Bulgartransgaz EAD invites interested financial institutions and/or consortia of financial institutions to submit tenders for the provision of a financial service “Financing” in the form of a bank loan, aimed at financing the following investment project:
“Expansion of Bulgartransgaz EAD gas transmission infrastructure for implementation of the Vertical Gas Corridor initiative of the gas transmission operators of Bulgaria, Greece, Romania, Hungary, Slovakia, Ukraine and Moldova.”
The Vertical Gas Corridor is a strategic project aimed at the expansion and reinforcement of the existing networks to enable the transmission of additional gas volumes from reliable and diversified sources, such as the United States, Azerbaijan, Egypt, and others from south to north to Central and Eastern European countries. “Its implementation is of key importance for Europe’s energy security,” emphasized Bulgartransgaz Executive Director Vladimir Malinov. “The realization of the Vertical Corridor will significantly enhance the region’s energy security, improve the economic competitiveness, and provide consumers with access to gas at optimal prices,” he added.
Under the current procedure, Bulgartransgaz seeks to raise financing in the amount of BGN 200 million, with a repayment term of 5 years.
“Given the sound financial position of Bulgartransgaz EAD and our strong track record as a reliable borrower, we expect substantial interest in this procedure from leading financial institutions, which will support the timely realization of the project,” Malinov further noted.
The loan will be secured by a state guarantee, approved by Council of Ministers Decision No. 484 dated 05.07.2024. The provision of such guarantee is also envisaged in the 2025 State Budget Act of the Republic of Bulgaria (pursuant to Article 72(2)(1) of the State Budget Act) and the Council of Ministers may issue new state guarantees or approve state guarantee agreements and submit them for ratification by the National Assembly for new loan agreements of Bulgartransgaz EAD in an amount of up to the BGN equivalent of 625 million for project financing.
Key Parameters of the Requested Financing:
- Total amount: BGN 200 million equivalent in EUR;
- Repayment term: 5 years, starting from the end of the grace period (by 01.01.2027);
- Interest rate: 1-month EURIBOR + margin, inclusive of all fees and commissions;
- Repayment: equal monthly instalments; only interest is paid during the grace period;
- Minimum amount per participant: EUR 25 million;
- No prepayment fees;
Each participant shall indicate both the amount of the loan they are able to provide, and the proposed interest margin above 1-month EURIBOR.
Tenders shall also include:
- Sample repayment schedule;
- Price offer indicating the margin with and without a state guarantee;
- Eligibility documents, declarations, and supporting evidence demonstrating compliance with the invitation’s requirements.
Tender submission deadline:
By 5:00 pm on 4 July 2025, via email to: tenders@bulgartransgaz.bg
(Tender shall be submitted as a password-protected archived file. The password shall be sent separately to the same email address)
The invitation can be downloaded here.
Word templates of the annexes can be downloaded here.
Additional clarifications and information:
The financial statements of Bulgartransgaz EAD are available at the following link.
Banking institutions intending to submit an offer may send written inquiries related to the implementation of the project and/or the financial standing of Bulgartransgaz EAD no later than the end of the working day on 25 June 2025.
Inquiries should be sent to the following e-mail address: tenders@bulgartransgaz.bg