Bulgaria: Bulgartransgaz recorded more than doubled net profit in 2019,compared to 2018

May 20, 2020

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Bulgartransgaz, Bulgarian state-owned natural gas transmission system operator recorded more than double net profit compared to 24.2 million euros profit recorded in 2018, which is 53.5 million euros in 2019. Operating revenues of the company decreased to 183 million euros in 2019 from 190.6 million euros in the previous year. Expenditures also dropped to 129.7 million euros, compared to 168.4 million euros in the previous year.

Revenues from gas transit to the borders with Greece, Turkey and North Macedonia rose to 115 million euros from 103.7million euros a year earlier.

Bulgartransgaz recorded a net profit in the amount of 24.2 million euros in 2018, which is a decrease compared to 31.5 million euros profit in 2017. The company is involved in the construction of the Bulgarian section of TurkStream gas pipeline extension, which will bring Russian natural gas to central Europe. According to estimates, the company’s revenues should increase by some 200 million euros per year once the pipeline becomes operational.

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