site.btaBulgaria, US Eye Cooperation in Renewable Energy, Oil and Gas

Bulgaria and the United States will expand the scope of their intergovernmental agreement which envisages cooperation in building new nuclear power capacity at the Kozloduy Nuclear Power Plant and under the Bulgarian programme for nuclear energy for peaceful uses. The future update will enhance bilateral energy cooperation by adding the renewable energy sector and the oil and gas industry, the Bulgarian Energy Ministry reported on Thursday.

The matter was discussed in Washington between Bulgarian caretaker Minister of Energy Vladimir Malinov and US Assistant Secretary of State for Energy Resources Geoffrey Pyatt.

Malinov commented: "Thanks to the mutual trust we have built and our excellent joint work, our two countries will achieve their shared goals of energy security and energy independence in the region [of Southeastern Europe]."

The two reviewed progress on the Vertical Gas Corridor (VGC), a strategic initiative of the natural gas transmission operators of Bulgaria, Greece, Romania, Hungary, Slovakia, Ukraine and Moldova. Malinov said that work is underway for designing new infrastructure in Bulgaria for the purposes of the VGC. The design should be completed by the end of 2025. He noted that the initiative is in line with the operation of the existing LNG terminal in Alexandroupolis, Greece, the expansion of the underground gas storage facility in Chiren, Bulgaria, and the available linear infrastructure. "These projects will guarantee the energy security of Bulgaria and Southeastern Europe, including Moldova and Ukraine," Malinov said.

He and Pyatt considered the need to support the restoration of the energy infrastructure of Ukraine in view of the incipient autumn-and-winter season.

The Bulgarian Energy Minister held a separate meeting with Reta Jo Lewis, President and Chair of the Board of Directors at the US EXIM Bank. They concurred that EXIM's support will help considerably in ensuring energy security in Bulgaria and Southeastern Europe. In this context, Malinov and Lewis noted the key importance of cooperation for building new nuclear capacity at the Kozloduy Nuclear Power Plant. The host reiterated EXIM's full support for constructing two more reactors at Kozloduy. She vowed that the bank will draw up a financial plan and will provide funding for the project by the end of next year.

Malinov stressed Bulgaria's interest in US experience with small modular reactors. "Their use in Bulgaria will help achieve the nation's goal for a low-carbon economy based on clean energy. The funding of such projects by the US EXIM Bank will allow my country to use the experience of US companies in this domain," the guest said.

Malinov and Lewis talked about projects for renewable energy and its storage. They acknowledged the need for joint measures to ensure the diversity of equipment supplies.