bn. cubic meters of natural gas, which is 2.4% less. They represent over 95% of natural gas delivered to Bulgaria at the end of June. Along with amounts used by the Chiren storage facility total gas consumption in the country for the first six months reached a volume of 1,437 billion cubic meters.
Source: Monitor (17.08.2015)

Mining Chamber: Metal prices are close to critical levels Extractive and manufacturing industries will also be affected by falling prices on the international markets. The Bulgarian Chamber of Mining and Geology (BCMG), which brings together 118 companies in the sector, commented, that at present metal prices are close to critical levels. It added that stock prices experienced cyclical dips and rises in the prices of metals that are mined in Bulgaria. At the moment once again since 2012 there is a declining trend in metal prices on global markets, which affects the competitiveness of Bulgarian mining companies whose products are traded on stock prices. Also said that in such a situation, companies need to optimize their costs in order to overcome the lower revenues, which are a function of stock prices and the amounts harvested. When you prices increase permanently intensive companies invest in their investment programs in order to prepare for the cycle of reduction.
Source: Capital (25.08.2015)

Agropolychim completes the terminal by which it will buy less gas Agropolychim is before termination of a terminal for storage of 10 thousand tons of ammonia, which will allow the company to reduce its expenditures for natural gas. The project lasts for more than 10 years. The terminal has to be launched into exploitation in September or October 2015. In addition the fertilizers plant will build a boiler to produce heat by burning straw, which will further reduce its cost of natural gas by about BGN 2 million monthly. If our company and one more fertilizers plant such as Neochim stop consumption of natural gas, this means that Bulgargaz will lose its largest and most solvent customers and will remain to work with Heat Supply- Sofia solely, Executive Director of Agropolychim Vasil Alexandrov said. Actually for the first six months of the year chemical industry goes beyond the energy sector in terms of consumption of natural gaz. This means that it’s the largest customer of Bulgargaz, financial report for the first half of the years of the gas company states. According to the report, the chemical sector has bought 536 million cubic meters of gas, which is an increase by nearly 40% as compared to the same period of 2014.
Source: Capital (26.08.2015)

17 Bulgarian companies fall in among the largest 500 in Central and Eastern Europe 17 Bulgarian companies are shortlisted in the rating of the largest companies in Central and Eastern Europe for 2014. A year earlier their number was 13. The Bulgarian companies’ total turnover reaches EUR 17.99 billion, which is a growth by 4.24%. This is what rating of the International credit insurer Coface - Coface CEE Top 500 shows. It is published for the seventh consecutive year, Companies in the entire region generate total turnover of EUR 572 billion, which exceeds almost half of the total sum of the nominal GDP of these economies. The chart ranks companies, as it takes into account as a key indicator their turnover as well as additional indicators such as number of employees and net profit. Number of Bulgarian companies in the rating is growing, which is definitely a positive sign. As a whole, their turnover also goes up, but at comparatively lower pace, which moves them at lower places in the chart. The leader’s position is occupied by Lukoil Neftochim Burgas again, though the company holds the 23rd place. Aurubis is the industrial company that takes the highest position-52 of all Bulgarian participants. The company registers the most serious growth in profit among Bulgarian enterprises-by nearly 216%. The largest ten local companies in the charts are as follows: Lukoil Neftochim BEH, Aurubis Bulgaria, Lukoil Bulgaria, NEC, Bulgargaz, CEZ Electro Bulgaria, OMV Bulgaria, Kaufland Bulgaria and Saxa
Source: investor.bg (27.08.2015)

Gas price in Bulgaria to be cut by 13.65% in next quarter: watchdog Natural gas price in Bulgaria is expected to be cut by 13.65% as of next quarter. Chairperson of Bulgaria’s Energy and Water Regulatory Commission (EWRC) Ivan Ivanov announced the news speaking with journalists, FOCUS News Agency reporter said. “I believe that the natural gas price will get a total of 30% cheaper for the year. The initial reports of Bulgargaz show that the natural gas price for the next quarter should be 13.65% cheaper,” the expert said further. In his words, with regard to the movement of the price of the crude oil over the past 10 days the decrease can be even bigger. Mr Ivanov did not comment on whether the natural gas price decrease would lead to lower central heating price for the forthcoming winter season. “The commission will receive the price proposal of Bulgargaz on September 10. We will come out with an official position on the central heating price, which will come into force as of October 1, until September 30,” Ivan Ivanov explained.
Source: Agency Focus (28.08.2015)

