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Bulgargaz CEO Dimitar Gogov, photo by BGNES
State-owned gas company Bulgargaz expects the gas price reduction agreed with Gazprom to take effect after the holidays in Russia, according to Bulgargaz CEO Dimitar Gogov.
Gogov told journalists Tuesday that Bulgargaz was still waiting for Gazprom's reply about when the documents would be signed so that the negotiated price decrease could take effect.
The CEO of Bulgargaz suggested that the papers would probably be signed after the holiday period in Russia ending on May 9.
He explained that the two sides had reached an agreement for a gas price reduction from April 1, which was reflected in the draft documents sent to Russia.
Gogov explained he could not say whether the discount would enter into force retroactively.
The CEO of Bulgaria's state-owned gas company noted that the agreement with the Russian energy giant only covered supplementary agreements settling the price under the existing contracts by the end of the year.
He explained that it was therefore not necessary to sign additional contracts with the three intermediaries - Overgas, Wintershall and Gazprom Export.
Asked to comment on the impact of the gas price reduction on Bulgargaz' tariffs from July 1, Gogov said that the State Commission for Energy and Water Regulation (DKEVR) had already taken into account the discount agreed with Gazprom.
Bulgargaz asked for a 25.7% increase in gas tariffs in Q2, 2012, while the energy watchdog approved a 12.73% price hike.
In his Tuesday interview, Gogov specified that Bulgargaz would have to shoulder the difference by minimizing costs.
He said that no significant changes to gas prices from July 1 were expected.
The CEO of Bulgargaz drew attention to the fact that prices of natural gas were rising due to the strengthening US dollar.
He explained that the filling of the Chiren underground gas storage had not started yet due to repair works at the site.
Gogov also noted that heating utilities were delaying payments to Bulgargaz.
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