site.btaEnergy Ministers of Bulgaria, Korea, Sign Memorandum on Cooperation in Field of Energy

Caretaker Minister Vladimir Malinov and Korean Trade, Industry and Energy Minister Ahn Dukgeun signed a memorandum of cooperation in the field of energy, the Ministry of Energy said. The purpose of the memorandum is to create a framework for deepening bilateral relations in the sector.

Caretaker Minister of Energy Vladimir Malinov is on a working visit to Seoul.

The document will promote cooperation between companies from the two countries in the implementation of new investments in the production of energy from renewable sources, as well as in the construction of energy storage facilities. Exchange of knowledge and good practices between companies and institutions in the field of natural gas, cooperation in the global liquefied natural gas market, and others, are also envisaged. The development of  mutual relations at the various stages of the nuclear fuel cycle, including the construction of new nuclear facilities and the management of spent nuclear fuel and radioactive waste, is mentioned in the document, the Bulgarian Energy Ministry specified.

The two ministers agreed that the signing of the memorandum marks a new step in bilateral relations, which will continue to develop on the basis of shared values, similar positions and mutual benefit. Minister Ahn Dukgeun accepted the invitation of his colleague Malinov to visit Bulgaria as soon as possible, and a business forum between companies from the two countries will be held as part of the visit.

"The Republic of Korea is one of our most promising partners from East Asia in the field of climate change solutions, renewable energy sources and energy efficiency, nuclear power, new energy technologies and others. This cooperation, which is in the interest of both countries, is of utmost importance for us in regard to achieving the goals of carbon neutrality through new energy technologies," Malinov said during his meeting with Ahn Dukgeun.

During his visit to Seoul, caretaker Minister Malinov also spoke with the country's Deputy Minister for Multilateral and Global Affairs at the Ministry of Foreign Affairs Kweon Ki-hwan. "For our country, the attraction of Korean investments and technologies, as well as the increase of Bulgarian exports to the Republic of Korea, are among the main priorities," said Malinov. In the first 9 months of 2023, the total trade with the Republic of Korea was worth USD 344.7 million, which is an increase of 27.2% compared to the same period of 2022. Malinov noted that promising areas of cooperation are energy, industry, information technology, combating climate change and others. He pointed out Bulgaria's choice of Hyundai Engineering and Construction for the construction of the 7th and 8th units of the Kozloduy NPP as another opportunity to activate and deepen bilateral relations.