Tuesday, May 28, 2024
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Bulgaria and Korea to sign agreement on energy cooperation

Bulgaria and Korea will strengthen their energy relations with the signing of a new cooperation agreement, as announced by Bulgaria’s Energy Minister Vladimir Malinov and the Korean Ambassador to Bulgaria HE Jongin Bae.

“Bulgaria is very interested in deepening its energy cooperation with the Republic of Korea, where a huge potential for development exists,” Minister Malinov said. In his words, enhancing bilateral relations based on the Asian country’s high technological development and Bulgarian experience and traditions would provide excellent prospects for mutual exchange of know-how and expertise.

Nuclear energy is only one of the possible areas for greater cooperation, which could also include RES development, storage systems and natural gas, Minister Malinov and Ambassador Jongin agreed.

It was recalled that, earlier in 2024, the South Korean company Hyundai Engineering and Construction was selected for negotiations about a potential constructor of units 7 and 8 of Kozloduy Nuclear Power Plant, with US Westinghouse AP- 1000 technology.

“This project is one of the key energy priorities of the current government. It is of strategic importance both for the energy security and the successful implementation of decarbonization goals,” Minister Malinov stressed.

A future cooperation on the LNG market was another topic discussed between Minister Malinov and Ambassador Jongin, as Bulgaria has a serious interest in joint purchases that can provide further diversification and energy security.

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