Energy Minister: State Is Committed to Advancing Prospection, Exploration of Rare Earth Elements

Delyan Petrishki, Yoana Vodenicharova

Bulgaria's Energy Minister Zhecho Stankov at a roundtable titled “Financing the Stone,” Sofia, June 24, 2025 (BTA Photo/Nikola Uzunov)

Sofia,

24.06.2025 15:56

(BTA)

Bulgaria's Energy Minister Zhecho Stankov Tuesday said that the government is committed to advancing the prospection and exploration of rare earth elements. He spoke during a roundtable titled “Financing the Stone,” held at the Grand Hotel Millennium Sofia. The event, organized by PRISM and hosted by the National Committee of Bulgaria to the World Energy Council, gathered experts, investors, policymakers, and diplomats from Western, Central, and Eastern Europe, as well as the United States and South Korea, among others.

Minister Stankov extended an open invitation to both Bulgarian and international investors, noting that Bulgaria has created a favorable and sustainable environment for prospection and exploration through its legislation. He added that the archive of the National Geological Fund at the Ministry of Energy includes more than a century of accumulated exploration data.

"I promise you that we will streamline administrative procedures to speed up the processing of applications for prospecting, exploration, and subsequent concessions," Stankov said.

He noted that work is underway on a proposal to re-establish a national geological service, noting that such an initiative would be implemented gradually.

The Minister said that detailed negotiations are ongoing, through the Bulgarian Energy Holding, for Bulgaria to become part of the deep Black Sea oil and gas exploration and prospecting. “In partnership with OMV Petrom and NewMed [Energy], we will have the opportunity to participate and create, rebuild and further develop the capacity of the Bulgarian State," he said.

Should an agreement be reached, the Bulgarian Energy Holding will begin recruiting staff to form a directorate, followed by the creation of a company within the holding. This new entity would focus on building a potential of Bulgarian geologists, geophysicists, drillers, engineers, supporting the processes of prospecting, exploration and exploitation of concession areas.

/RY/