Bulgaria’s Bulgargaz To Seek 25.88% Hike in Gas Prices in Q1’09

Bulgargaz's final proposal will be announced upon its submission for approval with the State Energy and Water Regulatory Commission (SEWRC) on December 11, the company said in a statement posted on its website.

The hike would reflect the aproval by the state regulator of a 12.62% lower price than the one proposed by Bulgargaz for the last quarter of this year and the weakening of the Bulgarian lev to the US dollar, the company said.

Bulgaria raised gas prices by 23.89% to 538.66 levs per 1,000 cubic metres Value Added Tax excluded in the last quarter of this year.

Bulgaria, which imports more than 85% of its gas from Russia, replaced in 2006 its deal with Gazprom for the supply and transit of natural gas through 2010 with a new contract that the government then said envisaged a gradual rise in delivery prices until 2013 and increase in transit volumes until 2030.

(1 euro = 1.95583 Bulgarian levs)