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Petroceltic resumes partnership with natural gas trader Dexia Bulgaria

Author Mario Tanev
Petroceltic resumes partnership with natural gas trader Dexia Bulgaria Photo: Petroceltic / All rights reserved.

SOFIA (Bulgaria), June 26 (SeeNews) - Luxembourg-registered oil and gas company Petroceltic has signed a new long-term gas supply contract with gas trader Dexia Bulgaria, after the two previously ended their partnership in 2017 over a legal dispute, Petroceltic's Bulgarian unit said.

The management of Petroceltic considers that the allegations regarding Dexia Bulgaria's unfair practices, made by the company in November 2017, were unfounded and not based on specific data, Petroceltic Bulgaria said in a statement earlier this week.

According to local business news outlet Capital, Petroceltic Bulgaria's statement is part of an out-of-court settlement of a commercial dispute between the two parties.

Last month, Bulgaria's government extended by 253 days the concession of the Galata natural gas exploration block held by Petroceltic and  Petroceltic Bulgaria. Petroceltic has 100% interest in three producing gas fields and one field under development in the Galata exploration block, which is located in shallow water, in the Bulgarian sector of the Black Sea.

Bulgaria awarded a 25-year concession of the Galata exploration block to Petroceltic in 2001.