Банкеръ Weekly

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TOPENERGY WILL NO LONGER MEDIATE IN GAS SUPPLY TO BULGARGAS

Topenergy, the Bulgarian-Russian joint-venture, will no longer mediate in the delivery of blue fuel from Gazprom to Bulgargas, Bulgaria's Energy Minister Milko Kovachev said on June 26. The idea for ignoring Topenergy from the scheme was proposed by the Russians, the minister added. Therefore, the Overgaz company run by Sasho Donchev remains the only intermediary between Gazprom and Bulgargaz. This is a better variant, Mr. Kovachev said, because the company is developing gas supply in Bulgaria and the trade delivery discount would be reinvested in Bulgaria.Topenergy will be compensated by keeping its position of a gas distribution centre on the Balkans. The change would not necessitate the signing of a new agreement between the Russian gas giant and Bulgargas, because the currently operating contract contains a clause allowing this change. The prices of Russian gas to Bulgaria are not expected to grow, Minister Kovachev added. Currently, Bulgargas has another fuel supplier - Wintershal, a joint-venture of the German BASF concern and Gazprom.

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