Economy - currently

Press Report

Catalogue of world wide news sources updated continuously

Share on Facebook Share on Twitter Share on Google+

Ads

Consultative Council on South Gas Corridor To Meet in Baku

26 February 2017 08:35:58 Novinite.com (Sofia News Agency)

The third meeting of the Consultative Council on the project South Gas Corridor will start in Baku on Thursday. Representatives of the European Commission, Georgia, Turkey, Albania, Bulgaria, Montenegro, Croatia, Italy and Greece will discuss the prospects for transporting 10 billion cubic metres of Azerbaijani gas from the Caspian region to Europe. The last two meetings of the Consultative Council were held in 2015 and 2016.

Více Economy Time26 February 2017 08:35:58


Ads

Azerbaijan Waiting for Bulgaria To Construct Gas Link With Greece

25 February 2017 15:29:37 Novinite.com (Sofia News Agency)

The construction of the gas link between Bulgaria and Greece is expected to start in the beginning of 2018, stated interim Energy Minister Nikolay Pavlov in Azerbaijan. Pavlov pointed out that intensive work is being conducted at the moment on the preparation of the documents for the announcement of the tender for the construction of the intersystem connector. The most important thing is that the project has been secured financially, added Pavlov. The project received gratuitous financing to the amount of EUR 45 M under the European Energy Programme for Recovery. Besides, Bulgaria has set aside a guarantee to the amount of EUR 110 M which secures a credit under favourable conditions from the European Investment Bank and the European Bank for Reconstruction and Development. We are working as well on securing additional grant funds from structural and investment funds of the EU, added Pavlov.

Více Economy Time25 February 2017 15:29:37


Consultative Council on South Gas Corridor To Meet in Baku

23 February 2017 07:57:40 Novinite.com (Sofia News Agency)

The third meeting of the Consultative Council on the project South Gas Corridor will start in Baku on Thursday. Representatives of the European Commission, Georgia, Turkey, Albania, Bulgaria, Montenegro, Croatia, Italy and Greece will discuss the prospects for transporting 10 billion cubic metres of Azerbaijani gas from the Caspian region to Europe. The last two meetings of the Consultative Council were held in 2015 and 2016.

Více Economy Time23 February 2017 07:57:40


Azerbaijan Waiting for Bulgaria To Construct Gas Link With Greece

22 February 2017 15:26:39 Novinite.com (Sofia News Agency)

The construction of the gas link between Bulgaria and Greece is expected to start in the beginning of 2018, stated interim Energy Minister Nikolay Pavlov in Azerbaijan. Pavlov pointed out that intensive work is being conducted at the moment on the preparation of the documents for the announcement of the tender for the construction of the intersystem connector. The most important thing is that the project has been secured financially, added Pavlov. The project received gratuitous financing to the amount of EUR 45 M under the European Energy Programme for Recovery. Besides, Bulgaria has set aside a guarantee to the amount of EUR 110 M which secures a credit under favourable conditions from the European Investment Bank and the European Bank for Reconstruction and Development. We are working as well on securing additional grant funds from structural and investment funds of the EU, added Pavlov.

Více Economy Time22 February 2017 15:26:39


EVN, NEK Settle Old, Multi-million Dispute

17 February 2017 16:30:43 Novinite.com (Sofia News Agency)

Austrian energy company EVN has reached an out-of-court settlement with the National Electric Company (NEK) on an old dispute dating back to 2012 – 2013. The amount is unknown but the Austrian group estimates that the funds agreed will raise its net profit for the current quarter by EUR 38 M. According to data for May 2013, EVN had an unpaid bill by NEK for the purchase of energy for BGN 192 M. The company implemented an offsetting procedure but the state venture disputed the operation. Now, the agreement is for an offsetting procedure again. The agreement reduces the risk of Bulgaria being forced to pay a huge sum by the International Centre for the Settlement of Investment Disputes (ICSID) with the World Bank. EVN’s suit is for EUR 600 M and at least a part of it is on the issue already settled with NEK. Two other energy distribution companies have initiated suits of a similar nature – CEZ and Energo.Pro.

Více Economy Time17 February 2017 16:30:43


KEVR: Bulgargaz' Demand for 32% Hike in Gas Prices Is Unjustifiably High

16 February 2017 16:23:19 Novinite.com (Sofia News Agency)

The chairman of the Energy and Water Regulatory Commission (KEVR) Ivan Ivanov reckons that the demand of Bulgargaz for a 32% hike in the price of natural gas as of April 1 is unjustifiably high. “What they have made as a preliminary estimate really concerns me and worries me deeply. My appeal to Bulgargaz is for them to look for internal reserves as well via slashing their expenses and structuring of such type that this percentage is lower in their official proposal. Let them not forget that a lot of other extremely important communal services like heating and the price of heating, of highly efficient electric energy and, at the end, the electricity for household needs depend on the price of natural gas. But, at the same time, natural gas is also an energy supplier which is used in the production of various goods.”

