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05.12.2014 11:49
Bulgargaz Gets Loan from Parent Structure for Gas Payments to Russia’s Gazprom
District heating utilities owe Bulgargaz a total of BGN 130 million (about EUR 65 m), while the gas company has to pay USD 100 m to Gazprom by the end of the month, with a further USD 50 m being overdue

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The state-owned Bulgarian Energy Holding (BEH) will secure a loan to its subsidiary Bulgargaz aimed to cover natural gas payments to Russia’s Gazprom, Severin Vartigov of BEH stated for the Bulgarian National Radio. The move became necessary after no banks showed interest in providing a loan to the indebted Bulgargaz.

District heating utilities owe Bulgargaz a total of BGN 130 million (about EUR 65 m), while the gas company has to pay USD 100 m to Gazprom by the end of the month, with a further USD 50 m being overdue. Bulgargaz also lost BGN 200 m in the Corporate Commercial Bank bankruptcy.

Despite liquidity issues, BEH is expected to provide us a short-term loan, so that we can clear our debts towards Gazprom, Vartigov informed.

TAGS: Bulgargaz | Bulgaria | gas | Bulgarian Energy Holding | Gazprom | Russia | energy 

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