POST Online Media Lite Edition


DEPA breaks Gazprom monopoly in Bulgaria and will buy 1.5 million megawatt hours

Christian Fernsby |
Bulgaria’s Bulgargaz has struck a deal to buy 1.5 million megawatt hours of natural gas from Greece’s Public Gas Corporation (DEPA), the first time the state provider has bought gas outside its long-term contract with Russia’s Gazprom.

Article continues below

Bulgargaz will complete the purchase in the second quarter, pumping the gas into its Chiren underground storage facility, the company said on Tuesday.

Currently more than 95 percent of the Balkan country’s gas needs are met by supplies from Gazprom, delivered through a pipeline crossing Ukraine, Moldova and Romania.

Bulgargaz said DEPA had offered the lowest price in a tender at which the state provider also received offers from Bulgaria’s Dexia and Dutch-registered Kolmar NL.

Last month Bulgarian Prime Minister Boyko Borisov said he was expecting Azeri state energy company Socar to start investing in Bulgaria’s retail gas distribution network this year.

What to read next

Highlights: December 12 - December 17, 2017
Highlights: June 1 - June 5, 2015
Gazprom first on Top 10 list for financial performers