Bulgaria will participate in the construction of a floating liquefied natural gas terminal near the Greek city of Kavala in a bid to secure constant access to natural gas.

Talks on the project are to be wrapped up by end-2014, according to the authorities in Athens, as cited by the Bulgarian National Radio (BNR).

The idea to build a floating LNG terminal belongs to Greek state-owned gas company DEPA, which is in talks with the Bulgarian government for joint construction works.

The construction of the facility will result in the establishment of a gas distribution network, thereby allowing Bulgaria to receive liquefied natural gas from Greece with the option of transporting it to Romania and Serbia.

Experts have suggested that the construction of this vertical gas pipeline in the sea near Kavala will guarantee Bulgaria's energy security.

Greece already has an LNG terminal on the islet of Revithoussa.

Greece' Foreign Ministry announced that the agreement with Bulgaria was to be ratified by end-2014.

The supply mechanism envisages a network of gas grid interconnections which will be supplied by the existing Greek LNG terminal, by one floating LNG terminal, and mainly by the Trans Adriatic Pipeline (TAP), which will supply Azeri gas to Europe.

Romania's government is also interested in joining the project for the floating LNG terminal at Kavala, according to Greek energy company DEPA.