The Sofia Energy Forum is going to conclude Saturday with a statement declaring common will to reform the energy sector.

27 countries from Europe, Central Asia, the Caspian Region, the Middle East, the US and Russia participate in the event.

The declaration will further include their commitment to guarantee better transparency and security of the energy supplies.

At the first day of the Forum, Bulgaria's President, Georgi Parvanov, proposed the establishment of an Office of the Energy Community Observatory, headquartered in Sofia, to monitor the newly created energy community of Southeast Europe, the Caspian and Black Sea regions, and the Middle East.

Author key elements of Parvanov's vision include 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.

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.