The forum was addressed by Ilham Aliyev, President of Azerbaijan, and Dan Jørgensen, European Commissioner for Energy and Housing, and brought together representatives of 27 states, 11 international financial institutions and 49 energy companies.

Almost 40% of Consumption – Guaranteed by a Reliable Partner

“Developing regional gas infrastructure and our long-term partnership with Azerbaijan for natural gas supply are crucial conditions for boosting energy security and source and route diversification,” Minister Traikov stressed.

Today, almost 40% of natural gas consumption in Bulgaria is provided for by Azerbaijan under a 25-year contract. This agreement provides predictability, supply security and competitive price terms for Europe.

In times of instable market, Azerbaijani gas plays a stabilising role – with supply continuing uninterrupted and contractual parameters limiting the effect of spikes in price volatility. This translates to less pressure on businesses and households, greater resilience of the economy and preservation of Bulgarian industry’s competitiveness.

“In crises like this, strategic partnerships prove their true value. Azerbaijan is a reliable long-lasting partner and backbone of our energy stability,” the Minister emphasised.

The Southern Gas Corridor – Strategic Connectivity for Europe

With the Gas Interconnector Greece–Bulgaria becoming operational in October 2022, our country has become an integral part of the infrastructure of the Southern Gas Corridor that connects the Caspian Region to European markets.

Connectivity provides flexibility in crises, access to different sources and more efficient use of transit potential. For Bulgaria, this means not only more secure supply, but also an active role in managing gas streams in the region.

Infrastructure Development and New Strategic Projects

Bulgaria continues its consistent modernisation and expansion of the national gas transmission network and the construction of reverse gas connections with the neighbouring countries in view of an integrated European gas market.

Minister Traikov informed partners of the leading role our country has in building the Vertical Gas Corridor – a project for the South-North Axis which will increase the transit capacity between Greece and Romania by 50%. The initiative is part of the broader diversification strategy in line with REPowerEU and the regional priority for reducing Russian gas dependency by access to LNG and Caspian resources.

Broadening Cooperation

A plenary session titled Southern Gas Corridor: Sustaining Success and Driving the Next Phase of Development of the SGC and an EU-Azerbaijan Green Connectivity Investment Roundtable were held within the forum.

Opportunities to optimise deliveries under the long-term contract, the gasification project for Panagyurishte, implemented by Asarel and SOCAR, as well as the hybrid project for compressed natural gas (CNG) supply, carried out by M-Gas and SOCAR for consumers without access to the gas transmission network were discussed at a meeting with Parviz Shahbazov, Minister of Energy of the Republic of Azerbaijan.

Minister Shahbazov stated that he would appreciate Bulgaria officially joining the Green Energy Corridor Initiative between Azerbaijan, Georgia, Romania and Hungary which includes the Black Sea Submarine Cable project – part of the strategic energy cooperation between the European Union and Azerbaijan within the Global Gateway Initiative. A memorandum for another green corridor – from Azerbaijan through Georgia and Türkiye to Bulgaria – was signed last year, with feasibility study currently being prepared.

During the forum, Minister Traikov will hold bilateral meetings with Dorin Junghietu, Minister of Energy of Moldova, Zafer Demircan, Deputy Minister of Energy and Natural Resources of Türkiye, and Rovshan Najaf, President of SOCAR.

Bulgaria was highly appraised by James Danly, Deputy Secretary of Energy, for its active role in the development of the Vertical Gas Corridor during a meeting held at the U. S. Department of Energy with Traicho Traikov, Caretaker Minister of Energy. James Danly congratulated our country for the timely and consistent performance of construction works for the project’s gas transmission infrastructure on Bulgarian territory.

The transmission infrastructure is of crucial significance for the secure entry and following transit of natural gas in the region, Minister Traikov said. “Our country was the first to commence real construction along the Vertical Gas Corridor and is an active driver of regional efforts towards energy security,” the Minister stressed.

