Zhecho Stankov, Deputy Energy Minister, has said that Bulgaria expects gas prices to drop by 35% from the current rate over the next few years due to the development of local deep water oil and gas blocks in the Black Sea.

Speaking at an annual conference of the Belgian-Bulgarian Luxembourg Business Club (BBL), Stankov argued that the most efficient measure for reducing Bulgaria’s dependence on energy imports involved boosting local production.

He assured that increasing domestic production was a priority of the Bulgarian government.

Bulgaria’s Deputy Energy Minister said that local energy production was to increase to cover a major portion of domestic consumption, according to the press office of the Energy Ministry and the BGNES news agency.

Stankov argued that lower energy prices were good for the development of business in Bulgaria and that they made the economy more competitive as energy was an important component of the end price of products in a number of businesses.

He emphasized the efforts of the Bulgarian government to guarantee the energy security as part of the country’s national security, adding that the attempts to achieve a diversification of gas supply sources and routes played an important part in the plan.

Stankov reminded that the government was working actively on the construction of gas grid interconnections with neighboring countries, on boosting local energy production, and on connecting the country to alternative gas supply routes and sources.

He also drew attention to the proposal of the Bulgarian government for the construction of a gas hub on Bulgarian territory, stressing that a project had already been drafted.

Bulgaria’s Deputy Energy Minister made clear that the idea to build a gas distribution center in the country had been backed by the European Commission because it was expected to help overcome the energy dependence of the country and the EU in general.

Stankov said that Bulgaria had everything necessary to implement the gas hub project, including strategic location, a well-designed gas transmission network, and its own gas storage facility.

The BBL brings together over 80 Belgian investors in different spheres of the economy and the Ambassador of Belgium to Bulgaria Anick Van Calster is its Honorary President of the entity.