He explained that under Bulgarian law, the company’s board of directors needed to convene four times a year.
In fact, for the last six years, only five such meetings took place, and only three of them made decisions. We really need, every quarter, to update our investment programs, to decide new products for the market.
Borissov said that Bulgargaz and Overgas agreed that the former will provide gas supplies to the customers of the latter.
In fact, Bulgargaz, as a “public supplier” according to Bulgaria’s byzantine energy law, has the obligation to make up for the missing supplies.
EXCLUSIVE / Gazprom stopped supplies to Overgas, a private Bulgarian gas distribution company in which it has a 50% stake.
The surprising move prompted comments and provided insight into the broader strategies of the Russian gas monopoly in Bulgaria, and the local interests involved.
The BEH holding was established in 2008 by then-Prime Minister Sergei Stanishev, with the aim of cross-subsidising state companies at loss.
Bulgargaz is the largest Bulgarian gas distribution company.
In 2010, Bulgartransgaz blocked Overgas’ access to the gas grid.
Consequently, Overgas lodged a complaint with the European Commission, which, in 2011 carried out raids at several Bulgarian gas companies, as part of a wider investigation into possible breaches of its antitrust rules, as part of its Gazprom probe, which remains ongoing.
Indeed, there are enough indications that Bulgaria plans to bring Russian gas to its borders – just like Germany, which plans an expansion of the Nord Stream pipeline.
Borissov prefers to call the project a “gas hub” instead of South Stream.
The Commission’s interference helped Overgas to return to its gas distribution business.