Bulgargaz's new board: The exported information on the quantities sold on the gas exchange does not correspond to the ones actually sold

Energy / Bulgaria
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The new management of Bulgargaz rejected the claim that 60,000 MWh were sold on the gas exchange in Bulgaria. Earlier, this was announced by former Energy Minister Rumen Ovcharov.

The information about the quantities sold by Bulgargaz does not correspond to the truth, it is said in a press release of the new board of the gas company.

Given the specifics of the stock exchange trade in natural gas, after an inspection, it was found that of the total mix of natural gas, Bulgargaz EAD has sold surplus quantities, which are usually due to lower consumption over the weekend, the state Gas Hub Balkan EAD Exchange ", the announcement reads.

According to Bulgargaz, these surplus quantities were sold in order to improve the company's financial condition.

This morning in the program "This Saturday" the former Minister of Energy Rumen Ovcharov said that the new management of Bulgargaz sold through the Bulgarian stock exchange for Romania 60 thousand MWh and the realization of the deals was every 30 seconds. This means one second of Bulgaria's daily consumption. And this is provided that it is clear that there will be no extra quantities.

The deal was also commented on by Rumen Petkov in the morning block of BNT.

The exported information on the quantities of natural gas sold by Bulgargaz EAD definitely does not correspond to the actually sold quantities of 37,000 MWh for the period. These quantities were sold in order to improve the financial condition of the company, given the current situation of the new Board of the directors of Bulgargaz EAD.

During the analysis it was established that the realized price of the executed stock exchange transactions is higher than the one that Bulgargaz EAD would receive in case of a positive imbalance to Bulgartransgaz EAD due to non-release of excess quantities.

Given the financial situation inherited from the former management of the company, expressed in a lack of funds, the recovery of the disturbed cash flow is of great importance for the company's activities related to security and continuity of supply for the country, "said the new board of Bulgargaz ".

It is also assured of taking action to provide financial resources to guarantee the activity.

"The company's management is taking all necessary actions, within the law and in conditions of full transparency, to provide financial resources to ensure the company's activities as a public supplier and participant in the natural gas market," concluded Bulgargaz.

Earlier, it was reported that the entire former management of the gas company had left.

Meanwhile, on this occasion, BEH previously published a position on its website, according to which such actions jeopardize the normal operational activities of the public supplier of natural gas. As well as benefits awarded by the former leadership.

"In connection with the entry on 03.02.2022 in the Commercial Register of the new composition of the Board of Directors of Bulgargaz EAD, on the same day at 11:30 the new management of Bulgargaz EAD entered the building of the company with The new management team found that none of the members of the previous management was located at the registered office and address of the company's management. In addition, it became clear that as of February 2, 2022, key employees responsible for the operational management of Bulgargaz EAD had their employment / service terminations terminated and they had received benefits totaling more than 170,000 (one hundred) and seventy thousand), "said the holding.

They add that such actions endanger the normal operational activities of the public provider.

"The management of BEH EAD states that such actions endanger the normal operational activities of the public gas supplier in the country due to the lack of any information about its current state related to the implementation of licensing activities, commercial, court proceedings and contractual relations with third parties, financial and economic data, etc. Leaving a public enterprise without any management resources is an indication of a purposeful interest in not establishing the actual situation of the company, as well as an indication of the lack of sufficient care for management, administration, the management and preservation of the company entrusted to the already former management.

Under the circumstances thus created, Bulgarian Energy Holding EAD expresses his support for the new management of Bulgargaz EAD, concludes the position of the holding.



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