If Bulgaria would be unsuccessful in all procedures and the European Commission (EC) would not change its decision on the reduction of greenhouse gas quotas, Bulgaria could launch a legal procedure, Environment and Water Affairs Minister Djevdet Chakurov told businessmen.

On October 26 2007, the EC reduced the harmful emissions quotas by 20 per cent for 2007 and by 37.4 per cent for the period between 2008 and 2012, Focus news agency said.

Chakurov said that the decision hurt Bulgaria because it neglected the closure of units three and four of Kozloduy nuclear power plant.

Bulgaria had a significant amount of quotas, but now it could turn from seller to buyer, Chakurov said.

Chakurov promised to arrange a meeting with all the ambassadors of EU member states to Bulgaria, to discuss the problem.

Experts from the Bulgarian Environment and Water Affairs Ministry, the EC and Bulgarian businesses would meet on November 22 2007 to discuss a negative impact of the quota reduction on Bulgarian economy. Bulgaria would propose the EC to change its decision.

Bulgarian business representatives said that currently Bulgaria requested quotas for 67 million tons, but received from the EC quotas for 42 million tons. A couple of million tons of these quotas would be used for new industries and quotas for only 38 million tones would remain for businesses.

Business could be forced to buy quotas for 15 to 20 million euro per year between 2008 and 2012. Currently price is at 23 euro per ton.