In a bold move, Prime Minister Nikolai Denkov of Bulgaria has revealed the country's intention to renegotiate the terms of a 13-year gas agreement with Turkey’s Botas. Denkov expressed concerns over the unfavorable conditions of the current deal, emphasizing its asymmetry and the substantial financial burden it places on Bulgaria.

The European Commission is currently investigating the agreement, but Bulgaria has yet to receive any feedback. Denkov disclosed that the caretaker government has been requested to provide documents for the ongoing probe to determine if the deal complies with European regulations.

Negotiations are actively taking place between Bulgargaz, Bulgaria’s state-owned gas company, and Turkey’s Botas, with the primary goal of revising and improving the clauses of the existing agreement. Denkov stated, “For Bulgaria, this contract is not advantageous because it is very asymmetrical, with very serious financial commitments for the country. We are trying to find ways to do away with this asymmetry, or at least to minimize it.”

The Bulgarian government is keen on rectifying the perceived imbalance in the agreement, emphasizing the need to secure more favorable terms that align with the country's economic interests. The focus is on minimizing financial obligations and creating a more equitable arrangement between the two nations.

As the negotiations unfold, Bulgaria awaits feedback from the European Commission, hoping that a renegotiation will lead to a more balanced and mutually beneficial gas agreement with Turkey.