Bulgargaz made a written request for proposals for alternative deliveries to 12 traders currently operating on the market in both Bulgaria and neighbouring countries, the state-owned company said in a statement.
The bids were shortlisted according to the lowest possible price of supply provided.
To ensure necessary gas deliveries for the remaining part of April, Bulgargaz carried out transactions on the regulated commodities market in Bulgaria.
Bulgargaz explained:
- In regard to speculation about the prices at which these transactions were conducted, it should be borne in mind that even if Bulgaria had accepted the Russian side's request to use a mechanism to pay for gas supplies other than the one agreed in the contract, the price would have probably undergone unpredictable changes, given the lack of clarity about the exchange rate and the Bulgarian side's inability to exercise control over the currency conversion process set out in the proposal of Gazprom Export
The decision followed a presidential decree issued by Russian president Putin in retaliation to international sanctions imposed on Russia over the Ukraine invasion.
Bulgarian energy ministry said last week that Gazprom informed Bulgargaz that it will cease delivering gas to Bulgaria starting from April 27, as Sofia has not accepted the Russian demand.
Last week, Bulgaria's energy regulator said that Bulgargaz will on lodge a request for approval of the wholesale gas price to be applicable in May on May 4.
The Energy and Water Regulatory Commission (EWRC) will approve the wholesale gas price for next month on May 10.
The EWRC added that it does not condone speculation of a potential 35% increase in the wholesale price of gas, since the weighted average of all supply contracts for May will be known after May 4.