Price of Natural Gas in Bulgaria May Drop by over 13.6% as of October The price of natural gas may drop by more than 13.6% as of October, according to Ivan Ivanov, Chair of the Commission for Energy and Water Regulation (KEVR). Ivanov declared Thursday that a price drop exceeding the preliminary estimate of state-owned gas company Bulgariaz of 13.6% would mean that gas rates would have dropped by over 30% in a year. He made clear that the gas price decrease was expected to result in a decrease in prices of heating and hot water ahead of the heating season. Ivanov, as cited by the Bulgarian National Radio, refused to specify concrete figures as regards the anticipated price decreases.
Source: Class (28.08.2015)

Bulgarian gas company asks for price reduction Bulgargaz demands a reduction of the price of natural gas of just over 14 percent in October, announced company CEO Petio Ivanov. A slight decrease may be approved early next year. Bulgargaz reported a decrease of financial losses to 27 million leva and also of the debts of district heating companies, which currently total about 150 million, BNR reported. According to Ivanov lower oil prices and US dollar depreciation could result in cheaper natural gas and have a positive effect on the NEC. Another drop of the price of natural gas should lead to some adjustment in the cost of electric power that the NEC buys from heating companies, i.e. a reduction in the price of natural gas is indirectly helping the NEC. Petio Ivanov said that no problems with the supply of natural gas are expected in the winter. By mid-October Bulgargaz plans to supply the gas storage facility in Chiren with about 300 mcm. The company will do so with its own funds. Bulgaria is not currently producing any gas itself.
Source: Sega (11.09.2015)

Bulgaria Extends Petroceltic’s Oil/Gas Exploration Permit for Galata Block Bulgaria has extended a gas and oil exploration permit for Galata offshore block granted to Petroceltic until early September 2016, the government said on Wednesday. The 411-day extension will enable Petroceltic to carry out exploration and drilling activities in the Galata Block according to its approved work schedule, the cabinet said in a statement following a weekly meeting. Dublin-headquartered Petroceltic has a 100% operated interest in three producing gas fields and one future development in the Galata Block, which is located in the continental shelf and Bulgaria’s exclusive economic zone in the Black Sea. The combined production rate from the Galata, Kaliakra and Kavarna fields averaged about 18.6 million standard cubic fet per day (22,000 cubic meters per hour) last year, with a cumulative production volume of 6.8 billion cubic feet (193 million cubic meters). The gas was sold to state-owned Bulgargaz gas company and the chemical fertiliser plant Agropolychim, generating total revenues of USD 51M, Petroceltic said on its website.
Source: Monitor (17.09.2015)

Price of Natural Gas in Bulgaria to Drop by 14.26% as of October Bulgaria’s energy watchdog has proposed a 14.26% reduction in the price of natural gas to a rate of BGN 484.26 per 1000 cubic meters, VAT excluded, excise duty excluded, as of October. The proposal of the working group of the Commission for Energy and Water Regulation (KEVR) in connection with the quarterly change of prices of state-owned gas supplier Bulgargaz was discussed at an open meeting of the energy watchdog on Wednesday. During Wednesday’s meeting, the CEO of Bulgargaz, Pepi Ivanov, as cited by dnevnik.bg, expressed his agreement with the proposed price change. Bulgargaz initially sought a 13.65% decrease. However, the Chair of KEVR, Ivan Ivanov, suggested one month ago that the price drop would exceed 14%. As a result, the total gas price decrease for 2015 will reach 30%, as compared to 4.3% for 2014. The final decision on the price of natural gas as of October is to be adopted by the energy watchdog on September 30. The prices at which Bulgargaz will buy gas from Russia’s Gazprom are 15% lower than the Q3, 2015 rates. As is usual in the winter period, the quantities of gas purchased by Bulgargaz go up by 56% from the amount bought in the period July-September. The price of heating as of October will also drop, with the largest increase of 7.2% to apply to customers of the Sofia heating utility, Toplofikatsiya Sofia. Other towns and cities across Bulgaria will experience a reduction in heating tariffs by 1.5%-4.3%, the only exception being Plovdiv, where heating prices will go up by 0.19%. Asked to comment on the matter, KEVR Chair Ivan Ivanov was unable to specify the reasons behind the increase.
Source: Sega (24.09.2015)

