The Energy and Water Regulatory Commission (KEVR) announced on Wednesday that it is launching an inspection into Bulgaria's largest gas company Overgas.

The extraordinary inspection will examine the implementation of the company's licence obligations and the financial state of Overgas.

KEVR assured that it will continue to monitor the developments surrounding the dispute between Overgas and the Russian energy giant Gazprom, which threatened to halt gas supplies to the customers of the former from January 1.

The chairperson of KEVR Ivan Ivanov is in constant contact with representatives of institutions and organisations in the energy sector and all interested parties committed to solving the issue.

At the request of KEVR, hearings of representatives of the management of the state-owned Bulgargaz and Overgas Networks were held on Monday and Tuesday.

The members were informed of the agreement reached between the two companies, which guarantees uninterrupted gas supplies to the end household and industrial customers of Overgas.

KEVR highly appreciated the efforts of the Bulgarian Energy Holding (BEH), Bulgargaz, Bulgartransgaz and Overgas Networks in solving the issue.

At the insistence of KEVR, Bulgargaz and Overgas made a commitment to inform the regulator of any changes to the situation.

If the need arises, KEVR has readiness to fulfill its functions by taking actions in compliance with the acting legislation and within the framework of its competencies.

On December 30 last year, Bulgarian officials received a copy of a letter from Gazprom to Overgas informing that gas supplies to the latter will be halted from January 1.

According to reports, there were unsettled commercial issues between the two companies.

On December 31, Bulgargaz and Overgas reached an agreement that the former will supply gas to the customers of the latter.

Overgas maintains that it has no overdue debts to Gazprom.

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