site.btaBulgarian Fuel Supplies Stable, No Risk of Shortages, Says Energy Minister

Bulgarian citizens and businesses are fully supplied with fuel, and no problems with deliveries are expected, said Energy Minister Zhecho Stankov at a Monday briefing at the Council of Ministers, after a working meeting on the situation in the Middle East, convened by Prime Minister Rosen Zhelyazkov. 

"Based on information from the Bulgarian Petroleum and Gas Association, the fuel reserves in the country allow us to confidently say that the state, the public, and the business sector are fully secured, and no disruptions are expected in the supply of diesel, gasoline, or liquefied petroleum gas," the minister explained.

Stankov dismissed claims that fuel prices could rise to BGN 2.80 per litre due to a potential closure of the Strait of Hormuz.

Earlier on Monday, Iranian officials threatened to close the Strait, which is a key global trade route.

Bulgaria is not directly dependent on supplies from the region. One fuel shipment has already been ordered and will arrive in the Bay of Burgas in the coming days. It has left the region, and its delivery will not be affected, even in the event of a closure of the Strait of Hormuz. Future supplies to the refinery in Burgas are also secured from alternative sources and will not be impacted by the rising tensions, the Minister added.

According to the Petroleum and Gas Association, fuel prices have fluctuated by only BGN 0.03–0.05. Even amid the recent rise in tensions in the Middle East, global oil prices remain within the levels seen throughout this year, Stankov said.

Under a long-term contract, Bulgaria continues to receive 1 billion cubic meters of gas annually through the Vertical Gas Corridor from Azerbaijan. Just weeks ago, a new contract was signed for the delivery of a liquefied natural gas (LNG) shipment of 100 million cubic meters, expected to arrive on June 26 and 27 at LNG terminals. The Bulgarian Government ensures supply to consumers at prices around 15% below market rates, the Minister added.