Traycho Traykov: Fuel prices in Bulgaria remain stable thanks to contract with Azerbaijan

A long-term contract with Azerbaijan remains the main source of stability in Bulgaria"s gas market amid rising prices triggered by the crisis in the Middle East, Bulgaria"s Energy Minister Traycho Traykov said, as quoted by Report.

At an extraordinary meeting of the Council of Ministers held in connection with the crisis in the Persian Gulf, Traykov informed Prime Minister Andrey Gyurov that the country has a small but real buffer against market shocks.

He noted that while spot markets are highly sensitive to any news from the region, Bulgaria continues to receive gas under previously agreed terms - at price parameters set before the crisis.

"The main source of stability is the long-term gas contract with Azerbaijan. Current supplies are the result of active diversification efforts - this is the path to ensuring supply stability and protecting consumers from sudden price shocks. We continue to monitor developments in international markets and, together with state energy companies, are taking measures to maintain the sector"s security and competitiveness and protect consumers," Traykov said.

Speaking about liquefied natural gas (LNG) imports, the minister noted that Bulgaria had secured LNG at prices agreed before the escalation of the Middle East crisis.

"The deal was concluded at prices significantly below current market levels and creates conditions for predictability in the domestic market amid the sharp rise in international natural gas and oil prices," he added.

Traykov also said that unloading of the second LNG cargo for 2026 for state-owned company Bulgargaz is being completed at the Alexandroupolis terminal. The tanker carrying 100 million cubic meters of gas for Bulgaria was loaded at the Sabine Pass terminal, owned by US-based Cheniere Energy, with Shell acting as the supplier.

"The volumes currently being unloaded will cover Bulgargaz customers" needs for the current month," he noted.

According to Bulgaria"s Energy Ministry, since June 2022, Bulgargaz has carried out 22 direct LNG deliveries to terminals in Greece and Türkiye. Of these, 17 originated from the United States, while the remainder came from Norway and Algeria.