Bulgaria has no reason for concern regarding fuel security, Energy Minister Zhecho Stankov assured during his remarks on the state of the energy sector amid the Iran-Israel tensions. Speaking to reporters, he emphasized that the country is fully supplied with fuels, including gasoline, diesel, and propane-butane, and that Bulgarian citizens should remain calm despite geopolitical developments.

According to Minister Stankov, Bulgaria’s natural gas needs are also well covered. A significant portion - one-third of national consumption - is being met through deliveries from Azerbaijan via pipeline. In addition, cargoes of liquefied natural gas, purchased earlier this month, are scheduled to arrive at regional LNG terminals on June 26 and 27, further strengthening the country’s gas reserves.

He acknowledged that global concerns had arisen over a possible closure of the Strait of Hormuz - a key transit point through which around 20% of the world’s oil passes. However, he expressed cautious optimism, pointing to a 10% drop in Brent crude prices in the last 12 hours as a reassuring development. “I prefer diplomacy to force,” Stankov said, adding that the market reaction is a sign that tensions may be de-escalating.

The Energy Minister also noted a minor increase in fuel prices in Bulgaria in recent days, ranging from 3 to 7 stotinki, which he attributed to heightened instability in the Middle East. However, he expects this trend to reverse if peace efforts continue to gain traction.

Radiation monitoring was also mentioned as part of his broader remarks on national energy and environmental safety. Minister Stankov stated that radiation levels are being measured every four hours by both Bulgarian authorities and the International Atomic Energy Agency. “Everything is calm. There is no cause for concern,” he said, urging Bulgarians to remain reassured.

Stankov made his comments while participating in the “Financing the Stone” forum, focused on rare earth elements. He underlined the strategic importance of these resources for the development of sustainable energy - key components in batteries, electric vehicles, wind turbines, and semiconductor technologies.

He highlighted Bulgaria’s vulnerability from past dependence on single-source suppliers and stressed the need to diversify. Currently, nearly 90% of rare earth elements come from China. Stankov made an appeal to both domestic and international investors to consider Bulgaria as a destination for rare earth exploration and extraction. He pledged institutional support and pointed to Bulgaria’s favorable legislative and regulatory framework for such initiatives.

The Minister revealed that the Ministry of Energy maintains a National Geological Fund containing data from a century of geological exploration - thousands of reports and drilling cores, many of which remain unexamined. He suggested reviving the National Geological Survey as a useful step toward unlocking the country’s resource potential.

In addition, Stankov announced that Bulgaria aims to become involved in oil and gas exploration in the deep waters of the Black Sea. He described Southeast Europe as not merely a consumer of energy but a region with the potential to be a supplier of raw materials, a source of innovation, and a viable hub for mining operations.

Concluding his remarks, Minister Stankov said that today’s forum offered a valuable opportunity to formulate effective long-term policies. “The Ministry of Energy is a place where the door is always open,” he said, assuring potential investors that their applications for rare earth exploration will be reviewed promptly and without unnecessary bureaucracy.