Bulgargaz Proposes 18% Reduction in Natural Gas Prices
"Bulgargaz" suggests an 18% decrease in natural gas prices starting next month
HOT: » Assessing the Legacy of Bulgaria's "Denkov" Cabinet: Achievements, Failures, and What Comes Next
Bulgaria's state-owned gas supplier Bulgargaz has some 98.5% of its assets stored in Corporate Commercial Bank (KTB), data from the Economy Ministry shows.
A report cited by daily 24 chasa contains a list of companies holding over BGN 3 M in a single bank.
Only entities for which the sum accounts for more than a quarter of their assets are included.
KTB was placed under special supervision by Bulgaria's central bank BNB after rumors about its prospective collapse depleted its liquidity.
On Thursday, the Bulgarian National Bank (BNB) announced plans to extend the conservatorship period for the second time. Corpbank was due to open on September 21 (and not on July 21, as previously expected).
A regular inquiry at the Economy Ministry shows Bulgargaz's net exposure at KTB was far beyond one-quarter as of December 30, 2013 (72.62%).
Surprisingly, the gas utility is missing from the inquiry in March this year, which would suggest it has less than 25% stored in any bank.
In an interview with the Bulgarian National Television on Friday, Economy Minister Dragomir Stoynev did not deny the July figures.
Other state-owned energy entities also have significant amounts deposited there, including the Bulgarian Energy Holding BEH (25.08%) and gas transmission and storage operator Bulgartransgaz, a BEH subsidiary (45.38%).
Corpbank's conservatorship means operations at the bank are halted, which means companies holding assets there are unable to deliver on their current payments.
Bulgargaz is now to pay a BGN 23 M worth fine under a ruling by the Commission for Protection of Competition (CPC) after the watchdog declared it was abusing its dominant position by imposing dishonest commercial practices.
The sum is just 0.5% of its annual turnover.
We need your support so Novinite.com can keep delivering news and information about Bulgaria! Thank you!
In order to protect the economic interests of consumers, there will be a period of double labeling of the prices of goods and services - in leva and in euros
As Bulgaria inches closer to joining the Eurozone, concerns arise over the implementation of rounded prices in euros, potentially impacting citizens' wallets upon adoption of the single currency
On a briefing held at the National Press Club of BTA, Nikola Ilchev, the creator and organizer of the Balkan eCommerce Summit, showed projections indicating a significant rise in Bulgaria's e-commerce sector
The Ministry of Finance in Bulgaria has revealed that the process to facilitate the exchange of levs with euros in the country will come with a hefty price tag, estimated to be at least BGN 500 million
As Bulgaria steers towards adopting the euro, economists dispel concerns over potential price increases, assuring the public that the impact on inflation will be minimal
The Ministry of Finance has released a draft law for public discussion concerning the adoption of the euro in Bulgaria. The primary aim of the proposal is to ensure a smooth and transparent transition to the European currency
UN Happiness Report: Bulgaria's Astonishing Leap in Rankings
Bulgaria: 3 Regions With Lowest Life Expectancy - EU Report 2022