Bulgaria's President, Georgi Parvanov, declared the energy summit in Sofia a strategic energy dialogue between countries that are key players in Europe's energy security.

Parvanov delivered the keynote address, officially opening the summit, held in Sofia Friday and Saturday, under his initiative and patronage.

The President pointed out that similar events had failed to offers the significant results needed to increase security of gas supplies on the old continent and eliminate the tensions triggered by their interruption.

Parvanov spoke about the limited volume of natural gas leading to increased prices, the insufficient infrastructure with ailing pipe network, low capacity and lack of diversification, adding that experts estimate over EUR 400 B will be needed as investments in Europe's gas infrastructure by 2030.

The need of such funds requires a new policy, according to Bulgaria's President, including timely and secure investments in the extraction and transfer of gas, synchronization of the regulatory policy of countries producers and consumers of gas, including the establishment of an independent European energy regulator, diversification of the sources, the suppliers and the routes, building new gas storage facilities, developing a unified, balanced, and competitive European market to form one common regional market, more access to information.

Another key element of the President's vision for the European energy security includes the establishment of an Office of the Energy Community Observatory of the newly created energy community of Southeast Europe, the Caspian and Black Sea regions, and the Middle East, headquartered in Sofia, monitoring the new community, and aligning its work with the European Commission's Market Observatory for members of the European Union.

Bulgaria is especially interested in applying the principle of transparency and best international practices in the energy sector while the measure would have a positive effect on the entire the region, Parvanov explained

The President stressed the importance of such projects as the Nabucco, South Stream, Italy-Greece-Turkey gas pipe lines and new gas terminals, and called for joint projects between Bulgaria and the neighboring countries and for sound political support.