The extension is a result of the active dialogue at government level, under the auspices of Prime Minister Radev, jointly between the Ministry of Energy, the Ministry of Economy, Innovation and Industry and the Ministry of Foreign Affairs, together with the British partners and is an important step in ensuring the necessary stability and predictability for the entities’ activities in the country.

With the licence, the UK continues to authorise business operations with Lukoil Bulgaria EOOD, Lukoil Neftochim Burgas AD, Lukoil Aviation Bulgaria EOOD and Lukoil Bulgaria Bunker EOOD.

The extension until October 29 this year is at the request of the Bulgarian state in order to synchronize the terms with the US license.

“Any conversation about infrastructure, diversified energy routes and interconnections is a conversation about security. Recent years have shown us the high cost of dependency and taught us that no country can guarantee its energy resilience on its own. In energy, there is one fundamental truth – connectivity is the most practical form of security,” Deputy Minister Temelkov stated.

He focused on Bulgaria's consistent policy based on the principles of diversification, regional cooperation, investment in modern infrastructure and a balanced energy mix. As an example, Temelkov highlighted the development of the Vertical Gas Corridor, whose importance has increased significantly in view of geopolitical developments and is now of strategic importance for Europe's energy security.

“Large energy projects start with political trust and become a reality when countries share a common vision. Our next big task is to transform energy security into a stable basis for the sustainable development of the Bulgarian economy and for the establishment of our country as a renowned partner in the development of regional energy connectivity,” Deputy Energy Minister emphasised.

In this context, Deputy Minister Temelkov recalled the joint initiative of Bulgaria and Greece to prepare a strategic document with concrete proposals to accelerate the unification of the European energy market to be presented to the Council of Energy Ministers: “The overall objective is to build a reliable and efficient energy system in Southeast and Central Europe”.

“Nuclear energy plays a key role in providing for the growing demand for electricity as a stable, reliable and low-carbon source,” Dr. Lyubomira Gancheva emphasised during the meeting. The real challenge is the ability to build, develop and sustainably manage complex strategic nuclear projects. In this context, the participants in the meeting agreed on the need to mobilise all resources to achieve maximum progress with clear rules and a set timeframe.  

This was the main focus of the meeting between the Minister of Energy Iva Petrova and the Minister of Environment and Energy of Greece Stavros Papastavrou which took place in Athens.

The energy ministers also took part in the working meeting of the gas transmission system operators of the countries along the Vertical Corridor – Greece, Bulgaria, Romania, Hungary, Slovakia, Ukraine, Moldova – and the participants from North Macedonia and Serbia.

The progress on the construction of the Vertical Gas Corridor and the possibilities for expanding the initiative were further discussed.

“Today we are no longer talking about plans or intentions. There has been tangible progress and it is the result of joint efforts of all partners in the initiative. When we started this project, our goal was to diversify Russian gas supplies. Its significance is already much greater,” said Minister Petrova.

In her words, in the current geopolitical environment, energy security is inextricably linked to sustainability, economic and national security. “It is therefore crucial that we keep up the pace and even accelerate our efforts even further. The region needs to come up with a clear proposal with strong political support,” Minister Petrova emphasised.

“Last year we talked about connectivity, trust and the importance of regional partnerships. Today, our dialogue is transformed into real actions and our ideas – into projects,” Bulgarian Energy Minister emphasised. In her words, it is precisely the ability of states to work together that is the region's strongest competitive advantage in a dynamic geopolitical environment.

Bulgaria always considers energy security from a regional perspective, Minister Petrova stated and, in support of her words, highlighted the development of the Vertical Gas Corridor, a strategic project based on the already existing cooperation at the highest level carried out in the region, the Southern Gas Corridor. “Only a few days ago, Bulgaria put into operation the first completed looping Kulata-Kresna, which opens the way for increased volumes of natural gas from Greece through Bulgaria to the North,” she said and assured that the looping with Romania, Rupcha-Vetrino, would be ready by the end of this year. Our country applies the same approach to the development of the East-West electricity corridor: “Bulgaria has one of the best grid connections in the region and works bilaterally with all neighbours to increase interconnection capacity.”