Bulgaria's Lukoil Neftochim Remains Third Biggest Company in Southeast Europe Lukoil Neftochim Burgas, the largest crude oil refinery in Southeastern Europe and the largest industrial enterprise in Bulgaria, retained its third position in the latest annual ranking of SeeNews released on Tuesday. The company which specialises in the production of fuel, petrochemicals and polymers retained its ranking from 2013. Its total revenue for 2014 exceeded EUR 3.3 B, the company registering a net loss of more than EUR 272 M. The Top 100 list ranks the 100 biggest companies registered in Albania, Bosnia-Herzegovina, Bulgaria, Macedonia, Moldova, Romania, Slovenia, Serbia, Croatia and Montenegro. Two Romanian companies – Automobile Dacia SA and OMV Petrom SA occupy the first two positions with the car manufacturer having ousted the oil and gas producer from the first place in 2014. The other Bulgarian companies on the list are: Aurubis Bulgaria AD (8), Lukoil Bulgaria EOOD (13), the National Electricity Company (15), Bulgargaz EAD (41), CEZ Elektro Bulgaria AD (47), OMV Bulgaria OOD (49), Kaufland Bulgaria EOOD & Co KD (61), Saksa OOD (82), AETs Kozloduy EAD (92) and the Bulgarian Telecommunications Company AD (95).
Source: Standart (07.10.2015)

NEK sells assets of Chimco - Vratsa for BGN 18.4 million The National Electricity Company (NEK) announced the sale of assets of Chimco - Vratsa. All land, buildings, infrastructure, production facilities, machinery and equipment are available for BGN 18,404,901. The sale will take place on 03.11.2015, at the office of the trustee in bankruptcy of the plant in Sofia. The sale is at the request of the trustee of the plant by a decision of Vratsa Regional Court and is through direct negotiations under Art. 718 of the Commercial Code - by direct negotiations with potential buyers on the basis of submitted written proposals. The fertilizer plant ceased operation in the early years of the century due to accumulated indebtness. Currently, the largest creditors are Bulgargaz and NEK.
Source: 3e-news (20.10.2015)

Oil decreases gas price from January Natural gas will keep its price in the first quarter of 2016 or will go slightly cheaper, said CEO of Bulgargaz - Petio Ivanov. Bulgargaz forecasts gas will not rise from its current price of BGN 415.20 per 1,000 cub. m from 1 January, said Ivanov. And if there is any movement, I guess it will be downwards, he added specifying that the reason would be the fall in the oil price, which is an integral part of the formula for determining the price of gas. The problem is that at the same time the dollar increases against the lev, Ivanov continued. If the fall in oil prices is not "eaten" by the appreciation of the dollar, gas price may preserve its level or a decrease slightly, the head of Bulgargaz added.
Source: Standart (10.11.2015)

Bulgaria’s gas depot in Chiren is full at 90%, Petyo Ivanov, executive director of Bulgargaz said. Mr Ivanov explained that the planned injection volumes were met. The injection ended up in the beginning of last week. The provided volumes amount at between 450 and 460 million cubic meters of gas,” he explained. According to Bulgargaz EAD’s report for the nine months of the year the company registers a loss of around BGN 23 million. Ivanov explained that this loss is recorded for impairment of inventories in the gas storage facility in Chiren
Source: Trud (10.11.2015)

Insolvent Bulgarian fertiliser plant Chimco up for sale at starting price of EUR 9.4 mln The assets of insolvent Bulgarian fertiliser plant Chimco have been put up for sale again, at a starting price of BGN 18.4 million, a justice ministry notice indicated. Bids for Chimco's assets can be submitted by November 19, a tender notice posted on the justice ministry's website showed. An attempt to sell the plant at a starting price of 22.8 million levs failed earlier this year after no bids were filed. In 2014, the plant was put up for sale for nearly BGN 29 million but again failed to attract any buyers. Chimco, which halted operations in 2003, used to be Bulgaria's biggest area producer with an output capacity of 800,000 tonnes annually, accounting for approximately 3.5% of global production. The plant also produced ammonia, carbon dioxide, argon and various types of catalysts. It was declared bankrupt in 2004. Chimco is located in northwestern Vratsa.
Source: Monitor (12.11.2015)

