Deferred payment on fuel negotiated between Bulgargaz and Moscow

“Bulgaria was granted a concession by Russian company Gazprom for the payment of natural gas supplied to the country,” announced Alexander Petrov, Director of a Department at Bulgargaz. According to him, after negotiations between Gazprom and Bulgargaz, new terms for effecting payments to suppliers were agreed. However, Bulgargaz representatives declined to give further details. Until now, Bulgargaz paid for natural gas in advance every month and received payment for fuel consumed no later than 40 days of delivery.

Bulgargaz expects to end 2011 with an accounting loss of BGN 76 mln. The company has also delayed some of its payments on loans to persons other than those supplying natural gas to the country. Petrov explained that these credits amount to BGN 130 mln and these are being repaid in parts.

“The State Energy and Water Regulatory Commission (SEWRC) has not recognised expenses of BGN 150 mln which Bulgargaz will incur for the extraction of natural gas by the end of March 2012,” explained Petrov. SEWRC’s Chairman Angel Semerdjiev said that these costs will be deducted after the company incurs the above.

The company explained that it has supplied less fuel to the gas storage facility near Chiren in order to minimise the price increase forecast. Semerdjiev added that he is not worried about the financial situation of Bulgargaz, at present, and the company might post a profit.

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