A Memorandum of Understanding between the Bulgarian Ministry of Energy and the Ministry of Energy and Mineral Resources of the Sultanate of Oman was signed today. The document marks the beginning of enhanced bilateral cooperation in the field of energy and creates an institutional framework for the development of a partnership based on the principles of equality, mutual respect and a common aspiration for energy security and economic growth.
The signing took place at the Ministry of Foreign Affairs of the Republic of Bulgaria, after a trilateral meeting between the Minister of Energy Zhecho Stankov, the Minister of Foreign Affairs Georg Georgiev and the Minister of Foreign Affairs of the Sultanate of Oman – H.E. Said Badr bin Hamad Al Busaidi. The two countries agreed to work towards deepening cooperation in the global liquefied natural gas (LNG) market by promoting trade initiatives, logistical links and new supply channels. Potential Omani investments in renewable energy, including battery energy storage systems in the country, were also discussed.
The memorandum envisages a wide range of initiatives, fully in line with the priorities of the Ministry of Energy. Additional focus is placed on strengthening regional and international energy connectivity. This includes the exchange of expertise and good practices between companies and institutions from both countries, especially in the fields of natural gas and oil industry.
The two countries will work together to promote joint investments, technology transfer and building long-term partnerships between the public and private sectors.
Oman shows deep interest in the Bulgarian experience in the field of diversification of energy supplies and sustainable development of the sector. For its part, the Sultanate's oil and gas industry, which accounts for over 72% of the country's gross domestic product, represents significant potential for future cooperation.
The Ministry of Energy considers this memorandum as an important step towards realizing the national vision of establishing Bulgaria as an energy hub in Southeastern Europe and deepening international partnerships in the name of energy security, sustainability and economic development.