Bulgargaz

What Bulgargaz does

Bulgargaz EAD is the legally designated sole public natural gas supplier (Обществен доставчик) for the territory of Bulgaria, operating as a wholly state-owned sole-shareholder joint-stock company within Bulgarian Energy Holding EAD (BEH). Founded in 1963 and headquartered at ul. "Petar Parchevich" No. 47 in Sofia, the company procures natural gas from international counterparties — including Azerbaijan (AGSC via the Southern Gas Corridor), Turkey's Botas, US LNG (Shell, Cheniere, TotalEnergies, Vitol), and Greece's Alexandroupolis LNG / Atlantic-SEE LNG Trade — and supplies it through Bulgartransgaz EAD's national transmission and low-pressure distribution networks. Bulgargaz serves two primary segments: industrial and commercial end-customers directly connected to the high-pressure transmission network, and downstream residential/commercial clients reached via Bulgartransgaz's low-pressure distribution grid, with 300+ clients and partners across 30+ gas regulation stations nationally.

The company operates under a regulated pricing framework administered by the Energy and Water Regulatory Commission (KEVR), with prices reset quarterly based on supply costs and market conditions — the June 2026 regulated price stands at 35.62 EUR/MWh (69.67 BGN/MWh) excluding excise and VAT. Its revenue model is effectively a pass-through commodity sale at regulated tariffs, with margins constrained by KEVR oversight and dependent on disciplined procurement. Strategically, Bulgargaz is pursuing full diversification away from Russian gas following the 2022 Gazprom cutoff (subject of an ongoing EUR 400 million arbitration), executing long-term LNG agreements through the Vertical Gas Corridor (1.5 Bcm/year, up to 20 years via Atlantic-SEE), spot LNG tenders (Shell, May 2026), and managing a frozen 13-year, 1.5 Bcm/year Botas contract under prosecutor investigation. Distribution is exclusively domestic through physical pipeline infrastructure, and the entity has no subsidiaries, no public listing, and operates with 11-50 employees.

Name

Bulgargaz

Legal name

"Булгаргаз" ЕАД

Website

https://bulgargaz.bg

Company type

Private

Founded year

1965

Operating status

Operating

Headcount range

11–50 employees

Short description

Bulgargaz EAD is Bulgaria's state-owned sole public natural gas supplier, procuring gas from Azerbaijan, Turkey, US LNG, and Greek terminals and distributing it via Bulgartransgaz's national network to 300+ industrial, commercial, and residential clients under KEVR-regulated pricing.

Ownership category

akta.pro rank

Product category

Natural Gas Utility

NAICS

Natural Gas Distribution (22121), Natural Gas Distribution (2212)

SIC

Natural Gas Transmisison & Distribution (4923), Natural Gas Distribution (4924)

akta.pro primary industry

Regulated Natural Gas Utility (LDC) Customer Acquisition & Switching (EUAAADAA)

akta.pro secondary industry

Local Distribution Company (LDC) Natural Gas Distribution Utilities (TLAGADAA)

Keywords

• Natural gas supply
• Public gas utility
• Regulated energy
• Gas procurement
• Energy distribution

Headquarters

HQ city

Sofia

HQ country

Bulgaria

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Supply Chain, Infrastructure, Operations, Personnel

Revenue model

1. Natural Gas Sales: Bulgargaz generates revenue as Bulgaria's sole public natural gas supplier by selling natural gas to end-suppliers and end-customers connected to the gas transmission network. Pricing is regulated by the Energy and Water Regulatory Commission (KEVR), with prices set quarterly based on supply costs and market conditions. Revenue derives from volume-based sales at regulated prices covering transmission costs, storage fees, and commodity costs.

Pricing tiers

Go-to-market motion2 records

Distribution channels2 records

Marketing channels4 records

Core offering

Bulgargaz EAD is Bulgaria's sole public natural gas supplier, responsible for procuring natural gas from international and domestic sources and selling it to end-suppliers, industrial and commercial customers connected to the national transmission network, and to clients of Bulgartransgaz EAD's low-pressure distribution network. Operating under price regulation by the Energy and Water Regulatory Commission (KEVR), the company ensures nationwide delivery of natural gas across multiple consumption segments.

Product overview

Bulgargaz EAD is a state-owned joint-stock company under the Bulgarian Energy Holding EAD structure, operating as the sole public supplier of natural gas for the territory of Bulgaria. The company provides natural gas procurement and supply services, managing a network of delivery points across the country. The product portfolio centers on natural gas as a single core offering, without a multi-module platform architecture.

Differentiator

Problem solved

Functional benefit

Products and services

• Public Natural Gas Supply

Quantifiable outcome

• Bulgaria's gas needs fully covered by existing contracts with Azerbaijan, Turkey's Botas, and Alexandroupolis LNG capacity

Named customers3 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Eight partnerships are on record, tiered core and major.

