site.btaBulgaria's Government Is Focused on Creating Conditions for Foreign Investors - Energy Minister

Sofia, November 15 (BTA) - Bulgaria's Government is working purposefully to create appropriate conditions to attract foreign investors, Energy Minister Temenouzhka Petkova said on Wednesday. She was speaking at the opening of the annual meeting of the European Petroleum Industry Association (EUROPIA) at Grand Hotel Sofia.

The fight against the grey sector is one of the main things on which the Government is focused because it guarantees investors that they will operate in a normal market environment and in strict abidance by European rules, Petkova added.

The Energy Minister noted that the present forum unites over 80 per cent of the petroleum industry in Europe and largely forms the vision and the decisions made in this sector in the EU.

Petkova underscored that one of the main priorities during Bulgaria's Presidency of the EU Council will be related to the Clean Energy for All Europeans package adopted in 2016. "The main subjects and discussions connected with this package will include both legislative and non-legislative initiatives, mainly related to energy from renewable sources, energy efficiency, the model of the electricity market, and the drafting of a Regulation on the Governance of the Energy Union," she added.

The issues of the Western Balkans, regional cooperation and inter-system connection, as well as diversification of energy resources will also be raised.

Taking a journalist's question, Petkova said that if a moratorium on gas extraction is imposed, this would mean that certain natural gas reserves in Bulgaria will not be used in the interest of the Bulgarian business and citizens. In her words, when the technology is absolutely safe and no legislative obstacles exist, such a decision would be very brave and requires a very serious analysis.

Bulgarian Petroleum and Gas Association (BPGA) Chairman Valentin Zlatev expressed the hope that the adoption of a new Fuels Act would help in the fight against the grey sector in the branch. He specified that the fuel market is regulated by 14 separate acts, and the Excise Duties and Tax Warehouses Act's section on fuels has been amended 17 times in the last five years. According to him, this creates loopholes in the law.

FuelsEurope Director General John Cooper commented that the problem with grey economy in Bulgaria has been discussed with the BPGA. "We agree to work with the Association so as to help the industry and the Government overcome this problem," he said.

According to Cooper, liquid fuels will be needed in the future despite technological developments. "Europe invests in new technologies, and these investments are mostly directed at electricity, including electric cars, but we should also look at the innovations in new sources for creating liquid fuels," he specified.