Bulgargaz Director, Dimitar Gogov, has confirmed that the gas supply to Bulgaria's Kremikovtzi steel mill will be cut at 2 pm Thursday.

Gogov stated that unless a foreign investor signed a contract Thursday morning to fund the coke plant of the trouble steel mill, which in his opinion is very unlikely, the gas supply will be cut as forecasted.

Kremikovtzi currently owes Bulgargaz BGN 105 M and according to Gogov the likelihood of this sum ever being paid is very slim, BGNES reported.

Before the May holidays "Bulgargaz" officially announced they would cut the supply on May 12, but after a surprising late move on Monday, the deadline was extended by 48 hours.

Bulgaria's Economy and Energy Minister, Petar Dimitrov, said Tuesday that the gas supply to "Kremikovtzi" was costing "Bulgargaz" and the National Electric Company (NEC) BGN 10 M a month, an amount that "no one could afford in the conditions of a global crisis."

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