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Gazprom reaches €100 million settlement with Bulgaria's Overgas

Bulgaria imports 2.9 billion m3 of gas from Russia per year under a long-term contract valid through 2022.

Gazprom reaches €100 million settlement with Bulgaria's Overgas

Sofia, February 1 - Neftegaz.RU. Russian Gazprom said:

  • it has reached a final settlement of all claims and disputes with Bulgaria's Overgas Group, which also includes the sale of Gazprom's stake in Overgas Inc.
  • Gazprom expects to receive over €100 million as part of the agreement.
  • The company did not provide further details regarding its decision.

Overgas

Overgas is the largest private gas company in Bulgaria.
Sofia-based company, founded in 1991, has a total of 2,400 km of gas distribution pipelines and services over 250,000 households in the country.
The company has invested over €320 million in the construction of distribution pipelines, invests and develops the gas pipeline network in Bulgaria.
Overgas said that it is planning to invest over €40.4 million in the construction of some 398 km of gas distribution pipelines over the period 2020-2024.


In January 2021 gas distribution company Overgas Mrezhi agreed a €117 million loan financing from a syndicate of 5 banks - the International Bank for Economic Cooperation, Sofia-based UniCredit Bulbank, Raiffeisenbank Bulgaria, DSK Bank and Allianz Bank Bulgaria.

The financing comprises a €100 million term loan, a €10 million investment loan, and a €7 million multi-purpose credit line, according to data entered into the commercial register.

Gazprom said last year that its board of directors approved a decision to divest its 50% direct and indirect interest in Bulgarian gas supplier Overgas for €15.5 million..

Source : Neftegaz.RU


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