site.btaEnergy Ministry to Sign Memorandum with Oman Ministry of Energy and Minerals

The Council of Minister approved here on Tuesday a draft Memorandum of Understanding between the Ministry of Energy of the Republic of Bulgaria and the Ministry of Energy and Minerals of the Sultanate of Oman. The aim is to create a framework for deepening bilateral relations in the field of energy, based on equality and mutual benefit. 

The cooperation provided for in the project includes encouraging the participation of companies from both countries in tenders in the field of energy and the implementation of new investments for the production of energy from renewable sources and the construction of energy storage facilities, the sharing of knowledge and best practices between companies and institutions in the field of natural gas and oil, cooperation in the global liquefied natural gas market, promotion of joint investments in energy between the two countries, participation of qualified specialists from both countries in energy projects and others.

Exchange of energy policies, best practices and technologies and publicly available energy information, as well as training and transfer of expertise are also among the areas of cooperation laid down in the project.

Oman expressed interest in Bulgaria's experience in the field of diversification of energy supplies, as well as in the production of energy from renewable sources. In turn, Oman's oil and gas industries, which are potential areas of cooperation, lead the country's economy, contributing 72% of its GDP.

With Tuesday's decision, the Council of Ministers authorized the Minister of Energy to conduct negotiations and sign the memorandum.