Gazprom

The price of natural gas is 53% lower today compared to a year ago, Prime Minister Boyko Borissov said at an extraordinary government meeting.

Gazprom Export, the exporting arm of Russian gas giant Gazprom on Monday said it had signed a long-term gas supply contract with Greek company Mytilineos.

Gazprom Export, a wholly-owned subsidiary of Russian gas giant Gazprom, and Greek energy company Mytilineos signed a long-term contract for natural gas supplies.

Ivan Ivanov, chair of the Energy and Water Regulatory Commission stated that without amendments to the law there is no way money can be refunded to consumers as a result of the reduction in natural gas prices. He added that such a decision with retroactive effect would be annulled in court, BNR reported.

Bulgaria has agreed a 40% cut in the price of gas it imports under its long-term contract with Russia, its dominant gas supplier, Prime Minister Boyko Borissov said on Tuesday, Reuters reported.

Public Gas Corporation (DEPA) has shifted to an aggressive commercial policy, aiming to reverse the contraction of its market share, which dropped to 33 percent at end-2019 from 58 percent in 2018.

Since January 1, when Russian gas sales to Turkey and Europe started, the Turkish Stream pipeline has delivered 1 billion cubic meters of gas, BNR reported.

Gazprom supplied its first billion cubic meters of gas via the TurkStream gas pipeline, the company announced on Jan. 27.

The Russian company said that of that amount, about 54 percent went to the Turkish gas market while the remaining 46 percent was delivered to the Turkey-Bulgaria border.

A ceremony in Istanbul marked the launch of the TurkStream gas pipeline, attended by Russian and Turkish presidents Vladimir Putin and Recep Tayyip Erdogan, as well as Bulgarian Prime Minister Boyko Borissov.

The presidents of Turkey and Russia on Wednesday formally launched the TurkStream pipeline which will carry Russian natural gas to southern Europe through Turkey, part of Moscow's efforts to reduce shipments via Ukraine.