Oil Prices Hit 5-Month Highs
In the oil market, the upward trend continues at the beginning of the new week, with prices rising to nearly 5-month highs due to increasing geopolitical risks related to supply disruptions
HOT: » Assessing the Legacy of Bulgaria's "Denkov" Cabinet: Achievements, Failures, and What Comes Next
The European Bank for Reconstruction and Development (EBRD) is prepared to back Bulgaria's plans for a regional natural gas hub and will support the project financially if it proves viable, the bank's president Chakrabarti said on Monday.
Suma Chakrabarti pointed out that Bulgaria’s geographical position favours the construction of a regional gas hub and offered the bank's expertise in the implementation of the project, which is also supported by the European Commission.
"We would like to very much work with the state on trying to scope out what would work well and what would also attract foreign investors," he told Reuters in an interview.
Bulgaria meets its gas needs with imports from Russia, but is constructing gas links with Romania, Greece, Serbia and Turkey in order to diversify its supplies.
Sofia plans a feasibility study for a 1.5 billion euro hub at the Black Sea port of Varna. The hub is expected to store and transport gas from Russia and the Caspian Sea to southeastern and central Europe.
"If the feasibility study shows something is viable, then of course we are interested, particularly with our expertise in this area. Then I think we would be very, really solidly interested," Chakrabarti said.
We need your support so Novinite.com can keep delivering news and information about Bulgaria! Thank you!
The Bulgarian Parliament has ratified the Agreement between the Government of the Republic of Bulgaria and the Government of the United States on cooperation regarding the construction of nuclear power at the Kozloduy Nuclear Power Plant
During a forum in Alexandroupolis, US Assistant Secretary of State for Energy, Jeffrey Payatt, highlighted the significance of a gas pipeline project through Bulgaria as the next pivotal step for energy development in the region
Prime Minister Nikolai Denkov addressed concerns over the long-term storage of nuclear waste during a parliamentary control session in Bulgaria today
Effective March 1, Bulgaria has officially halted the use and importation of Russian oil for fuel production, following a decision by the Parliament to drop the derogation
"Bulgargaz" suggests an 18% decrease in natural gas prices starting next month
In a recent report released by the Institute for Energy Economics and Financial Analysis (IEEFA) on Wednesday, it was revealed that demand for natural gas in Europe experienced a significant decline last year, dropping to its lowest level in a decade
Norwegian Inspiration: Bulgaria's Move Towards Environmentally Friendly Prisons
Nexo Is Suing Bulgaria For Over $3 Billion