Online Newsletter
Sign up for our newsletter to receive the latest news and information from publics.bg

News

From Bulgaria

20.03.2012 18:37

More ribbon-cutting of energy projects until the end of GERB’s mandate

Traikov outlined the gas interconnectors with Greece, Romania and Turkey as the most important accomplishments in the energy sector in the last two years

AUTHOR: Lyudmila Zlateva

© publics.bg

“I think we have done pretty well in the energy sector. Expect more ribbon-cutting ceremonies and first sods by the end of GERB’s mandate and in the next mandate”, resigned Traichoeconomy, energy and tourism minister Traicho Traikov said today during what was more or less a farewell press conference at the Ministry of economy.

He added that the energy businesses have increased their incomes with nearly BGN 500 m (EUR 250 m) compared to 2009.

The gas interconnectors

Traikov outlined the gas interconnectors with Greece, Romania and Turkey as the most important accomplishments in the energy sector in the last two years.

“It is important that Bulgaria and Turkey acknowledge the gas interconnector as a strategic asset bilaterally”, he commented today’s signing of the agreement. Traikov said that Turkey most probably wants to buy gas from different sources and sell its own production to Bulgaria, whereas Bulgaria would like to use the interconnector as a direct transit route from the sources.

Traikov also said that Bulgarian Energy Holding CEO Yordan Georgiev signed yesterday in Athens a memorandum for feasibility study for a new LNG terminal on the Aegean North coast, which would add up to the interconnector with Greece by supplying Qatari and Algerian natural gas to Bulgaria.

“This LNG terminal should be regarded as a regional South-eastern project. Serbia, Romania and Macedonia would be next to join in”, Traikov précised.

He implied that Bulgaria would also benefit from the recently discovered massive gas fields in the Mediterranean near Cyprus and Israel.

Bulgaria will get more diverse gas supplies

This is how Traicho Traikov summarized the recent energy developments in the region. He stated as an example last month's finding of a 42 to 84 bn. cub. m gas field in the Romanian Black Sea shelf by OMV and Exxon Mobil.

“Bulgaria also started a tender procedure for permits for hydrocarbon exploration and output in a Black Sea block near Turkish waters. We have indications for strong interest from big energy companies. It is possible that Bulgaria end up with a comparable gas discovery”, Traikov announced.

Carefull Planning of the Energy Mix

The ex-minister said that all the above-mentioned tendencies should be taken into consideration when planning Bulgaria’s energy mix. He prognosticated that in the near future the climbing prices of fossil fuels and nuclear energy would meet with the curbing prices of renewable energy, which would justify the larger presence of green energy production.

Traikov added that balancing the inconstancy of renewables’ production would be the most challenging aspect in energy policy in the next years. He stressed on the advantages of gas turbines in balancing the energy mix, as compared to nuclear stations which will get more and more hindered by high security standards and longer return on investment periods.