Bulgaria's govt approves capital hike at Burgas-Alexandroupolis gas pipeline project co The Bulgarian government said on Wednesday it approved an increase of the capital of the Burgas-Alexandroupolis gas pipeline project capital by 38,000 levs ($20,800/19,400 euro) through a new share issue. The proceeds from the capital increase will go to cover the company's outstanding liabilities under international agreements, the government said in a statement. The project company is a shareholder in the Netherlands-based international project company Trans-Balkan Pipeline and owns 24.5% of its capital but has taken steps towards its liquidation after in 2013 the Bulgarian parliament revoked an agreement between Bulgaria, Greece and Russia for cooperation in the construction of Burgas-Alexandroupolis oil pipeline. The Bulgarian government said at the time that according to an analysis conducted during the development phase of the project, it would not be possible to carry it out under the terms stipulated in the trilateral agreement signed in 2007, thus Bulgaria will take the necessary actions to pull out of the project. In December 2011, Bulgaria proposed that the three partners abandon the Burgas-Alexandroupolis project by mutual consent and liquidate the Netherlands-based company as it would otherwise back out unilaterally in 12 months. However, the other shareholders turned down the proposal. The 258-kilometre pipeline was projected to link the Bulgarian Black Sea port of Burgas with the Greek port of Alexandroupolis overland. Tankers were planned to discharge the oil at an offshore terminal in Burgas where it can be fed into the pipeline for transportation to Alexandroupolis.
Source: econ.bg (12.11.2015)

French, US Companies 'Interested' in Supplying Gas to Bulgaria French company Engie and US-based Cheniere have confirmed they are interested in importing natural gas to Bulgaria starting in 2016, a specialized energy website has announced It also quotes Ivan Ivanov, head of Bulgaria's energy watchdog KEVR, as saying at an energy conference the two companies were willing to deliver gas, but had previously experienced difficulties with their access to the gas grid which were removed after KEVR gave the green light to a new set of rules. These allow free and non-discriminatory access to the network of state-owned company Bulgargaz. Authorities hope the step would encourage more companies to deliver gas to Bulgaria and help reduce energy dependence on Russiaf
Source: Monitor (24.11.2015)

Bulgaria Develops Its Natural Gas Market While Bulgaria is preparing to liberalize its electricity market completely, it is also beginning to develop a natural gas trading segment, Deputy Energy Minister Zhecho Stankov told a discussion on Monday. Stankov said this will allow the local market to improve and become integrated into those of neighbouring countries. With the construction of a natural gas distribution hub in Bulgaria, the country will acquire a functioning gas market, he predicted. The government has proposed a concept for the future gas hub in order to fulfill one of its main goals: the goal of diversifying gas supply sources and routes, he recalled. When the project is carried out, the country will have at least three different sources of gas supply and will thus fulfill one of the most important principles of the European energy market. In addition to importing gas from Russia and via the Southern Gas Corridor, it will also rely on local extraction, the Deputy Energy Minister noted. He pointed out that last week the European Commission included the Bulgarian gas hub concept on a list of projects of shared interest, which means Sofia can expect funding from the EU. Energy and Water Regulatory Commission (EWRC) Chairman Ivan Ivanov said the liberalization of the gas market is of key importance for the whole society.
Source: Dnevnik (24.11.2015)

Sofia municipality prepares the concession of Toplofikacia Sofia The future concessionaire of Toplofikacia Sofia EAD will have to pay an initial contribution of BGN 200 million of the company's liabilities to the Bulgarian Energy Holding (BEH), according to provisions of the Sofia Municipality. It authorized the heating company to conclude an agreement for a new rescheduling of its debt to the Bulgarian Energy Holding, which is BGN 503 million accumulated since 1998. Furthermore, BEH claimed another BGN 50 million that Toplofikacia Sofia does not recognize. The largest district heating company in the country servicing the whole capital, is in poor financial condition for years, and in 2014 the loss was BGN 57 million.
Source: Capital (03.12.2015)

