BUSINESS

DEPA breaks Gazprom monopoly in Bulgaria

TAGS: Business, Energy

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.

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.

[Reuters]

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