Oman, Bulgaria to sign MoU for energy cooperation

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Muscat – Oman and Bulgaria are set to sign a Memorandum of Understanding (MoU) to promote bilateral energy relations within the next two months.

This agreement was reached during a recent meeting between Bulgaria’s Minister of Energy, Vladimir Malinov, and Oman’s Minister of Energy and Minerals, H E Eng Salim al Aufi, according to an announcement on the Bulgarian Ministry of Energy’s website.

The MoU will enhance bilateral energy cooperation in areas such as oil and gas, hydrogen, renewable energy production and storage, as well as potential Omani investments in Bulgaria, the Bulgarian ministry stated.

“Guaranteeing security and diversification of energy supply is an integral part of Bulgaria’s national security. In this respect, one of our main goals is securing long-term supplies of liquefied natural gas (LNG),” Malinov told his guest, according to the statement.

Malinov noted that starting October 1 this year, the LNG terminal near Alexandroupolis, Greece, where Bulgaria is a co-shareholder, will commence commercial operations.

As per the statement, Malinov and H E Aufi discussed the possibility of supplying LNG to Bulgaria, thereby meeting some of the necessary quantities for the upcoming winter season.

“Our country continues to pursue the target of reaching net-zero emissions by 2050. However, that goal must not impede the competitiveness of the Bulgarian economy,” Malinov said.

H E Aufi expressed interest in Bulgaria’s experience with operating pumped-storage hydropower plants as an option for storing energy from renewable sources.

Furthermore, the energy ministers of Bulgaria and Oman considered potential cooperation in the field of hydrogen as a clean energy source.

“Bulgaria can serve as a gateway for hydrogen producers and traders looking to enter the European market,” Malinov noted.

“We have already developed a project with Greece to build a hydrogen interconnector, which has been granted the status of a Project of Common Interest by the EU. Romania has also expressed interest in joining the project,” Malinov added.

The two ministers agreed to incorporate the topics discussed into the drafted memorandum, which will serve as a basis for developing bilateral relations between the two countries, the Bulgarian Ministry of Energy said.