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11/11/24

Bulgargaz in Talks with Energy Ministry for New Loan to Cover Liabilities

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Bulgargaz is in talks with the Ministry of Energy and the Bulgarian Energy Holding (BEH) for a new loan to cover current liabilities, the company’s new CEO Denitsa Zlateva told BNT. At the beginning of August, the caretaker cabinet allocated BGN 800 million to the gas company to pay for gas supplies and the quantities pumped into the Chiren gas storage facility.
By September 20, however, Bulgargaz has payments amounting to BGN 1.36 billion – liabilities to three gas suppliers for August and September, as well as for the LNG tanker for October, Zlateva specified. Part of these funds are available – the company has its own funds and has received the second tranche of the first state loan of BGN 350 million.
"The business model of Bulgargaz has changed – from two long-term suppliers, with secure supplies, with payment plans, we currently gas month-to-month demand," Zlateva said. She was adamant that the gas company is not heading for bankruptcy.

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