Valentin Zlatev enters the gas business in Bulgaria

Energiko Trading Bulgaria has applied for a 35-year license for natural gas trading. The company is managed by Valentin Zlatev - former head of Lukoil Bulgaria and the refinery near Burgas. The report was discussed today in the Energy and Water Regulatory Commission, and the regulator is now expected to issue or refuse a license to the company. Thus, Zlatev's company is expected to enter the natural gas market in Bulgaria and even compete for customers with the state gas supplier Bulgargaz.

The EWRC report shows that the majority owner of the company is the Swiss company Litasco SA, which manages LUKOIL's global needs for the supply of crude oil, natural gas and petroleum products, marketing and trade. The company plans to supply natural gas to other parts of the Balkans in the future.

Energiko Trading Bulgaria has requested a license for a maximum period of 35 years, which is justified by the argument that the company has a long-term contract for the supply of natural gas at the outlet of the gas transmission network with a strategic client of national importance. According to well-known experts, these are deliveries directly to the oil refinery near Burgas, thus the services of Bulgargaz will not be used for deliveries to Lukoil Neftochim Burgas. Bulgargaz is the main supplier of natural gas to key industrial companies in Bulgaria, such as the dental, nitrogen-fertilizer or chemical industries.

It is also clear from the EWRC report that Energiko Trading Bulgaria is registered at 33 Knyaz Alexander Dondukov Blvd. in Sofia. The Energia insurance company is also registered at the same address.

The company has a capital of BGN 51 thousand. The shares are distributed among the partners Litasco CA - 38,249 shares; Ivan Drenovichki with 8501 and "Agroengineering-90" EOOD with 4250 shares. The company also has a membership agreement on the trading platform of Gas Hub Balkan in order to trade in blue fuel.

EWRC has no comments on the provided data and is expected to satisfy the request of the company "Energy Trading Bulgaria".

At another meeting today, the EWRC accepted a request from the Bulgarian Gas Company for a license to trade in natural gas with a license for 10 years. The sole owner of the company is Veselin Todorod. The company has a capital of BGN 5,000 and has a supply contract with Bulgartransgaz.