Bloomberg News

Bulgaria, Russia to Agree on Lower Natural Gas Prices

May 18, 2012

OAO Gazprom, Russia’s gas export monopoly, will sign an agreement to cut gas prices for supplies to Bulgaria by 11.1 percent, the Ministry of Energy, Economy and Tourism in Sofia said.

The price reduction was agreed on during a meeting in Moscow between Bulgarian and Gazprom officials earlier this week and the documents will be signed this month, the ministry said on its website.

Gazprom pumps 17.8 billion cubic meters of gas a year to Bulgaria, about 3.5 billion cubic meters of which is consumed there. The rest goes on to Turkey, Greece and Macedonia under a 30-year contract signed in 2006.

Bulgaria imports all of its gas from Russia and is now seeking to diversify supplies after they were cut for two weeks in 2009 following a price dispute between Ukraine and Russia.

To contact the reporter on this story: Elizabeth Konstantinova in Sofia at ekonstantino@bloomberg.net

To contact the editor responsible for this story: James M. Gomez at jagomez@bloomberg.net


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