Sofia Heating Utility Pledges to Repay Current Debt to Bulgargaz by Fall

Sofia Heating Utility Pledges to Repay Current Debt to Bulgargaz by Fall

Sofia’s heating utility Toplofikatsia Sofia said its current liabilities for 2014 to state-run gas monopoly Bulgargaz amount to 90 million levs ($64 million/46 million euro), adding that it will repay them by the autumn.

Earlier on Tuesday public radio broadcaster BNR quoted a Bulgargaz official as saying that Toplofikatsia Sofia owes over 191 million levs to the gas supplier and that Bulgargaz is ready to start legal proceedings against it.

The heating utility is paying its liabilities for natural gas to Bulgargaz on time, Toplofikatsia Sofia said in a statement. Meanwhile, state-owned electricity company NEK owes 90 million levs to Toplofikatsia Sofia which will be paid directly to Bulgargaz under a 2010 agreement between the three companies. Toplofikatsia Sofia repaid over 540 million levs debts to Bulgargaz in 2013, bringing the total amount of its payments to 1.8 billion levs for the past three years. It also paid an additional 80 million levs inherited debts to the gas company for the same period.

Bulgargaz and NEK are part of the Bulgarian Energy Holding (BEH).

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