The Sultanate of Oman and Republic of Bulgaria are set to sign a Memorandum of Understanding (MoU) to strengthen their bilateral energy relations within the next two months. This agreement was reached during a meeting on August 23, 2024, between Eng Salim al Aufi, Oman’s Minister of Energy and Minerals and Vladimir Malinov, Bulgaria's Minister of Energy in the capital city, Sofia.
According to a statement issued by Bulgaria’s Ministry of Energy, the MoU aims to boost cooperation in areas such as oil and gas, hydrogen, renewable energy production and storage, with the possibility of Oman investing in Bulgaria.
Malinov emphasised the importance of securing and diversifying energy supplies as a vital aspect of Bulgaria's national security. “Guaranteeing security and diversification of energy supply is an integral part of Bulgaria's national security. In this respect, one of the main goals facing our country is securing supplies of liquefied natural gas in the long term,” he stated.
He highlighted the need for long-term liquefied natural gas (LNG) supplies, mentioning that Bulgaria will soon begin commercial operations at the LNG terminal near Alexandroupolis, Greece. Al Aufi and Malinov discussed the prospect of Oman supplying LNG to Bulgaria to meet the demands of the upcoming winter season.
Oman expressed interest in Bulgaria's expertise in operating pumped storage hydro plants for renewable energy storage. Additionally, both countries explored potential collaboration in hydrogen energy, with Bulgaria positioning itself as a gateway for hydrogen producers and traders in Europe. “Bulgaria can be a gateway for producers and traders of hydrogen that can be realised in Europe," Malinov noted.
He also mentioned a collaborative project with Greece to build a hydrogen interconnector, which has EU recognition as a Project of Common Interest, with Romania showing interest in joining. “We have already developed, together with Greece, a project to build an interconnector for hydrogen, which has also been granted the status of a Project of Common Interest to the EU. Romania is interested in joining the project as well,” Malinov added.
The topics discussed will be formalised in the forthcoming memorandum, laying the foundation for enhanced bilateral relations between Oman and Bulgaria.
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