10/10/2023 (Agence Europe) – On Tuesday 10 October, the European Commission announced that it had approved a Bulgarian measure worth around €400 million (BGN 800 million) in the form of a soft loan granted by the Bulgarian Ministry of Energy to Bulgargaz EAD, Bulgaria’s state-owned natural gas supplier, for working capital purposes. This company is indirectly 100% owned by the Bulgarian state. The supplier was faced with significant liquidity needs as a result of Russia’s suspension of Bulgargaz EAD’s long-term contract with Gazprom Export OOO. Gazprom covered 90% of the natural gas delivered by Bulgargaz EAD to its customers. At the same time, the state-owned company faced soaring energy prices. The measure was notified under the Temporary Crisis and Transition Framework (see EUROPE 13138/1). (EV)