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Sofia, Bulgaria: The Ministry of Energy of Bulgaria notified the general public about the memoranda of understanding (MoUs) penned down by Bulgaria’s Energy Minister on Wednesday (March 23, 2022) with emerging markets asset manager Gemcorp Capital Management and US nuclear technology developer IP3 Corporation.
These MoUs are related to energy projects, which holds the potential to open investments of around $ 1 billion (911 million euro).
What is included in the agreements?
According to the information provided by the Energy Ministry, all of the parties who are a part of the MoUs will come to collaborate to operate jointly on the planning and development of the – clean energy projects, alternative and strategic gas supplies, energy security and nuclear power.
This collaboration holds the vision to make sure that an “alternative, stable and affordable gas” delivery is being made to Bulgaria, which will eventually assist the European nation in enhancing its energy security at the regional level.
Not only this, but the agreements will also assure the safeguarding of critical infrastructure as well as the development of low-carbon technologies to assist the green energy transition.
In MoU, the cooperation in the construction of a hybrid industrial complex at the Maritsa East thermal power complex in Bulgaria, as well as developing sustainable strategies to utilise and supervise nuclear fuel, is also included, as per the statement issued by the energy ministry.
Following the ongoing war conflict between Russia-Ukraine, the Bulgarian government is trying their part hard to reduce its dependency on the gas import from Russia. Bulgaria’s government is finding alternative ways to cover the country’s energy requirements.
Meanwhile, the previous month, the Bulgarian energy ministry stated that so far, the country is not facing any hindrance in the supply of gas from Russia.
The government of Bulgaria a few days back announced not to export Russian gas to Serbia, in response to which, the Serbian President Alexander Vucic asked the country to continue the supply, stating, “Bulgaria announces to cease importing Russian gas. I am not sure that this is so easy to execute. We are simply saying that we want Russian gas from Balkan Stream. You deliver the gas to our gas pipeline, for which we pay, and what you want to do next is your concern; this is not our problem for us”.