Bulgaria agrees to buy LNG from the US at prices lower than those of Gazprom

The Bulgarian government has not specified how the cost of gas will be calculated when buying from the United States and how much it will be. At the end of April, Gazprom stopped deliveries to Bulgaria due to non-payment in rubles .jpg” alt=”Bulgaria agreed to buy LNG from the US at prices lower than from Gazprom” />

Bulgaria will buy LNG from the US at prices lower than those of Gazprom, the Bulgarian government said in a statement. Deliveries will begin in June.

The corresponding agreement was reached during a meeting between Bulgarian Prime Minister Kirill Petkov and US Vice President Kamala Harris.

“The Bulgarian Prime Minister pointed out that what is happening in Europe is a clear sign of the need for accelerated and real measures in the energy sector. Vice President Kamala Harris congratulated Bulgaria on taking decisive action to defend its energy sovereignty,— said in a government release.

The Bulgarian government has not indicated how the price of gas supplied from the United States will be calculated, and how much it will be.

Until March 2020, the cost of Russian gas for Bulgaria was determined by a contract with a link to the price of oil. However, from the beginning of 2020, Sofia began to seek a discount, as prices on the spot European gas markets turned out to be lower and countries whose contracts were not linked to the price of oil found themselves in more favorable conditions.

In March 2020, ” ;Gazprom» reduced the price of gas for Bulgaria by 40%.

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At the end of April of this year, Bulgaria reported that Gazprom Export notified its Bulgarian partner, the Bulgargaz company, of the suspension of gas supplies. The Russian company later confirmed the message, specifying that such a decision was made due to non-payment in rubles.

Bulgarian Energy Minister Alexander Nikolov later explained that the procedure for paying for gas in rubles, on which Russia insists “involves significant risks.” “In practice, we will lose control of our money after paying in US dollars, as we agreed. There will be a risk of breach of obligations— non-fulfilment [of conditions] by a Russian bank, which will be responsible for converting the corresponding amount into rubles, — he clarified.

Bulgaria warned the Russian side about the refusal to pay for Russian gas in rubles even earlier.

French Minister of Environmental Transformations Barbara Pompili called the cessation of gas supplies to Bulgaria a violation of contracts.

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