Dnevnik quoted Mr Dimitar Gogov executive director of Bulgarian state run gas supplier Bulgargaz as saying that it will end 2010 with a loss of some BGL 30 million.

The prediction coincides with the recent statement of the State Energy and Water Regulatory Commission that the gas monopoly will book a negative result for the year.

Mr Angel Semerdjiev chairman of SEWRC said that the natural gas price would be reduced by 5.17% from January 1st 2011 with the sole purpose of trimming heating costs.

At the start of October 2010, SEWRC cut gas prices by 0.96%, a decision currently being contested by Bulgargaz at the Supreme Court.

Mr Gogov said that meanwhile, the Bulgarian company has extended its contract with gas intermediary Wintershall, which is a unit of Russian gas major Gazprom. The new accord stipulates more favorable terms for the company, as it would no longer pay transit fees for carrying gas across Bulgaria.

(Sourced from Dnevnik)