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Radev: IBS Changes the Energy Map of Europe and Provides Opportunities for Diversification of Supplies not Only for the Two Countries, but for the Whole Region

Presidents Rumen Radev, Aleksandar Vucic and Ilham Aliyev inaugurate the Bulgaria-Serbia gas interconnector (IBS)

The IBS is changing the energy map of Europe and guarantees diversification and security of energy supply not only for our two countries, but also for the whole region of South Eastern Europe. This is what President Rumen Radev said at the opening of the IBS in Nis, Serbia. The event was attended by President of Serbia Aleksandar Vucic and of the Republic of Azerbaijan Ilham Aliyev.

The Bulgarian Head of State pointed out that the accelerated implementation of the IBS proves that the countries of the region have a serious contribution and participation in achieving the ambitious European goals of diversification and increasing security of supply. The IBS has been designated by the European Commission as a project of common interest for the European Union, Rumen Radev stressed.

The gas link is a symbol of the successful and fruitful cooperation between Bulgaria, Serbia and Azerbaijan, which leads to sustainable economic development of our region, the President further said. The Head of State recalled that at the beginning of February, in the presence of Serbian President Aleksandar Vucic, the construction works for the interconnector between the two countries were launched on Bulgarian territory. In April, Azerbaijani President Ilham Aliyev arrived in Sofia to participate in the launch of the Solidarity Ring initiative. It is the IBS that enables the implementation of the Solidarity Ring initiative for increased gas transmission from Azerbaijan to Europe, which was proposed by Bulgaria during the caretaker government.

Bulgaria, aware of its geographical position, pursues a very active energy policy not only for its own benefit, but also for the benefit of all its neighbours and a wider range of countries in the region, the Head of State emphasised. Radev highlighted the increased opportunities for natural gas transmission after the commissioning of the interconnector between Bulgaria and Greece. Bulgaria has finally started receiving gas from Azerbaijan under a contract signed 10 years ago, and Baku has strictly complied with all the conditions despite the deep geopolitical changes since then, Rumen Radev said. The commissioning of the IBS will provide Serbia and a number of other countries in the region with access to the Alexandroupolis LNG terminal, the construction of which is due to be completed in March next year and in which Bulgaria is a 20% shareholder, and last but not least to the Chiren underground gas storage facility, the expansion of which is to be completed by the end of 2024. For its part, Bulgaria will have access to gas from Western Europe in reverse mode, the Head of State stressed.

President Radev highlighted the role of the good partnership under the project in deepening the cooperation between Bulgaria and Serbia in the economic sphere. Ensuring access to natural gas in the areas along the route of the interconnector increases investment interest and stimulates economic activity in the border regions where the Bulgarian national minority lives, Rumen Radev said.

With continued joint efforts and positive policy of connectivity, the countries of the region have the opportunity to participate in joint tenders for gas supplies to get the best prices and conditions for citizens and economies, as well as to sell gas to third countries, the President further stressed.

President Aleksandar Vucic expressed his satisfaction with the fact that Bulgaria and Serbia are implementing a major joint project, such as a gas link between the two countries, which is of great importance not only for the two countries but for the whole region.

Azerbaijani President Ilham Aliyev described today's event in Nis as a ceremony of friendship and partnership, which will contribute to the energy security not only of Sofia and Belgrade, but of the whole of Europe.

The IBS has a total length of 170 km and runs from Novi Iskar, Republic of Bulgaria to Nis, Republic of Serbia, of which 62 km are on Bulgarian territory. The gas link has a capacity to transport 1.8 billion cubic metres of natural gas per year.