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Bulgaria, Azerbaijan Sign Protocol for Negotiations on Gas Supplies
Business | June 4, 2008, Wednesday // 00:00
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Bulgaria's Minister of Energy and Economy Petar Dimitrov and his Azerbaijani counterpart Natik Aliev signed Wednesday a bilateral Protocol of Intention for starting negotiations between the gas companies of the two states over the supplies of natural gas.
The Protocol envisages the possibility of Bulgargaz and GNKAR signing a contract for the supplies of 1 billion cubic meters of gas to Bulgaria by Azerbaijan.
Bulgaria assumes the obligation to cooperate with Azerbaijan for the transit of its natural gas to Europe, whereas the former Soviet Republic agrees to cooperate with Bulgarian companies in the exploration and extraction of natural gas and oil on its territory.
The Protocol of Intention is supposed to be followed by the signing of a Cooperation Agreement between the two countries in accordance with their legislations.
The Azerbaijani Minister of Energy Natik Aliev remarked that the functioning of the East-West corridor was impossible without Bulgaria because of its geographic location, and that it had to use this situation.
The Protocol envisages the possibility of Bulgargaz and GNKAR signing a contract for the supplies of 1 billion cubic meters of gas to Bulgaria by Azerbaijan.
Bulgaria assumes the obligation to cooperate with Azerbaijan for the transit of its natural gas to Europe, whereas the former Soviet Republic agrees to cooperate with Bulgarian companies in the exploration and extraction of natural gas and oil on its territory.
The Protocol of Intention is supposed to be followed by the signing of a Cooperation Agreement between the two countries in accordance with their legislations.
The Azerbaijani Minister of Energy Natik Aliev remarked that the functioning of the East-West corridor was impossible without Bulgaria because of its geographic location, and that it had to use this situation.
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