By the end of 2026, Bulgaria will conclude the expansion of the gas transmission network in key interconnection points: IP Kulata/Sidirokastro (Greece – Bulgaria) and IP Negru Vodă/Kardam (Bulgaria – Romania). These investments make Bulgaria a main transit country along the South-North Axis and a key route for liquefied natural gas (LNG) delivery, including LNG from the USA, towards Ukraine and countries in Central and Eastern Europe. Specific interest was expressed on behalf of the U.S. to use the Vertical Gas Corridor for American LNG deliveries.

Further strategic topics were also discussed during the meeting, including the advancement on construction of Kozloduy Nuclear Power Plant Units 7 and 8 with U.S. technology, as well as the role of the Burgas refinery for regional energy security following sanctions against Lukoil.

Our country’s leading role in the new energy security model for Europe was also emphasised by Energy Secretary Chris Wright with whom Minister Traikov spoke during the Transatlantic Gas Security Summit held 24 and 25 February in Washington.

Technical coordination and EU and U.S. support for the Vertical Gas Corridor

Earlier that day, a technical meeting was held at the U.S. Department of Energy dedicated to the Vertical Gas Corridor, bringing together officials from the energy ministries and Transmission System Operators (TSOs) of Bulgaria, Greece, Romania, Moldova, Ukraine, and the European Commission. The meeting was presided by Joshua Volz, U.S. Special Envoy for Global Energy Integration.

Further topics discussed during the meeting:

• Lifting regulatory and administrative restrictions and accelerating permit procedures;
• Harmonising and reducing cross-border tariffs to create a competitive market product;
• Possibilities for long-term capacity reservation and sustainable financial structuring of the Corridor;
• Full and efficient use of existing and newly built infrastructure.

Minister Traikov emphasised that existing supply of Russian gas at nonmarket prices remains the main challenge before the full implementation of the Corridor. Bulgaria upholds the EU-level commitment of phasing out Russian natural gas import – with a legally binding ban on Russian LNG starting end of 2026 and on pipeline gas from the autumn of 2027.

The Vertical Gas Corridor, competitive routes and Route products are not only infrastructural and commercial decisions in support of supply diversification and security for Europe, but also the backbone of the new energy security model in which Bulgaria plays a strategic and indispensable role, Minister Traicho Traikov stated.

Bulgaria is the first state to commence real construction of the Vertical Gas Corridor, making our country an active driver in regional energy security efforts, Minister Traikov stressed.

Projects are underway to expand the capacity of the key interconnection points IP Kulata/Sidirokastro (Greece – Bulgaria) and IP Negru Vodă/Kardam (Bulgaria – Romania). The Vertical Gas Corridor represents the “motorway” from the South to the North along which up to 10 billion cubic metres of liquefied natural gas can annually be transited towards Ukraine and the broader region via the IP Negru Vodă 1/Kardam.

Our country has already applied for partial grant funding under the European Union Modernisation Fund. If approved, it will allow the development of a competitive tariff structure to the benefit of both Bulgarian and regional users of the gas transmission network.

The interconnection points at Stara Zagora and Komotini (Greece) are expected to be made operational with an increased capacity next year. Along with the strategic role for source diversification, these projects will provide natural gas traders with even greater flexibility in managing supply and access to new markets.

A Long Path Stemming From the 2009 Crisis

“Intentional diversification efforts in our region commenced some 17 years ago – immediately after the cutoff of Russian gas supply in 2009. Back then Sofia, heated with natural gas, literally began cooling down,” Minister Traikov recalled. According to him, this crisis precisely led to a decisive shift in European policy and to the active support of the European Commission for the development of Bulgaria’s interconnectors with Greece, Romania and Serbia. “The most important one is with Greece as it laid the foundation of the Southern Gas Corridor and everything we do today,” the Minister stressed.

Minister Traikov noted that despite the missed opportunities in the past, including the Nabucco Project that fell through, the steps undertaken for diversification have yielded tangible results.

