Costly Turkish Deal Pushes Bulgarian Giant Toward Bankruptcy
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Bulgaria’s state-owned gas supplier Bulgargaz has effectively become insolvent due to unfavorable market conditions and contractual arrangements with Turkey’s state energy company BOTAS.
"The only reason we are not immediately shutting down the company and establishing a new Bulgargaz, or carrying out some other type of restructuring, is that it is the signatory to the gas supply contract with Azerbaijan, which is currently quite profitable for Bulgaria. That is why we must utilize the maximum capacity", explained newly appointed Energy Minister Traycho Traykov, just three days after taking office in the caretaker government. Just four years ago,
