site.btaUPDATED Bulgarian, Turkish Energy Ministers Sign Memorandum of Understanding in Istanbul

Energy Minister Zhecho Stankov signed in Istanbul with his Turkish counterpart Alparslan Bayraktar a Memorandum of Understanding in the field of electricity and energy efficiency between Bulgaria and Turkiye, said Stankov's ministry Friday. The document highlights electricity connectivity, along with renewable energy, energy storage, energy efficiency, as well as carbon capture, use and storage, as key areas of energy cooperation between the countries. The promotion of hydrogen technology and next generation fuels are also identified as areas of mutual interest. Developing new electricity connectivity projects and improving cross-border capacity, as well as encouraging private investors to implement such projects, are among the main measures to deepen mutual ties.

"The agreement with Turkiye comes at a critical moment. Just a few days ago, the massive power cuts in the Iberian Peninsula showed how important good connectivity is for security and sustainability of supply. The signing of the Memorandum is not just a technical act but a strategic investment to ensure this security in the whole region", Minister Stankov stressed. In his words, the framework for cooperation between the two countries established by the document is an excellent basis for deepening mutual relations in the energy sector in the interest of the citizens not only of the two countries but of the whole region.

The Memorandum was signed in the framework of the Natural Resources Summit in Istanbul, where Minister Stankov was among the main participants. "The security of energy supply is more relevant than ever - especially for Southeast Europe, which is of strategic importance as a bridge between major energy producers and consumers in Europe," the Bulgarian Energy Minister said at the forum. He also stressed the importance of regional cooperation and solidarity between countries in their efforts to ensure stable, sustainable and affordable energy supplies.

Stankov presented the main priorities that the Bulgarian government is working on in the field of energy - among them: accelerated development of renewable energy sources, energy storage projects through batteries and hydropower facilities, as well as the development of nuclear power as a base generation in compliance with the highest safety standards.

Stankov also focused on Bulgaria's role as a key factor for energy security in the region through its well-developed infrastructure. 

Earlier in the day, on the sidelines of the Istanbul Forum, Minister Stankov held bilateral meetings with his counterparts from Azerbaijan, Turkiye and Moldova, Parviz Shahbazov, Alparslan Bayraktar and Dorin Junghietu.

Improving energy connectivity for the sustainability of the region's systems was also a central theme of these talks. The officials expressed their common view that coordinated action between countries is a key factor in overcoming possible energy crisis situations such as the one in the Iberian Peninsula a few days ago.