Více Economy Time16 February 2017 16:23:19


Bulgaria 'Seeking South Stream Project Revival'

16 February 2017 13:22:37 Novinite.com (Sofia News Agency)

Bulgaria is seeking to take in part of the Ukrainian gas transit, the head of an influential private-sector engineering organization has said. With Russia considering a move to suspend gas transit via Ukraine, southern Europe and particularly Bulgaria would like to renew the South Stream gas pipeline project, Andrey Listovski, who heads the Energy Development Fund, is quoted by UA Regnum as saying. Listovski's Energy Development Fund is a non-governmental organization "involved in the designed of Russian energy sector development". In his comments for Regnum, he has recalled the words of Russian President Vladimir Putin, who earlier in February said South Stream could be renewed if Bulgaria could give rock-solid guarantees the project will not fall through. "Everybody is theoretically ready to renew activities on South Stream. But Russia... is ready to renew in case of clear guarantees that the money will not be wasted." This position is very rational, advisable economically and well-founded from the political point of view, Listovski has said. His remarks follow a statement from the Russian commercial attaché to Bulgaria, who recently said it was likely for the project to be revived. Russia ditched South Stream in December 2014, citing EU opposition and blaming Bulgaria as the latter did not issue construction permits for its exclusive economic zone.

Více Economy Time16 February 2017 13:22:37


Bulgargaz Demands 32.44% Increase in Gas Prices

16 February 2017 09:21:24 Novinite.com (Sofia News Agency)

Bulgaria's state-owned gas supplier has announced the prices of natural gas will have to go up by nearly a third as of April this year. In a statement, the company has cited higher supply costs as of the next quarter. Another argument is the current BGN/USD exchange rate. The new proposal will be submitted to the Energy and Water Regulatory Commission at its next session on March 10.

Více Economy Time16 February 2017 09:21:24


South Stream Project Will Be Carried Out, Russian Official Says

15 February 2017 07:14:00 Novinite.com (Sofia News Agency)

The abandoned South Stream gas pipeline project designed to pump Russian gas into Central Europe via Bulgaria "will probably be carried out," Russia's commercial attaché to Bulgaria has said. At a Russian-Bulgarian business forum in Bulgaria, Igor Ilinkin has recalled that South Stream's alternative project, Turkish Stream, will only consist of two pipes. South Stream, on the other hand, was designed to have four pipes, news website Dnevnik.bg quotes him as saying. He has cited Russian President Vladimir Putin, who last year announced Moscow would demand "iron-clad guarantees" if the project were to be revived. Ilingin has announced Russian investors are interested in the Port of Varna as it has been recently operating at a profit, "due to the fact it has business contacts and projects with Russia. This does not only concern the type of cargo, but also the South Stream pipes stored at the port." Ilingin has also made a reference to the Balkan Gas Hub, whose feasibility study is to be ready by the end of the year or the beginning of 2018. So far Russia has shown its skepticism about the project launched by the previous government. Some of the South Stream pipes were taken away from the country, but others remained at the port after Russia ditched the project in December 2014, citing EU opposition to the project. Pointing a finger at Bulgaria, Russian President Vladimir Putin then accused it of succumbing to pressure from Brussels and blocking the issuance of construction permits for the area of the pipeline within its exclusive economic zone. Putin blamed Bulgaria again during a visit to Hungary earlier in Februry. South Stream was to carry 63 billion cubic meters of gas per year to Austria and Hungary via Bulgaria and Serbia, its landfall designed to be in the Black Sea city of Varna. Initially, its substitute Turkish Stream was designed to have the same annual capacity, but it was cut in half during talks between Moscow and Ankara. Earlier, another Russian official had argued a "pipeline to Varna" might be built after all.

Více Economy Time15 February 2017 07:14:00


EVN, NEK Settle Old, Multi-million Dispute

14 February 2017 15:40:59 Novinite.com (Sofia News Agency)

Austrian energy company EVN has reached an out-of-court settlement with the National Electric Company (NEK) on an old dispute dating back to 2012 – 2013. The amount is unknown but the Austrian group estimates that the funds agreed will raise its net profit for the current quarter by EUR 38 M. According to data for May 2013, EVN had an unpaid bill by NEK for the purchase of energy for BGN 192 M. The company implemented an offsetting procedure but the state venture disputed the operation. Now, the agreement is for an offsetting procedure again. The agreement reduces the risk of Bulgaria being forced to pay a huge sum by the International Centre for the Settlement of Investment Disputes (ICSID) with the World Bank. EVN’s suit is for EUR 600 M and at least a part of it is on the issue already settled with NEK. Two other energy distribution companies have initiated suits of a similar nature – CEZ and Energo.Pro.

Více Economy Time14 February 2017 15:40:59


Bulgargaz Demands 32.44% Increase in Gas Prices

13 February 2017 08:35:57 Novinite.com (Sofia News Agency)

Bulgaria's state-owned gas supplier has announced the prices of natural gas will have to go up by nearly a third as of April this year. In a statement, the company has cited higher supply costs as of the next quarter. Another argument is the current BGN/USD exchange rate. The new proposal will be submitted to the Energy and Water Regulatory Commission at its next session on March 10.

Více Economy Time13 February 2017 08:35:57