Bulgargaz Loses 27% Market Share Due to Contract with 'Botas
Bulgaria's state-owned energy company, "Bulgargaz," has suffered a significant setback, losing 27% of its market share as a result of a contract with the Turkish company "Botas"
In case Bulgaria faces problems with the financing of its section of the South Stream gas line, Russia can secure an advance amount, without having the right to obtain shares and assets.
The statement was made by Bulgaria's Economy and Energy Minister, Traicho Traikov, who spoke Monday for journalists, after meeting with representatives of the Bulgarian Business Leaders Forum.
It was reported Saturday, during the visit of Russian Prime Minister, Vladimir Putin, to Sofia that the Russian side had declared readiness for advance funding. Earlier Monday, Bulgarian PM, Boyko Borisov, said in an interview for the TV channel bTV, the initial financing will come from the Russian energy giant Gazprom in order for Bulgaria to avoid gaping deficit while the total price to be paid by the country is EUR 400 to 500 M.
Meanwhile, in an interview for the Bulgarian National Radio, BNR, the CEO of the Bulgarian Energy Holding (BEH), Maya Hristova, rejected reports the CEO of Gazprom, Aleksey Miller, had stated his company was ready to provide the initial financing for South Stream.
Traikov clarified the issue had been brought up the bilateral energy talks and it had been agreed on that the financial assistance would not lead to increasing Russian shares or giving Russia ownership on the pipes on Bulgarian territory.
The Minister further explained the exact amount is yet to be determined and forecasted it at EUR 800 M to 1 B.
The financing of the pre-investment study for the construction of the Bulgarian section of South Stream, on which the two sides agreed on Saturday, will be provided by the joint company "South Stream Bulgaria" to be managed by Georgi Gergov, a former member of the Bulgargaz Board of Directors and now member of the Board of the municipal company "Sofia Properties."
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