Natural gas

Many Turkish investors have started to dissemble gas-turbine power plants, which are no more profitable in Turkey due to the loss in Turkish Lira and lowering sector prices, and carry them abroad, mainly into Africa, according to sector representatives.

This trend may, however, put the future supply into risk, they warned. 

A contractor is expected to be selected in early December for the construction of a gas pipeline interconnection with Romania under the Danube river bed, Bulgaria's Energy Minister Temenuzhka Petkova said on Friday.

Bulgaria's energy watchdog has proposed a 14.26% reduction in the price of natural gas to a rate of BGN 484.26 per 1000 cubic meters, VAT excluded, excise duty excluded, as of October.

State-owned Bulgargaz has proposed to cut natural gas price for consumers by 14.26% in the fourth quarter of the year, a touch bigger decrease than initially planned.

Bulgaria is seeking to reach a deal with Russia on a project that would lead to the construction of a natural gas hub on its territory, Bulgaria's Ambassador to Moscow has said.
 

Italian energy giant Eni on Aug. 30 announced the discovery of the "largest ever" offshore natural gas field in the Mediterranean, in Egypt's territorial waters.

Italian oil and gas multinational ENI announced on Sunday the discovery of a massive natural gas field off Egypt, which the company described as the “largest find in the Mediterranean”.

The deep water deposit in the Zahr lot in the Shorouk bloc could hold up to 30 trillion cubic feet of gas, equivalent to 5.5 billion barrels of oil.

The price of natural gas may drop by more than 13.6% as of October, according to Ivan Ivanov, Chair of the Commission for Energy and Water Regulation (KEVR).

Ivanov declared Thursday that a price drop exceeding the preliminary estimate of state-owned gas company Bulgariaz of 13.6% would mean that gas rates would have dropped by over 30% in a year.

Serbian Prime Minister Aleksandar Vucic on Monday said Serbia will try to expand the capacity of Banatski Dvor, its only gas storage, from 450 million to one billion cubic meters, to increase energy security.

The weakness of the Turkish Lira against the U.S. dollar has placed an extra 11 billion lira ($3.82 billion) burden on Turkey?s natural gas bill since the beginning of the year, Energy Minister Taner Y?ld?z said on Aug. 19.