“When the larger crisis of February 2022 hit and Gazprom demanded payment in Rubles, we were prepared. We politely declined, as this infringed our contract, and nothing happened. At the same time, Bulgaria received two tankers of U.S. LNG, and this was clear evidence that diversification worked,” the Minister stated.

U.S. LNG – New Opportunities for Bulgaria and the Region

During the Transatlantic Summit in Washington, the Minister of Energy signed a declaration supporting the launch of negotiations by Bulgargaz to import American liquefied natural gas (LNG). The document was signed in the presence of Doug Burgum, U.S. Secretary of the Interior and Chair of the National Energy Dominance Council, and Chris Wright, Secretary of Energy.

Minister Traikov emphasised that this was a timely and logical step in the context of the commitment of Bulgaria and the European Union to discontinue Russian gas imports. This includes a legally binding ban on Russian LNG and pipeline gas imports, from the end of 2026 and autumn of 2027 respectively.

“After phasing out Russian gas, including liquefied natural gas, starting from next year the majority of imports currently making it in ‘through the back door’ will most probably become impossible. Therefore, the Vertical Gas Corridor is not simply an infrastructure project – it is a key tool for the region’s energy security and for real supply diversification,” Minister Traikov outlined.

During his visit, the Minister held a meeting with Thomas Summers, Executive Vice President, Shell LNG Marketing and Trading, discussing opportunities for long-term cooperation in the field of LNG supply to Bulgaria and the region, as well as the advancement of natural gas exploration in the Black Sea. Talks were also held with the ministers of energy of Romania, Greece, Serbia, Hungary, and Slovakia, with U.S. Secretary of Energy Chris Wright, Under Secretary of State for Economic Growth, Energy, and the Environment Jacob Helberg, and Deputy Secretary of State for Management and Resources Michael Rigas. Minister Traikov also met with Jack Fusco, Director, President and CEO of the largest LNG producer Cheniere Energy, Freeman Shaheen, President of Chevron Global Gas, and Joshua Volz, Special Envoy for Global Energy Integration.

Stankov presented to his successor the main challenges and results of the institution’s work over the past year, including the derogation achieved for the Bulgarian Lukoil entities from American sanctions, the inclusion of our country as an investor in oil and natural gas drilling in the Black Sea, the real construction work on the Vertical Gas Corridor, etc.

Traikov declared his commitment for the team of the Ministry of Energy to continue working to protect national interest and develop a stable, competitive and resilient energy sector.

Minister of Energy Zhecho Stankov described the agreement as one of the two most important for the new builds project and a strategic step towards its implementation. "The companies in the consortium have already proven that they work efficiently, on time, and within budget. Their experience and knowledge offer significant potential. In order to build on our national capacity and continue to be a factor in electricity production in Southeast Europe, as well as in the construction of similar new power plants in Europe, the opportunity for our companies to be part of the project is provided," he said. The Minister stressed the importance of joint work and the successful development of small modular reactors in Bulgaria -a new technology in which Bulgarian businesses are showing great interest, and for which the state is creating a framework for future projects to complement Bulgaria's largest one.

Three leading international companies – Laurentis Energy Partners (LEP), BWXT Canada Ltd. (BWXT), and Canadian Nuclear Partners S.A. (CNPSA) – have formed a consortium that will assist Kozloduy NPP – New Builds EAD in exercising investor control and monitoring the processes related to the design, procurement, construction, and commissioning of new nuclear power units at our nuclear power plant site, including initial engineering activities. 

A strategic step in the global development of clean nuclear energy – this is how Stephen Lecce, Ontario Minister of Energy and Mines, described the signing of the agreement. "Ontario is solidifying Canada’s global leadership in clean, emissions-free nuclear power and the world is watching. This partnership will see Ontario’s leadership cross the ocean to support Bulgaria’s large-scale nuclear expansion to deliver reliable, affordable power to their country, while protecting our economy", he said.

