Bulgarian overview

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Economic overview

• EU, NATO and WTO member
• Area - 110,994  km²
• Population  - 7,36 million
• GDP reached Euro 40 bn. in 2013 and Euro 42 bn. in 2014

Gas market

• Bulgarian gas market is very small in comparison to other European countries.
• Current average price for natural gas to both retail and industrial consumers is Euro 268/1000 m³
• Bulgaria has well developed infrastructure for transportation of natural gas - network reaches Turkey, Greece &  Macedonia.
• Parliament introduced a moratorium on all hydraulic stimulation for conventional and unconventional gas at the beginning of 2012. Moratorium now amended to cover unconventional gas.

Natural gas production and consumption in Bulgaria, bn. m³

 

Natural gas proved reserves in Bulgaria, bn. m³

Fiscal Terms

Corporate income tax monthly payments required	10%
VAT monthly payments required	20%
Royalty fee R-factor = TCI/TCC where TCI- cumulative income, related to the object of concession for all periods under review, reduced by the paid concession payments;   TCC - cumulative costs of prospecting, exploration, evaluation, development, operation, for all periods under review;	The calculated R-factor is in the following limits: Under 1.50: Concession 2.5% 1.50 to 1.75:  Concession 5.00% 1.75 to 2.00: Concession 7.50% to 12.50% 2.50 to 3.00: Concession 12.50% to 22.50% Above 3.00: Concession 25.00% to 30.00%
Pension & Social Security Contributions monthly payments required	18% to 20%