„Bulgaria is a reliable partner in energy transformation and security in the region“. This was stated by the Minister of Energy Zhecho Stankov during his participation in the tenth edition of the Delphi Economic Forum in Greece. During the panel dedicated to the energy challenges facing the countries in the region, he emphasized the active role of our country in strengthening national and regional energy connectivity and security.
In front of the participants in the forum, Minister Stankov emphasized Bulgaria's efforts to diversify gas supplies from reliable sources, as well as to develop electricity connectivity with neighboring countries. „Through gas interconnectors with its neighbors, Bulgaria is already an established participant in the processes of ensuring security and competitiveness for business and citizens in the region“, the Minister of Energy emphasized. He also noted the start of commercial operation of the LNG terminal in Alexandroupolis as a key response to the challenges related to the diversification of gas supplies. “The first delivery of liquefied natural gas to Bulgaria through the terminal is a fact, our country received 1 million MWh of gas of Norwegian origin. Part of this quantity, together with gas from Azerbaijan and the storage facility in Chiren, ensured better price conditions for Bulgarian consumers“, the minister emphasized.
He also highlighted the prospects for domestic extraction of energy resources as a serious factor in ensuring competitive price conditions for consumers. In a few days, the Bulgarian government is due to sign a contract with Shell for oil and natural gas exploration in the “Khan Tervel Block“ in the Black Sea, and a few weeks ago a new shareholder joined the exploration in the “Khan Asparuh Block“ – According to Minister Stankov, these are encouraging facts for our energy independence.
The priority project “Vertical Gas Corridor“ is of key importance both for Bulgaria and for the countries of Southeastern and Central Europe, including Moldova and Ukraine, Minister Stankov also emphasized, emphasizing the role of the project in increasing the security of supplies and their diversification through effective use and upgrading of the existing gas transmission infrastructure. The start of actual construction activities for the new gas pipeline is expected in May 2025.
Bulgaria plays a central role in the development of regional connectivity in the field of electricity. “We have an excellently developed electricity transmission network, high capacity of interconnections, a well-functioning market and growing interest in investments in green energy“, Minister Stankov pointed out.
In front of the audience of the Delphic Economic Forum, he also focused on the challenges related to the high prices of electricity in Southeast Europe and stressed that active actions are needed at the European level in this direction. He added that the countries of the region will continue to defend a unified position. This is already a fact with the joint proposals for addressing the problem sent by Bulgaria, Greece and Romania to the European Commission.
“Energy security - national, regional and international - is a key factor for the successful energy transformation, along with the development of the transmission, storage and digitalization infrastructure“, the Minister of Energy emphasized in conclusion.
During his visit to Greece, Minister Stankov spoke with the Minister of Environment and Energy of our southern neighbor Stavros Papastavrou. The two discussed the development of the strategic project for the Vertical Gas Corridor, as well as the increase in the capacity of the IGB interconnector from 3.3 to 5 billion cubic meters. The two ministers tasked the electricity operators in their countries to seek opportunities to increase connectivity between them. Ministers Stankov and Papastavrou agreed that the strategic energy partnership between Bulgaria and Greece is leading for the development of the sector in the entire region of Southeastern Europe.
The possibilities for increasing the capacity of the interconnection with Greece, as well as investments in natural gas transmission facilities to improve energy security, were among the highlights of the conversation between Minister Stankov and the CEO of DESFA Maria Rita Galli.