NEWS

Bulgaria will double the amount of natural gas it can receive annually through the Alexandroupolis LNG terminal

Bulgaria will double the amount of natural gas it will import through the Alexandroupolis terminal. The increase in the capacity that Bulgaria has in the project was agreed in principle during a working meeting at the Presidency, which the Head of State held with representatives of the management of the companies Gastrade and Copelouzos Group, engaged in the construction of the terminal. The meeting was attended by caretaker Prime Minister Galab Donev, Minister of Energy Rossen Hristov, Minister of Foreign Affairs Nikolay Milkov, as well as the CEOs of Bulgargas and Bulgartransgaz, Denitsa Zlateva and Vladimir Malinov. Greek Ambassador Dimitrios Chronopoulos also took part in the talks.

The doubling of the capacity that this country will be able to rely on from the terminal under construction at Alexandroupolis is part of the efforts to achieve diversification and security of LNG supplies, Rumen Radev stressed. Bulgaria is a 20% shareholder in the project and has reserved capacity for the next ten years, and instead of the 500 million cubic meters per year agreed so far, this country will now be able to rely on 1 billion cubic meters per year. In order to guarantee the supply of natural gas from the Alexandroupolis terminal, it is important to speed up its connection to the Gas Interconnector Greece-Bulgaria (IGB), which is expected to be operational on 1 October this year.

The Alexandroupolis terminal is crucial not only for deepening the strategic partnership between Bulgaria and Greece, but also for ensuring the economic stability of the Balkans in Central and Eastern Europe, Radev said at the beginning of the meeting. He pointed out that the implementation of the connection between the Alexandroupolis terminal and the IGB, as well as the inclusion of the Underground Gas Storage Chiren, are important steps for the implementation of the REPowerEU plan.

The Head of State underlined the importance of the completion of the terminal on time, in view of the deepening gas supply crisis in Europe. Plans call for the project to be ready in the second half of 2023.

Dimitris Copelouzos - Chairman of Copelouzos Group, and Gastrade Managing Director, Kostis Sifnaios, assured the Head of State that the Alexandroupolis terminal will be completed on time and Bulgaria will be able to rely on supplies through the gas interconnector with Greece next year. Bulgaria has a priority to obtain additional capacity, given the long-standing partnership with Greece, Sifnaios said, noting the increased demand for energy in Europe and the strategic importance of expanding the terminal's capacity.

President Radev pointed out that the Bulgarian government is doing its utmost to support the IGB builder, the Avax Group, so that the gas interconnector is completed on time in line with Greek, Bulgarian and European legislation. As a priority of the caretaker cabinet, the Head of State highlighted the guarantee of gas supplies for the whole heating season at the best possible prices, recalling that the cabinet will launch transparent commercial procedures for gas supplies in the medium and long term for Bulgaria and will leave it to the next regular government to make its choice and complete the procedure.

During the meeting, opportunities were discussed for Bulgaria's involvement in the management of the Alexandroupolis port, as well as for cooperation on strategic long-term projects that would contribute to better energy, transport and economic connectivity between the countries in the region as a factor in promoting growth and limiting the risks of supply chain disruptions for the countries of South East Europe.