Minister Petrova also presented a revolutionary transformation in the field of renewable energy and energy storage. Our country already has 7 GW of installed solar capacity, supported by 4 GW of battery energy storage systems, and is developing an ambitious portfolio of pumped-storage hydropower plants. “These investments make Bulgaria a virtual energy hub capable of using its infrastructure, connectivity and growing capacity for the benefit of the resilience of the whole region,” the Minister stressed.

The energy ministers of Bulgaria, Greece, Cyprus and Moldova agreed that energy security can no longer be considered in isolation – it is directly linked to both national security and regional economic stability. During the discussion, they shared the common understanding that deepened regional cooperation is a prerequisite for sustainability in the face of contemporary challenges.

During her visit to Athens, Minister Iva Petrova held a meeting with her Moldovan counterpart Dorin Junghietu. They discussed the development of bilateral cooperation in the energy sector, the current situation on energy markets, and consumer protection mechanisms. In this context, they exchanged good practices to limit the impact of energy prices on households and businesses.

Minister Petrova stressed that the agreement with BOTAŞ played an important role in ensuring the security of gas supplies at a time of unprecedented uncertainty in European energy markets.

Opportunities for deepening cooperation in the field of energy connectivity were also discussed during the meeting, including the development of regional energy corridors, which are key for diversification of supply and strengthening energy security in Southeastern Europe.

The dialogue between the Ministry of Energy of the Republic of Bulgaria and the Ministry of Energy and Natural Resources of the Republic of Türkiye is constructive and focuses on solutions that protect mutual interests and contribute to higher security of supply in the region.

The meeting was attended by Deputy Energy Minister Kiril Temelkov, the CEOs of Bulgartransgaz, Bulgargaz and ESO – Vladimir Malinov, Veselin Sinabov and Kiril Georgiev.

“Today we can celebrate the fact that the Forum has established itself as a platform for dialogue and partnership. The fact that new countries and organizations join the initiative every year shows how important joint decisions are in a world where sustainable development and economic growth increasingly depend on our ability to work together,” Minister Petrova emphasized. She noted that Bulgaria has a natural role in this process as a country that consistently works to strengthen energy, transport and digital connectivity in the region.

The Minister of Energy emphasized the importance of energy security as a prerequisite for stability: “The global challenges of recent years have reminded us of the high cost of dependency. Connectivity between countries, diversified sources and routes and modern infrastructure are much more than projects. In addition to energy security, they are a factor in economic resilience and the ability of entire regions to be competitive. The reason – capital follows security, and security follows infrastructure.”

As examples of practical solutions of regional importance, she highlighted the development of the Vertical Gas Corridor and the Green Energy Corridor initiative between the Caspian region and Europe. It is such projects that provide a real response to modern challenges and create prerequisites for a new energy architecture.

“The next decade will belong to economies that manage to be both connected, predictable and competitive. This is where the new opportunities for growth will focus,” stressed Minister Petrova. She expressed confidence that the forum would be a catalyst for new partnerships, investments and projects with a lasting contribution to the economies in the region.

The Third AmChams Regional Economic Summit (ARES) is held under the auspices of the Ministry of Economy and Industry and the Ministry of Innovation and Growth, as well as with the institutional support of the Ministry of Energy and the Ministry of Foreign Affairs of the Republic of Bulgaria.

On 25 and 26 June 2026, Sofia welcomed over 300 business leaders from the so-called ARES Super Region, covering 17 countries in South-East Europe, Central Asia and the Eastern Mediterranean. The organisers and partners aim to build on the achievements of the previous two editions held in Istanbul (2024) and Athens (2025).

