“Gazprom Export" did not like transit fees of "Turkish Stream" through Bulgaria

Russian company “Gazprom Export” is ready to buy 90% of Turkish Stream capacity through Bulgaria, it became clear after 19^th of December meeting of Bulgaria’s Energy and Water Regulatory Commission (EWRC), at which the state-run gas transmission operator Bulgartransgaz asked for approval of the project. A representative of the Russian company arrived in Bulgaria to participate in the public discussion of the parameters of the transit of gas from Turkey through Bulgaria.

Bulgaria’s Energy Minister Temenuzhka Petkova has said the gas pipeline will be built only if the state-run operator secures the necessary funds by pre-sale of volumes from the transit gas pipeline. She explained that the project was coordinated with Brussels.

Bulgartransgaz has asked the energy regulator to increase the capacity for the transfer of blue fuel through Bulgaria because of the future flow of "Turkish Stream" that will pass through our country, and the company has explained that there is already a growing interest in the pipeline from gas traders.

Vladimir Malinov, Director of Bulgartransgaz: There was a serious market interest in additional capacity at the outlets of our gas transmission network with the borders of the neighbouring countries. At this point, we believe that we are at the stage where the final binding phase is to be conducted within this procedure and the methodology for setting prices for future capacity allocation.

Even before the start of the construction of the Bulgarian stretch of Turkish Stream, Gazprom Extropt is ready to buy 90% of the capacity of the pipeline. This means that Bulgartransgaz will be guaranteed supplies from Russia, but the possibility for other sources will be limited.

The Minister of Energy commented that European legislation is not breached because the project is approved by Brussels, even if larger volumes of the pipe are reserved by only one trader.

Temenuzhka Petkova, Bulgaria’s Minister of Energy: What we want, what we do, is compliance with European rules. No one has the illusion that European rules can be circumvented, violated or not adhered to. Old mistakes from previous projects should not be repeated.

Representative of Gazprom arrived in Bulgaria specifically for the meeting of Bulgaria’s energy regulator, EWRC, to demand lower fees and a relaxed regime in resolving future trade disputes.

Dmitry Grachov, Head of Logistics Department, Gazprom Export: We propose that disputes about future transit contracts be reviewed in Sofia or Moscow.

The Energy Minister also commented on the fine imposed on Bulgaria by the European Commission for a state monopoly on the gas transmission network. She again said that Bulgartransgaz will not be taken out of the Bulgarina energy Holding (BEH) and that shares of it will not be sold.

Temenuzhka Petkova, Minister of Energy: As the infrastructure owned by our gas operator is part of the strategic infrastructure of Bulgaria, which is directly related to our national security, we cannot afford other actions and steps in this direction, that may pose risk to our energy security.

In BNT breakfast show, energy experts warned that there is a risk of new sanctions against Bulgaria.

Ivan Hinovski, Energy Expert: This is a purely corporate mistake of the gas operator, smeared over time, and now someone has to be sanctioned for this. There is no way we cannot pay more fines because Overgas will file an additional claim for damages. This is just fine for abuse of monopoly rights.

The initial claim to Bulgaria was EUR 330 million, which was subsequently reduced to EUR 77 million.

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