Bulgargaz has no funds to refill the Chiren repository. Heating problems expected next winter season

georgi.velev@klassa.bg

The difficult collection of Bulgargaz receivables and the lack of fresh cash flow, puts under question the provision of sufficient amounts of natural gas for the next heating winter season, stated before Klassa daily, Dimitar Gogov, CEO of the company. He explained that the district heating companies (DHCs) in Bulgaria were the main debtors of the company, while currently, Bulgargaz does not have enough funds to purchase gas to be compressed into the Chiren gas repository. Thus, if our only gas storage facility remains without gas reserves, over the next winter, Bulgaria would have to rely solely on gas supplies of Russian gas, whereas the current gas delivery contract expires at the end of this year. Our other gas sources are the gas fields in the Black Sea, but they cannot meet the domestic demand, considering that the gas yields thereof are declining

Bulgaraz has already raised the problem for consideration before the Bulgarian Energy Holding and the Sofia Municipality, which holds the Sofia District Heating company. At present, the company owes current liabilities of BGN 175 mln to Bulgargaz and without these funds the public provider cannot purchase enough natural gas to be compressed in the Chiren repository, explained Gogov. According to him, over the next three months, the gas repository must store about 350 mln cu m of gas.

In fact, the problems with the repayment of the Bulgarian DHC's debts has been going on for years, while recently Bulgargaz manages increasingly hard to cover its expenditures. As a result, for this purpose, last year the company borrowed a loan worth up to BGN 60 mln. The difficulties of public provider are actually not caused by regulations of the SEWRC (State Energy and Water Regulatory Committee), but as result of its failure to collect its receivables from the indebted DHCs, added Gogov.

The company has already forecast that the cost of natural gas in our country must increase by nearly 27% as of April 1, due to the high price of gas oil and fuel oil offered at the Mediterranean markets. The company will submit its final request for consideration in SEWRC this Friday.

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