The implementation of projects between Bulgaria and Azerbaijan will guarantee the diversification of energy sources

"The expansion of exploration for oil and natural gas deposits in the Black Sea is of strategic importance for the fulfillment of our priorities related to the diversification of energy supplies. That is why the government is making targeted efforts to speed up this process." This was said by the Minister of Energy Vladimir Malinov at a meeting with the Minister of Economy of Azerbaijan Mikail Jabbarov, which was also attended by the ambassador of the Asian country to our country Husein Huseinov, as well as the vice president of SOCAR Elshad Nasirov. Minister Malinov is in Baku for the sixth meeting of the Intergovernmental Commission for Economic Cooperation.

"On June 12, the Official Gazette of the EU announced a procedure for the search and exploration of oil and natural gas in "Block 1-26 Khan Tervel", which is located in the exclusive economic zone of Bulgaria in the Black Sea", recalled Minister Malinov and invited companies from Azerbaijan to also participate in the competition. According to him, the development of a local oil and natural gas deposit will ensure energy independence of the country and will contribute to increasing the competitiveness of the economy.

The expansion of SOCAR's activities in Bulgaria was also the focus of the conversation between the two ministers. We remind you that last year the company opened its sales office in Bulgaria, thus our country became only the second in Europe (after Germany) where SOCAR has such a structure.

The company's participation in the expansion of gasification in Bulgaria is one of the potential directions for the development of its activities in our country, it became clear during the conversation. As an example, Minister Malinov pointed to the region of Panagyurishte - since last year, a gas pipeline has already been built there, and gas consumption is expected to increase. "About 5-6% of the GDP is produced in the region, it has serious industrial potential", the energy minister added.

During his visit to Baku, Minister Malinov also spoke with Deputy Minister of Energy Kamal Abazov. "Bulgaria is an energy center in the region not only because of its geostrategic location, but also because of its well-developed infrastructure," Minister Malinov emphasized to his colleague. According to him, the government is actively working to expand the high-voltage power transmission system, for which European grant funding is also used. "Due to the expected increase in electricity consumption throughout the region, we are also making efforts to strengthen interconnection with all neighboring countries," he added.

Minister Malinov informed his host about the official decision for Bulgaria to join the Green Energy Corridor - a project that aims to strengthen national and regional energy security by diversifying and using the potential for energy production from renewable sources in the Caspian region and increasing the share of energy from renewable sources in the national energy mix. An agreement on the implementation of the project has already been signed with four countries. The project company will be located in Bucharest.

The importance of the Vertical Gas Corridor as a source of energy security through the diversification of gas supplies was also the subject of the conversation between Minister Malinov and Deputy Minister Abazov. With the increase in transmission capacities from south to north, Bulgaria will have the opportunity to transport alternative quantities of natural gas for the entire region, including from Azerbaijan.