site.btaEnergy Ministry Reports Increase in Concession Revenue Collection

Energy Ministry Reports Increase in Concession Revenue Collection
 
Sofia, March 30 (BTA) - The collection of concession revenues by the Energy Ministry in the first three months of 2017 improved by 23 percentage points compared with a year earlier, the ministry reported on Thursday. Between January and March 2017, the ministry collected 27,685,218 leva in concession revenues, accounting for 81.43 per cent of the annual target. This compares with 19,869,274 leva, or 58.4 per cent, collected in January-March 2016. The annual target in both 2016 and 2017 is 34 million leva.

At 53 per cent, concession revenues make up the largest portion of revenues collected by the Energy Ministry in the first quarter of the year.

The implementation of all concession contracts signed with the Energy Ministry was reviewed by order of caretaker minister Nikolay Pavlov. Actions were taken to collect overdue concession royalties, interest and penalties, some of which were past due for years. In the first three months of 2017 the ministry collected 1.1 million leva in interest and penalties, and until February 28 it collected 8 million leva in overdue royalties.

All receivables on solid fuel extraction concessions have been cleared. Actions have been taken to clear the debts of oil, natural gas and metal extraction companies. Non-compliant producers of construction materials, lining stone and aggregates will be asked by the end of the month to pay their dues.