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Bulgartransgaz plans to invest 1.3 bln euro by end 2022

BLACK SEA
OIL & GAS

Bulgartransgaz plans to invest 1.3 bln euro by end 2022

Bulgaria's state-owned gas transmission system operator Bulgartransgaz will invest some 2.5 billion levs ($1.5 billion/1.3 billion euro) in the next two years, mostly in the construction of new infrastructure, it said. Source: SeeNews

In 2021 alone, Bulgatransgaz plans to invest about 1.5 billion levs, of which 1.1 billion levs in the construction of natural gas transmission and storage infrastructure, the company said in its 2021-2030 development plan approved by the management board last week.

Bulgartransgaz intends to invest just over 1 billion levs in 2022, with 65.7 million levs of the total sum earmarked for reconstruction and rehabilitation works. The investments planned for the period 2023-2030 amount to some 482 million levs, the draft investment programme showed.

Bulgatransgaz' key projects during the respective period include the expansion of the national gas transmission network, the construction of the gas interconnectors with neighboring Greece and Serbia, the capacity expansion of Chiren underground gas storage facility as well as the construction of a liquefied natural gas terminal near Greece's Alexandroupolis, in which the state-owned company recently acquired a 20% interest.

Bulgatransgaz intends to invest nearly 43 million levs in the construction of new hydrogen and low carbon fuels infrastructure by the end of 2024. The respective infrastructure will be part of the company's network and will be accessible to all users, including coal-fired thermal power plants, the investment plan showed.

Last month, Bulgartransgaz said that it is seeking loan financing of up to 155 million euro ($184.6 million) with a repayment term of six years, in order to cover its working capital needs and finance investment.

According to Bulgartransgaz, natural gas consumption in Bulgaria rose by 2.86% on an annual comparison basis last year, to 31,337 GWh.

In 2019, natural gas had a 12.96% share in final energy consumption in Bulgaria, Bulgatransgaz said in its draft investment plan for the period 2021-2030, citing data by the National Statistical Institute (NSI).

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