Thursday, April 24, 2014

Drew EGC Report

SOCAR and Bulgarian Energy Holding Sign MoU on Gas Cooperation

Signing of MoU (Source: SOCAR)
Signing of MoU (Source: SOCAR)

The State Oil Company of Azerbaijan Republic (SOCAR) and Bulgarian Energy Holding (BEH) have today signed a Memorandum of Understanding (MoU) to cooperate on gas.

The MoU will see increased supply of Azeri gas to Bulgaria, as well as cooperation on gas projects between the two. 

VP of SOCAR Khoshbakht Yusifzade and BEH's executive director Mikhail Antonov signed the agreement today during a Bulgarian state visit to Azerbaijan. The Bulgarian Prime Minister Boiko Borisov was also in attendance for the visit.

The agreement would see Bulgaria reducing its reliance on Russia for gas supply, currently its main source of gas imports. Under this agreement with SOCAR, Reuters reports, Bulgaria could begin importing up to 1 billion cubic metres of gas from Azerbaijan from 2014.

In a statement released today, the Bulgarian energy ministry said that the agreement paved the way for increased security of energy supply in Bulgaria and within the European Union.

"The document is an important step... to secure Azeri gas supplies to Bulgaria and their transit to southeastern Europe and the European Union," Reuters reports the ministry as saying.

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