Azerbaijan to cover 90% of Bulgaria's natural gas demand in July

Bulgaria's utility regulator has approved a 2.4% drop in gas prices for July, Report informs.

Report informs, citing the Bulgarian press, that the new price is set at 58.1 lev ($31.85) per MWh, excluding transport costs, excise duties and value-added tax.

This is primarily related to the long-term gas contract with Azerbaijan. The contract is not related to the prices at the gas hubs but to the oil prices in the international markets.

In July, Azerbaijani gas is predicted to make up 89.6% of domestic consumption in the country.

The rest of the consumption is provided by the state-owned gas company Bulgargaz under a contract for the supply of liquefied natural gas (LNG) and gas drawn from the country's underground gas storage in Chiren.