site.btaEnergy Ministries of Bulgaria, South Korea to Sign Cooperation Agreement

Bulgaria’s Energy Ministry and the Republic of Korea’s Trade, Industry, and Energy Ministry will prepare and sign a cooperation agreement to promote mutual contacts in the energy industry. The agreement was reached at a meeting between Bulgarian caretaker Energy Minister Vladimir Malinov and Korean Ambassador to Bulgaria Jongin Bae, the Energy Minsitry said in a press release on Friday.

Malinov underscored that Bulgaria is very interested in deepening its energy cooperation with the Republic of Korea, as its industry has serious development potential. In his words, deepening bilateral ties on the basis of Korea’s high technological development and Bulgaria’s experience and traditions will provide excellent prospects for exchange of know-how and expertise between the two countries.

Malinov and Bae agreed that nuclear energy is one of the potential areas for deepening cooperation, but bilateral partnership could also cover the development of renewable energy, storage systems and natural gas.

On February 23, 2024, Bulgarian Parliament gave the green light to talks between Kozloduy NPP – New Builds and Korean company Hyundai Engineering & Construction Co. shortlisted as a potential contractor for engineering, design, delivery and commissioning of new N-plant units on the site of the existing Kozloduy N-plant. The future N-plant units will use the AP1000 technology of Westinghouse. Days earlier, it transpired that Hyundai Engineering & Construction) remained the only candidate for the construction and commissioning of Units 7 and 8 at Kozloduy after a committee reviewed the applicants' documents to ensure they meet all requirements.

At his meeting with Bae, Malinov stressed that this project is among the caretaker government's key energy priorities. It is of strategic importance for both energy security and the successful implementation of decarbonisation targets, the Energy Minister stressed.

The two sides also discussed potential cooperation in the liquified natural gas (LNG) market. The Republic of Korea is one of the largest importers of LNG in the world. Bulgaria has a serious interest in joint purchases, which could provide further diversification and energy security, Malinov added.