The Council of Ministers approved two Memorandums of Understanding between the Ministries of Energy of Bulgaria and Greece on Wednesday.
The first memorandum will be concluded in implementation of a EU regulation related to the storage of natural gas. According to the requirements of the regulation, any country that does not have underground gas storage facilities on its territory must maintain strategic reserves equal to 15% of its annual consumption in another EU country.
Greek suppliers will be able to reserve injection and extraction capacities at the Bulgarian Chiren gas storage facility for a maximum total storage volume of 0.7 TWh. In turn, slots and storage capacity, as well as the corresponding regasification capacity from terminals in the Republic of Greece, can be reserved by Bulgarian suppliers. They will use LNG with a maximum total annual regasification capacity of 2.0 TWh.
Under a second Memorandum of Understanding, the two countries will cooperate to research the possibility for the construction of an Alexandroupoli-Burgas oil pipeline.
The memorandum will be concluded for 12 months and will enter into force after its ratification by the National Assembly of the Republic of Bulgaria.
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