The agreement ensures that the new capacity will be delivered in accordance with all international and national regulatory standards, within the agreed timeframe and budget. The consortium will support Kozloduy NPP – New Builds as an engineering consultant, including in the initial engineering activities, management of the design, procurement, construction, and commissioning processes.

"This is another key stage in the development of the project for new capacities at the Kozloduy NPP site. We chose the Canadian consortium because of its proven experience and successfully implemented nuclear projects. We expect the contractor to engage at least 30% of Bulgarian specialists and engineers in the activities," said Petyo Ivanov, Executive Director of Kozloduy NPP - New Builds PLC.

Leslie McWilliams, Laurentis President and CEO, and John MacQuarrie, BWXT President of Commercial Operations, highlighted the importance of the companies' substantial experience and expressed confidence that their joint efforts will support Bulgaria on its path to achieving its long-term clean energy goals and strengthening the country's energy security.

During a bilateral meeting, Ministers Stankov and Lecce emphasized the strategic importance of the cooperation between Bulgaria and Canada in a field in which both countries have long-standing experience. They shared the view that the partnership in the construction of the new units of the Kozloduy NPP creates a chain of added value for both the Bulgarian and the Canadian economies.

Министърът на енергетиката Жечо Станков участва в Среща на върха по енергийната сигурност на лидерите от Централна и Източна Европа. Организатор на събитието, състояло се в рамките на 80-ата сесия на Общото събрание на ООН в Ню Йорк, е Атлантическият съвет. Форумът събра на една сцена българския енергиен министър със секретаря по енергетика на САЩ Крис Райт, Ставрос Папаставру - министър на енергетиката на Гърция, Маргус Цахкна - министър на външните работи на Естония, Кюстутис Будрис - министър на външните работи на Литва, Богдан-Груя Иван - министър на енергетиката на Румъния, Иржи Козак - заместник-министър на външните работи на Чешка република.

„Енергийната карта на региона се променя пред очите ни. Съвременните предизвикателства поставят фокус върху разговорите за зелени мрежи, енергийна справедливост и климатична неутралност. Това изисква от нас истинска трансформация с осъзнаването, че енергийната сигурност се гради както върху инфраструктура, така и върху доверие и стратегическо партньорство за гарантирани доставки и достъпна енергия за хората и бизнеса,“ заяви министър Станков.

Той подчерта ключовата роля, която има България за диверсификация на източниците и маршрутите за доставки предвид географското си разположение. В този смисъл енергийният министър подчерта активното участие на страната ни в регионални инициативи с общоевропейско значение и координираната работа със съседните държави за надграждане на капацитета на междусистемните връзки като инструмент за устойчиво развитие и регионална стабилност.

Акцент министър Станков постави върху работата по един от стратегическите проекти за цяла Европа - изграждането на Вертикалния газов коридор, който има за цел да гарантира сигурността и непрекъснатостта на енергийните доставки като осигури достъп до диверсифицирани източници на природен газ. Проектът, подкрепен от правителствата на Гърция, България, Румъния, Унгария, Словакия, Молдова и Украйна, навлиза в решаващ етап от изпълнението си на българска територия, изтъкна той и припомни, че страната ни първа стартира реални действия по ключовата артерия.

Министър Станков представи също българските приоритети в енергийната сфера, чието реализиране ще превърне държавата в балансьор в Югоизточна Европа: нови енергийни коридори; инвестиции в зелена енергия и балансиращи мощности, включително нови ПАВЕЦ и батерийни системи; дългосрочна визия за ядрената енергетика чрез изграждането на 7 и 8 блок в АЕЦ „Козлодуй“; регионално сътрудничество като основа за намаляване на уязвимостите и формиране на устойчив енергиен пазар.

