Bulgaria has initiated negotiations for the downward adjustment of natural gas delivery prices with Russian supplier Gazprom, the government in Sofia said on Wednesday.
The current gas delivery contracts between the two sides expire at the end of this year and Bulgaria will aim to negotiate lower prices for future supplies, the government said in a statement published on its website following a meeting between state officials and Gazprom's management.
"I hope we will have a decision on the issue within two months," the statement quoted Bulgarian energy minister Traicho Traikov as saying after the meeting with Gazprom board chairman Alexey Miller.
The gas supplies will be made directly by Gazprom Export to Bulgaria's Bulgargaz, without any go-betweens.
"The pricing formula will take into account new trends in calculating the price of natural gas, which means a spot price component as well as generally reducing the correlation between the price of natural gas and the oil market," the minister said.
The topics covered at the meeting included also the South Stream gas pipeline project.
The two sides agreed to complete over the coming months the preliminary activities on the project so that a final investment decision for the Bulgarian section of the pipeline could be taken by November, the statement said.