According to Dr. Gancheva, small modular reactors are increasingly seen worldwide as a promising addition to the future energy mix. They offer flexible opportunities not only for electricity generation, but also for industrial heat, hydrogen production, district heating and the development of new technological ecosystems.

“The successful deployment of any modern nuclear technology is much more than engineering; it requires strong institutions, a predictable regulatory framework, sustainable funding mechanisms, public trust and highly skilled staff,” Dr. Gancheva emphasized.

In this context, Bulgaria pragmatically approaches the possibilities for the deployment of small modular reactors. We have more than fifty years of experience in nuclear energy, which plays a central role in our energy security, our economic development and our position as a reliable electricity producer in the region. 

Dr. Gancheva also focused on the key role of universities and research institutions for long-term leadership of Bulgaria in sustainable, competitive, carbon-free electricity generation: “The development of future engineers, economists, energy experts and regulators is just as important as technology itself,” she said, adding that Bulgaria's ability to remain a leader in nuclear energy will depend on the strength of human capital.

Deputy Minister Gancheva also focused on the work of the Ministry of Energy on a new long-term energy strategy. “Our objective is clear: ensure energy security, affordability, competitiveness and successful decarbonisation, while maintaining a balanced and technology-neutral approach. Nuclear energy will continue to be an essential part of this process,” she concluded.

Photos: University of National and World Economy 

The focus of the hearing was the reform to improve the corporate governance of state-owned enterprises in the energy sector, including the restructuring of the Bulgarian Energy Holding. “It is not just an administrative decision or a formal implementation of a stage or target of the Recovery and Resilience Plan. Our goal is to find the best option for a sustainable future for the Maritsa Iztok Complex,” Minister Petrova firmly stated.

According to her, a financial, investment and business plan will be prepared shortly, taking into account the effects on energy security, the regional economy and national interests. The development of the integrated concept for the complex will be carried out in close coordination with the trade unions and the National Assembly, and the consultation process with all stakeholders will run in parallel.

“We have a Roadmap to clarify most details by early August. In this process, we are also intensively talking with the trade unions, because their feedback is very important for us,” added Deputy Minister Temelkov, taking into account the short deadlines that require parallel work on the different dimensions of the reform.

Minister Petrova also presented the progress in the implementation of the investments from the Recovery and Resilience Plan. These include the household support programme for renewable energy which 1,500 households benefited from, as well as energy-efficient street lighting measures, the digital transformation of the electricity grid and electricity storage projects. The Minister highlighted the disbursement of RRP projects totalling close to EUR 1 billion as a major challenge in the coming months.

The MPs were also acquainted with the legislative initiatives prepared by the Ministry of Energy related to the transposition of European directives in the field of renewable energy and energy efficiency.

“The reform is an important step in the context of a comprehensive integrated concept for the Maritsa East Complex. It is extremely important for the energy and economic security and competitiveness of the country,” Minister Petrova stressed. It also includes a commitment to prepare a business, financial and investment plan for the complex, as well as coordination of the documents with the nationally represented trade unions. In this context, Petrova informed that the initial frameworks of the concept have already been presented to an industry council initiated by the Ministry, which has undergone a constructive dialogue.

The government approved changes to the electricity price compensation mechanism in support of the energy-intensive industry. “The decision makes the compensatory programme, which is essentially a programme to support competitiveness and investment in the Bulgarian economy, effective,” the Minister of Energy said. The scheme will be financed through the Electricity System Security Fund and is budget neutral. It will promote investments in decarbonisation and energy efficiency.

Compensation for energy-intensive electricity users over a three-year period starting on 1 July 2025 is set at EUR 334 million, with EUR 124 million for the first year.

Minister Petrova also informed of an approved derogation for certain supplies to Kozloduy NPP. The plant will be able to import iron and steel products from Russia for the implementation of the plant's repair programs. The derogation shall be granted for a period up to the expiry of the contracts.