As reported by Serbian business media Parametar, Bulgarian the state-owned company Bulgargaz has received a 10-year license for wholesale natural gas supplies in Serbia, opening up another major regional player to compete for Serbian consumers.
As analyzed by Parametar, the significance of this decision is not just the emergence of another licensed company. Bulgargaz has its own purchasing portfolio and access to the gas infrastructure of several Central and Southeastern European countries at once.
The company already has the necessary licenses and permits for gas trade and supply in Greece, Romania, Hungary and Slovakia, and through its subsidiary Bulgargaz North is present in Moldova.
The interconnector with Bulgaria with a capacity of about 1.8 billion cubic meters is particularly important for Serbia. m per year. Through Bulgaria, the Serbian market can receive Azerbaijani gas, as well as LNG entering the region through Greek terminals.
Bulgargaz will potentially be able to offer large Serbian companies a comprehensive supply — from LNG purchase and regasification to transportation through Bulgaria and delivery of gas to Serbia.
So far, however, it is only about obtaining a license. "Bulgargaz" has not yet announced large contracts with Serbian consumers. Therefore, the main indicator of real entry into the market will be the booking of cross-border capacities and the conclusion of the first contracts.
The Serbian gas market is formally open to competition, but in fact remains highly concentrated. According to the latest full data from AERS for 2024, the state company Srbijagas provided about 78% of gas sales to end consumers, Novi Sad-Gas - about 3.9%, Yugorosgaz - 3.2%, and the share of each of the remaining suppliers was less than 2%.
At the same time, the market infrastructure is changing. There are three gas transport system operators in Serbia — Transportgas Srbija, Gastrans and Yugorosgaz-Transport. In 2026, Transportgas received an operator's license and Serbia joined the regional gas transmission capacity reservation platform, which should facilitate the access of new suppliers to cross-border routes.
The appearance of Bulgargaz in itself does not yet mean a reduction in prices or a significant redistribution of the market. But if the Bulgarian company starts to actually supply gas to Serbian industrial enterprises, the Serbia-Bulgaria interconnector will gradually turn from an infrastructure for diversifying supplies into a tool of real competition between suppliers.