• ShellcoreTechnology or Integration · 13 May 2026Shell won a competitive tender to supply a liquefied natural gas cargo of 1,000,000 MWh to Türkiye for Bulgargaz. Shell ranked first among five companies that submitted bids, offering the most competitive delivery terms. The cargo, loaded in the United States, was expected to arrive by end of May 2026 to meet Bulgarian consumer needs during the summer season. This deal supports Bulgaria's efforts to diversify its gas supply routes and connects US LNG supply with a European buyer in the Balkans.
• Atlantic-SEE LNG TradecoreStrategic or Co-development Partner · 25 February 2026Atlantic-SEE LNG Trade, a joint venture between Aktor Group (60%) and DEPA Commercial (40%), signed a long-term LNG supply agreement with Bulgargaz for 1.5 Bcm/year as part of the 'vertical gas corridor' initiative during the Transatlantic Gas Security Summit in Washington DC. The agreement has a duration of up to 20 years and positions Greece as an energy hub for Eastern Europe ahead of the EU ban on Russian natural gas.
• Turkey's BotascoreStrategic or Co-development Partner · 1 January 2023Bulgargaz and Turkey's Botas signed a 13-year contract in 2023 for liquefied natural gas imports of 1.5 billion cubic metres annually via Turkish terminals, as part of Bulgaria's efforts to reduce reliance on Russian gas. In July 2026, the two companies signed a protocol to freeze the contract for 15 months amid $360 million in accumulated debt and a Sofia City prosecutor's investigation into the contract's terms. During the freeze, Bulgargaz will pay only for transmission capacity actually used under improved conditions while both governments work toward renegotiating the contract at current market rates.
• AGSC (Azerbaijan Gas Supply Company)coreTechnology or IntegrationAGSC (Azerbaijan Gas Supply Company) is listed as a partner on Bulgargaz's website. Azerbaijan is a key gas supply source for Bulgaria through the Southern Gas Corridor, complementing other supply sources.
• DEPA CommercialcoreStrategic or Co-development PartnerDEPA Commercial (Greece) is listed as a partner on Bulgargaz's website and is also co-investor in the Atlantic-SEE LNG Trade joint venture providing Bulgargaz with 1.5 Bcm/year of US LNG via the vertical gas corridor.
• MET GroupmajorTechnology or IntegrationMET Group is listed as a partner on Bulgargaz's website. The company is a European energy utility with LNG capabilities that has signed cooperation agreements for Balkan gas supply.
• MetlenmajorTechnology or IntegrationMetlen (Greece) is listed as a partner on Bulgargaz's website. The company signed agreements for 0.5-1 Bcm/year of LNG annually from 2027-2031 as part of Shell's cooperation arrangements.
• Bulgartransgaz EADcoreTechnology or IntegrationBulgartransgaz EAD manages Bulgaria's gas transmission infrastructure and operates low-pressure distribution networks. Bulgargaz supplies natural gas to clients connected to Bulgartransgaz's networks at regulated prices.

Scale indicators5 records

Recent moves6 records

Expansion highlights5 records

Regional players

• Plinacro: Croatian gas transmission system operator. Comparable as a regional state-owned gas infrastructure entity in the Balkans with similar supply corridor dynamics.
• DESFA: Greek gas transmission system operator operating the Greek LNG import infrastructure including the Alexandroupolis FSRU. Comparable as a regional gas infrastructure operator connected to Bulgargaz's supply chain.
• Eustream: Slovak gas transmission system operator, majority-owned by the Slovak state. Comparable as a regional state-owned gas infrastructure entity in Central Europe.

Emerging players

• MET Group: Swiss-headquartered European energy company active in natural gas trading and supply across the Balkans. Comparable as a major regional gas counterparty and listed partner of Bulgargaz.

Direct peers

• Naftogaz Group: Ukrainian national oil and gas holding company that operates as the country's integrated gas supplier, transit operator, and procurement entity. Comparable as a state-owned national gas utility in a neighboring Eastern European country navigating post-Russian-supply transition.
• Romgaz: Romanian majority state-owned natural gas producer and supplier, the largest gas company in Romania. Comparable as a state-owned national gas company operating in a neighboring market with similar regulatory and supply dynamics.
• Moldovagaz: Moldovan natural gas distribution and supply company, majority-owned by Gazprom. Comparable as a state-influenced national gas supplier in a small Eastern European market with similar supply diversification challenges.
• DEPA Commercial: Greek state-owned natural gas supplier and trader, also a co-investor in the Atlantic-SEE LNG Trade joint venture supplying Bulgargaz. Directly comparable as a regional state-affiliated gas procurement and supply entity.
• BOTAŞ: Turkish state-owned petroleum pipeline corporation that operates as Turkey's national gas importer and wholesaler. Directly comparable to Bulgargaz as a state-owned regional gas procurement entity, and is also Bulgargaz's contract counterparty.

Broad incumbents

• PGNiG Supply & Trading: Polish state-controlled gas company and one of the largest gas suppliers in Central Europe. Comparable as a state-influenced regional gas utility navigating Russian supply replacement.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/_Bulgargaz
• LinkedInlinkedin.com/company/bulgargaz

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Bulgargaz