site.btaEurope Needs Secure Energy Supplies and Investment in Connectivity, Says President Radev

Bulgaria's President Rumen Radev said Europe requires secure and uninterrupted energy supplies, as well as investment in expanding transport, energy and digital connectivity to ensure the resilience of supply chains. He met in Riyadh with Yasir Al-Rumayyan, Governor of the Public Investment Fund of Saudi Arabia, which manages assets worth USD 1 trillion, and with the Saudi Minister of Economy and Planning, Faisal Bin Fadhil Alibrahim, the President's press secretariat said on Wednesday.

Radev is in Saudi Arabia for the Future Investment Initiative forum at the invitation of Crown Prince and Prime Minister Mohammed bin Salman.

During the meetings, Radev stressed that if the EU follows through on its plan to completely stop importing Russian gas by 2027, Europe will require additional natural gas supplies. Saudi Arabia plays a key role in helping prevent energy shortages. The President highlighted Bulgaria's potential as a transit hub for natural gas to Central and Eastern Europe, via LNG terminals in Greece and Turkiye, and through agreements with the gas transmission companies of both countries.

Potential areas of energy cooperation between Bulgaria and Saudi Arabia also include the development of pumped-storage hydroelectric plants in Bulgaria's mountain reservoirs. Constructing three such plants, each with a capacity of 1,000 megawatts, could make Bulgaria a natural centre for electricity storage in Southeastern Europe.

Modernization of Bulgaria's transport infrastructure, alongside the rapid development of the high-tech sector, including advances in quantum computing and plans to establish an AI gigafactory, were also identified as potential areas for joint projects.