Sun, Nov 22 2009

Toplofikatsiya Sofia has clocked up 120M leva debt to Bulgargas

Tue, Jun 23 2009 12:29 CET byNick Iliev 963 Views
Toplofikatsiya Sofia has clocked up 120M leva debt to Bulgargas

Photo: Yulia Lazarova

Sofia heating utility company Toplofikatsiya has accumulated a 120 million leva debt to Bulgargas dating from December 1 2008, according to the executive director of Bulgargas, Dimitar Gogov, as quoted by the Bulgarian news agency (BTA).
 
"We are conducting negotiations with Toplofikatsiya at the moment and our stance, which has been submitted to the Ministry of Economy and Energy, is for that debt to be postponed separately from the 209 million leva debt which was sold to the Bulgarian Energy Holding (BEH)," said Gogov in a statement.
 
When asked if Bulgargas is reeling under the financial strain, Gogov said that debt obligations would be honoured over the course of three years, and this timeframe has been incorporated within the business plan of the company. Moreover, the current decrease in demand had helped the company compensate for its losses, he said. Regarding future supply, he said that "there are no heating utility companies that currently face a termination of gas supply due to unpaid bills".
 
"Kremikovtzi’s debt to Bulgargas amounts to 106 million leva, and we aim for that debt to be sold in full. It's unlikely, however, that it will be purchased by the Bulgarian Energy Holding," he said.
 
"Rather, I would be content if the steel factory’s debtors burden themselves with the debt," he said.

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