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Gazprom and Bulgargaz agree on 40% cut in price for natural gas for Bulgaria

Gazprom and Bulgargaz agree on 40% cut in price for natural gas for Bulgaria

Sofia, March 6 - Neftegaz.RU. Russia’s Gazprom and Bulgaria’s Bulgargaz, the sole public supplier of natural gas for Bulgaria, have agreed on a 40 per cent reduction in the price of natural gas imported to Bulgaria in terms of its long-term contract with the Russian gas supplier, a March 3 news conference at the Cabinet office in Sofia was told.

“This morning Gazprom sent us the signed contract, which has the biggest price cut from all the countries that renegotiated their contracts. We have a 40% decrease,” Prime Minister Boyko Borissov told reporters.

The price reduction is backdated to August 2019, the head of state-owned gas company Bulgargaz, Nikolai Pavlov said. Initial estimates are that the reduction means that Bulgargaz will return 150 million leva with VAT to its customers for the period August 5 2019 – February 29 2020, Pavlov said.

The refunds will take place after the Energy and Water Regulatory Commission approves the new lower prices. The reimbursements would be made within a month after the regulator’s decision, Pavlov said.

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

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