At the beginning of June this year, Bulgartransgaz EAD announced a procedure for raising credit resources in the amount of EUR 400 million. The objective of the procedure was to ensure financial resources for the project Balkan Stream.
The total amount of the offers received is EUR 542 million. Interest rates vary for each of the 6 years of the credit, with the lowest offered interest rate being 1.35% and the highest – 3.50%. The results of the procedure have been approved by Bulgartransgaz EAD management and a process will be launched on specifying the terms and conditions of the particular contracts with the financing institutions.
Due to the great interest of the financing institutions in the procedure announced by Bulgartransgaz EAD and due to the fact that the interest rates offered by the financing institutions are more economically advantageous than those set in the contracts concluded with Association Consortium Arkad and DZZD Ferrostaal Balkangaz – the selected contractors for implementation of the Balkan Stream project, Bulgartransgaz EAD has the opportunity to realize interest savings in the amount of EUR 65 million.
At the moment, BGN 250 million have been paid for TurkStream through Bulgaria, and the total value of the project, renamed Balkan Stream, is BGN 2.15 billion without interest. Another more than BGN 300 million are planned for the compressor stations.