FlixBus Expands Routes from Bulgaria: New Connections to Thessaloniki, Athens, and More
FlixBus, the renowned European bus company, is set to launch new routes to and from Bulgaria in anticipation of the summer season
Edinburgh-based oil and gas explorer Melrose Resources reported a rise in profits and said it expects strong results in 2012 on the back of high gas prices in Bulgaria.
Melrose posted a pretax profit of USD 51.6 M compared with a loss of USD 11.7 M a year ago.
Revenue grew by 21% to USD 291 M from last year's USD 240.38 M.
Melrose Resources noted that it achieved excellent 2011 results supported by production from the new Bulgarian and existing Egyptian fields and strong commodity prices.
Bulgaria, which accounts for 40% of the company's revenue, has decided to increase gas prices by 12% as of the beginning of April, citing higher prices of alternative fuels on international markets.
"We saw the impact of the first full year of production from our new Bulgarian fields supplementing our existing Egyptian producing assets," said Executive Chairman Robert Adair.
"This has driven some outstanding financial performance, allowing us to retire a significant proportion of the company's debt and reduce financial gearing. With our positive outlook for 2012, we have recently set a new target to reduce gearing to around 60 percent by the end of this year."
In 2001, a Melrose subsidiary signed a 25-year concession agreement with Bulgaria to extract gas from a deposit in the Galata field.
In the summer last year Melrose Resources abandoned a well on the Galata block in the western Black Sea, offshore Bulgaria, but shortly afterwards good financial results justified its decision to press ahead with its plans in the Balkan country.
The Edinburgh-based oil and gas explorer plans to spend USD 37 M on exploration wells in Bulgaria and Egypt and a seismic project in Romania.
We need your support so Novinite.com can keep delivering news and information about Bulgaria! Thank you!
The Nuclear Regulatory Agency (NRA) has greenlit the phased transition to a new type of nuclear fuel for Unit 5 of Kozloduy Nuclear Power Plant (NPP), manufactured by Westinghouse
In a bid to enhance its energy security and diversify its gas supply sources, Bulgargaz is gearing up for the first deliveries of liquefied gas through the Alexandroupolis terminal, set to commence in May
The Greek national electricity company, PPC, has announced plans to acquire 500 megawatts of photovoltaic capacity in Bulgaria
Oil prices have surged due to renewed concerns about the Middle East conflict. Brent crude futures increased by 0.32% to 90.80 USD per barrel, while American WTI crude rose by 0.3% to 86.50 USD per barrel
Bulgaria's state-owned energy company, "Bulgargaz," has suffered a significant setback, losing 27% of its market share as a result of a contract with the Turkish company "Botas"
A remarkable shift in Bulgaria's energy landscape has been unveiled in the latest report from the Commission for Energy and Water Regulation, submitted to the Bulgarian parliament
UN Happiness Report: Bulgaria's Astonishing Leap in Rankings
Bulgaria: 3 Regions With Lowest Life Expectancy - EU Report 2022