Minister Malinov: Cooperation with the Republic of Korea helps us develop a modern and competitive energy industry
Deepening cooperation in the interest of our countries is of utmost importance to achieve the objectives of carbon neutrality through new energy technologies. This was said by Energy Minister, Vladimir Malinov at opening of today's Bulgarian-Korean Energy Forum in Sofia, organized by the Atlantic Club in Bulgaria, the Embassy of the Republic of Korea and Korea Trade-Investment Promotion Agency (KOTRA).
The Republic of Korea is one of Bulgaria's most promising partners in the efforts to deal with climate change, use of RES, increase of energy efficiency, development of nuclear energy, Minister Malinov pointed out. He recalled the excellent results of his visit to the Asian country two months ago and the constructive talks with key representatives of the parliament and the government. During the visit, a bilateral memorandum on energy cooperation was signed, that is a good basis to deepen the mutually beneficial relations and promote business contacts for more investments in the sector.
Bulgaria is a country with more than 50 years of experience in operation of nuclear facilities, and the development of this subsector is an important prerequisite for a successful response to the European Green Deal challenges. Minister Malinov emphasized that the combination of Bulgarian traditions and experience in operation of nuclear generating capacity with the Korean expertise in technological solutions in this field, is a key factor for their successful development in the future.
According to him, the fruitful cooperation with the Korean Hyundai Engineering and Construction, as well as with the American Westinghouse Electric Company on the strategic project for construction of two new units at Kozloduy NPP site, has a special place in these relations. The successful implementation of this project is of key importance for both, Bulgaria and South-Eastern Europe in terms of carbon neutrality and the energy security objectives, as well as regarding the competitive prices for consumers.
"The main goal of our government is to speed up the implementation of the project to the maximum extent, and this year we consider it key to focus on drafting and structuring of the financial and business model," Minister Malinov said. He drew attention to the fact that our country is already in the final stages of signing the engineering contract, due on November 4. The willingness of Hyundai and Westinghouse to work together and provide an integrated service, to put it figuratively, "turnkey" is a guarantee for us on the successful implementation of the project within the stipulated time and budget, he assured.
We highly appreciate the support for the project that we received from the National Assembly of the Republic of Korea during my visit to Seoul. We consider it a certain sign of its viability. The construction in Bulgaria of the first in Europe Westinghouse type AP 1000 reactor, supported by the most advanced technological solutions of Hyundai, is a guarantee that our country will continue to maintain its leading role in the region in providing clean and safe energy for consumers, Minister Malinov summarized.