Bulgaria's State-Owned Gas Supplier with Debts of BGN 300 M

State-owned gas supplier Bulgargaz has amounting to BGN 300 M and the company has taken a loan to purchase gas. Photo by dariknews.bg

Bulgarian state-owned gas supplier Bulgargaz has warned about a potential scarcity of natural gas in the first quarter of 2013.

According to Alexander Petrov, head of a department at Bulgargaz, the company is in a tough financial condition which will force it to rely mostly on gas volumes from the Chiren underground gas storage in the last quarter of 2012.

Petrov, as cited by Darik radio, explains that there is a real danger of a natural gas deficit unless Bulgaria signs the new gas supply contracts with Russia by mid-November.

He says that the Chiren underground gas storage currently contains 380 million cubic meters of natural gas, of which the state-owned gas supplier plans to use 210 million cubic meters by end-2012.

In Petrov's words, this will leave the Chiren UGS with only 170 million cubic meters of natural gas at the beginning of 2013.

He informs that Bulgargaz has debts of around BGN 300 M and the company has resorted to a loan to purchase gas.

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