Bulgaria Threatened by EU Sanctions over Fuel Reserve Shortage

Currently, Bulgaria's state fuel reserve can provide for not more than 25 days, and finding the funding for filling up the shortage will be a serious problem fro the state budget. File photo

Bulgaria may suffer financial sanctions by the European Union because of shortage in the state fuel reserve.

According to the EU acceptance contract, Bulgaria must have a 30-days fuel reserve, the Chair of the State Reserve, Stanimir Peev, said Monday.

Currently, Bulgaria's state fuel reserve can provide for not more than 25 days, and finding the funding for filling up the shortage will be a serious problem fro the state budget, he explained. Bulgaria will need around BGN 200 M until the end of 2009 in order to do this, Peev added.

The Chair of the Council on European Affairs, Krasimir Kostov, explained that under the EU acceptance contract, until the end of 2009 Bulgaria must have a fuel reserve for 60 days.

Half of the amounts must be on state expenses, and the other half must be paid by the fuel producers, the fuel processing companies, the oil products import companies, and the energy companies, which have been fulfilling their part so far, Kostov said.

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