Bulgaria's Eurozone Aspirations: Fitch Ratings Affirms Positive Outlook
Fitch Ratings, a leading credit rating agency, has affirmed Bulgaria's Long-Term Foreign-Currency Issuer Default Rating at 'BBB' with a Positive Outlook
Today, Bulgargaz received a notification that natural gas supplies from Gazprom Export will be suspended as of April 27.
"The Bulgarian side has fully fulfilled its obligations and has made all payments required under this agreement, in a timely manner, strictly and in accordance with its clauses," the energy ministry said tonight.
The department also states:
"After an analysis by the state company Bulgargaz and the Bulgarian Energy Holding, it was found that the new two-stage payment procedure proposed by Russia is not in line with the existing contract until the end of this year and poses significant risks for Bulgaria, including to make payments without receiving any gas supplies from the Russian side.
The Ministry of Energy, the Bulgarian Energy Holding, Bulgargaz and Bulgartransgaz have taken steps to find alternative arrangements for the supply of natural gas and to deal with the situation. At present, no restrictive measures are required for consumption in Bulgaria."
On Wednesday morning, Energy Minister Alexander Nikolov will make a statement "in connection with the situation".
At 19:00 p.m. local time on Tuesday, Poland was officially informed by Gazprom that the supply of natural gas to the country will be suspended as of April 27. Earlier today, Poland refused to pay for Russian gas in rubles.
The first reaction of the Bulgarian government: "We have been prepared for such a scenario for months"
There is no reason to worry, government spokeswoman Lena Borislavova told BNR in connection with the news that Russia is suspending gas supplies to Bulgaria.
Borislavova also noted that "for months the Bulgarian government has been ready for such a scenario".
"There are alternative supplies provided and there is no reason to panic," a government spokesman said.
The first political reactions
"Minutes ago, Gazprom surprisingly announced that it was suspending gas supplies to Bulgaria virtually without warning. For many years, Gazprom and Putin explained how reliable a supplier of natural gas was. In the same way as in January 2009. Then (in 2009) Boyko Borissov had promised diversification, which never took place. The words of Putin and Gazprom are not worth it. Not only that - Borisov built them a gas pipeline that bypassed Ukraine for BGN 3 billion (paid by Bulgarian taxpayers). Bulgaria will cope, there will be gas. Due to the extraordinary circumstances, it will be at a higher price in the beginning, but solutions will be sought in this direction as well. However, Putin's Russia has shown that it is not only not a reliable supplier, but also handles medieval racketeering tactics, violating an already concluded agreement under which it will still pay penalties" - commented the MP from Democratic Bulgaria Ivaylo Mirchev.
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