With support form the European Bank for Reconstruction and Development (EBRD) and the International Finance Corp. (IFC), Bulmarket DM will expand its existing network of LPG terminals and build a new terminal to store and distribute LNG.
The first importer and distributor of LNG in Bulgaria
The EBRD and the IFC are to provide €10 million each in loans to help introduce cleaner fuels and diversify the energy sources available in Bulgaria. Moreover, this will position Bulmarket DM to become the first importer and distributor of LNG in Bulgaria, for its smaller businesses.
To date, the EBRD has invested over €3 billion in various sectors of Bulgaria’s economy, with a third of this total being in the energy sector. The organisation hopes to improve Bulgaria’s environmental standards and, on a smaller scale, its local growth.
EBRD’s Director for Bulgaria, Daniel Berg, said: “Unlike natural gas delivered via pipelines, the introduction of LNG on the market offers flexibility, as it can be transported from and to anywhere.” He continued: “Opening a window to this alternative fuel – especially one that is cleaner than what is currently used by companies not connected to the natural gas grid – helps diversify energy sources available to Bulgarian companies.”
Carsten Mueller, IFC Regional Industry Head of Manufacturing, Agribusiness and Services in Europe, Middle East and North Africa region, said: "The financing IFC extended to Bulmarket DM reflects our focus on alternative transportation fuels. IFC is supporting Bulmarket with funding and advice, so the company can grow its business, further increase efficiency, and offer new solutions to satisfy the demand for fuels in Bulgaria."
Supplying LNG to industrial companies
Mr Stanko Stankov, the owner of Bulmarket DM, added: “Thanks to this expansion, we will start supplying LNG to industrial companies in Bulgaria, many of which are remote and do not have access to traditional gas distribution and competitive energy sources. We will also increase the distribution of LPG in Bulgaria and the Balkans.”
Edited from press release by Callum O'Reilly
Read the article online at: https://www.lngindustry.com/regasification/06072015/ebrd-and-ifc-loans-introduce-lng-in-bulgaria-1000/