Bulgaria, Greece ink final investment agreement on gas interconnection Shareholders in the joint project company ICGB – Bulgarian Energy Holding EAD and IGI Poseidon S.A. will sign a final investment decision on the construction of intersystem gas connection Greece – Bulgaria. The ceremony will be held on Thursday, December 10, at 12 pm in the Council of Ministers at the presence of Deputy Prime Minister for European Funds and Economic Policy Tomislav Donchev, Energy Minister Temenuzhka Petkova and Energy Minister of Greece Panos Skurletis. Prime Minister Boyko Borisov is also invited to attend the ceremony. Signing the final investment agreement initiates a process of construction of the interconnector between Greece and Bulgaria. Gas interconnection Greece - Bulgaria is designed to transport natural gas between the two countries by connecting to the national gas network of Bulgartransgaz EAD, near the town of Stara Zagora and the transmission network of DESFA S. A. - Greece near the town of Komotini. The project is implemented by a joint investment company ICGB – Bulgarian Energy Holding EAD (50%) and Greek investment company IGI Poseidon S.A. (50%). Shareholders with equal shares in IGI Poseidon are DEPA, Greece and Edison, Italy. The gas connection has a length of 140 km on the Bulgarian territory. The planned initial capacity of the interconnector is 3 billion square meters / year, and a maximum capacity of up to 5 billion square meters / year in the next stage. The project received positive decisions on assessment of environmental impact (EIA) by the competent authorities of the Bulgarian and Greek territory.
Source: Standart (10.12.2015)

Bulgaria's Bulgargaz proposes 2.1% cut in wholesale gas prices in Q1 Bulgarian gas monopoly Bulgargaz said on Thursday it has proposed to the country's energy regulator a 2.1% decrease in the price at which the company sells natural gas to its wholesale clients in the first quarter of 2016. The tariff of 406.49 levs per 1,000 cu m proposed by Bulgargaz does not include Value Added Tax and excise duties, the company said in a notice on its website. The adjustment in the wholesale tariff, made on a quarterly basis, must be approved by the energy regulator to take effect. Bulgargaz is a subsidiary of the state-owned Bulgarian Energy Holding. Bulgaria imports almost all the natural gas it needs from Russia through a pipeline crossing the territories of Ukraine, Moldova and Romania.
Source: Sega (11.12.2015)

Bulgaria Gives Name 'Balkan' to Its Gas Hub Project Bulgaria's government announced the gas hub Bulgaria was intending to build near Varna, at the Black Sea, would bear the name "Balkan". A cabinet statement coincides with a meeting of Energy Minister Temenuzhka Petkova and Klaus-Dieter Borchardt, Director Internal Energy Market at the European Commission's Directorate-General for Energy. It also reads that Borchardt and Bulgaria's Deputy PM for economic development, Tomislav Donchev, will head a work group set up last year to study the gas hub project. The group will work to address challenges facing the regulatory framework and commercial environment to enable an easier connection of Bulgaria to the rest of Southeast Europe. Borchardt is quoted as saying, on behalf of EU Energy Commissioner Miguel Arias Canete, that Brussels is interested in the development of the gas sector in Southeast Europe to provide supplies to every country in the region. Bulgaria came up with the gas hub proposal last December, after Russia abandoned the South Stream project which was to carry gas to Central Europe via Bulgaria and Serbia.
Source: profit.bg (11.12.2015)

Natural Gas Price to Fall in January by Somewhat Wider Margin than the Proposed 2.1% The quarterly price of natural gas in Bulgaria will fall at the beginning of 2016 by a somewhat wider margin than the 2.1 per cent proposed by state-owned distributor Bulgargaz, Energy and Water Regulatory Commission (EWRC) Chairman Ivan Ivanov predicted in remarks to journalists on Tuesday. "I suppose the fall can be a little larger, because our experts take into account all price-forming components," Ivanov said. The final calculations of the EWRC experts will be publicized on Thursday, he said. He noted that the fall cannot be very significant because the considerable decrease of international crude oil prices came mostly after December 1, but the projection is based on data from the preceding three months, Ivanov explained. The depreciation of Brent crude oil to 37 US dollars per barrel on Tuesday morning will have a strong impact on the alternative fuels forming the price of natural gas. This means that the gas price will perhaps fall further in the second quarter of 2016, though not much, he predicted. In the fourth quarter of 2015, the price of natural gas in Bulgaria went down by 14.26 per cent compared with the previous quarter.
Source: Monitor (16.12.2015)

Bulgaria's Energy Regulator Expected to Lower Natural Gas Price Bulgaria's Energy and Water Regulatory Commission (KEVR) will decide on Tuesday whether to decrease the price of natural gas by 2.3 %. The proposal of KEVR is for a slightly higher reduction than the 2.1 % cut demanded by Bulgargaz. If the report of KEVR is adopted, the price of natural gas in the first quarter will be nearly BGN 406 per 1000 cubic metres. The price of natural gas has decreased by a total of 30 % over the course of 2015. A new reduction of the price is possible in the second quarter of 2016.
Source: Monitor (23.12.2015)