Bulgargaz Seeks 1.78% Lower Gas Prices in Q1 2011

Bulgargaz Seeks 1.78% Lower Gas Prices in Q1 2011

Bulgaria's gas monopoly Bulgargaz said on Friday it is seeking a 1.78% cut in prices of natural gas for local consumers in the first quarter of 2011.

The proposed price of 527.81 levs ($358.94/269.87 euro) per 1,000 cubic metres, value-added tax excluded, reflects the international prices of energy resources that are an alternative to natural gas, the exchange rate of the Bulgarian lev versus the U.S. dollar, as a well as recent agreements between Bulgaria and Gazprom for cheaper gas supplies, Bulgargaz said in a statement.

The proposal also takes into consideration the fact that Scottish-based oil and gas company Melrose Resources started last month commercial production from its Bulgarian fields off the Black Sea shore. 

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