Срещата на върха в Ню Йорк бе и платформа за поредица от разговори, по време на които министър Станков обсъди конкретни възможности за инвестиции и сътрудничество в областта на инфраструктурата, новите технологии и ядрената енергетика. Ползотворни двустранни дискусии българският енергиен министър проведе със секретаря по енергетика на САЩ Крис Райт,  с генералния директор на ГД „Енергетика“ в Европейската комисия Дите Юл Йоргенсен, както и с колегите си от региона. Сред темите на фокус бе предстоящата през октомври съвместна инспекция на дейностите по строителството на лот 2 „Рупча-Ветрино“ на Вертикалния газов коридор, броени месеци след началото на проекта.

Minister of Energy Zhecho Stankov and his counterpart from the United States, Secretary of Energy Chris Wright, signed a joint statement reaffirming the objectives of the intergovernmental agreement between the two countries to strengthen civil nuclear cooperation. The document was signed during the General Conference of the International Atomic Energy Agency (IAEA) in Vienna, Austria.

Through the statement, both countries reaffirm their commitment to collaborate in the development and deployment of innovative modern technologies for nuclear reactors, aimed at enhancing Bulgaria’s economic security and energy resilience with the support of the United States, provided through the U.S. Department of Energy’s Office of Nuclear Energy.

With the signed document, Bulgaria will have the opportunity to benefit from the expertise of U.S. laboratories in conducting pre-project studies to assess the feasibility and suitability of potential sites for the accelerated deployment of small modular reactors (SMRs). This study will support Bulgarian government authorities and the project company Kozloduy Nuclear Power Plant – New Units EAD in preparing and justifying the next steps for implementing this innovative technology in Bulgaria. The U.S. Trade and Development Agency has already announced its readiness to provide funding to review different SMR technologies to identify those best suited for Bulgarian conditions.

“Nuclear energy plays a key role in achieving the EU-wide goals for energy security and competitiveness. With the support of our partners from the United States, Bulgaria will be able to expand its decades of experience in the safe operation of nuclear facilities with the most advanced modern technologies, reinforcing its role as a leader in producing emission-free, clean, and affordable energy for the entire Southeast European region,” said Minister Zhecho Stankov during the signing of the document.

The joint statement deepens and builds upon the excellent cooperation between Bulgaria and the United States in the field of nuclear energy. It contributes significantly to the strategic partnership between the two countries, supporting Bulgaria’s leadership in Southeast Europe in providing clean energy through the deployment of the latest modern technologies in the sector.

Next week, Minister Stankov will join the Bulgarian delegation, headed by Prime Minister Rossen Jeliazkov, in New York to take part in the general debate of the 80th session of the United Nations General Assembly. During his US visit, Minister Stankov will engage in discussions with senior government officials and corporate executives on advancing nuclear energy development.

“Strong connectivity and a unified approach are the path to a stable energy environment in the region,” stated Minister Zhecho Stankov during his discussion with DG Energy Director-General Ditte Juul Jorgensen. The meeting is part of the ongoing dialogue between Bulgaria and the Directorate-General for Energy of the European Commission on strategic energy issues in particular on proposal for REPowerEU Regulation.

During the discussions, the two officials addressed a number of key topics for the development of the sector in the context of the proposal for REPowerEU Regulation and Bulgaria’s role concidering the strong interconnectivity of the grid and Bulgaria’s leading role in ensuring the security and resilience of energy supplies in the Southeast Europe region.

Minister Stankov emphasized that Bulgaria holds strategic importance for the energy security of the entire region, with its geographic location making it a key factor in the transmission and diversification of supplies. He highlighted the importance of coordinated action at the European level to successfully address current challenges affecting the sector’s competitiveness.

“Bulgaria is a reliable partner of the European Commission in efforts to promote diversification, connectivity, and resilience. Our main priority is to ensure stable supplies and predictable energy prices for both citizens and businesses,” stated Minister Stankov. The officials also discussed the accelerated work on the construction of the Vertical Gas Corridor, which will provide diversification of sources and routes for natural gas transmission helping to phase-out Russian supplies from the region.

The bilateral meeting was followed by technical expert exchanges on the proposal for REPowerEU regulation and agreement on bi-lateral work plan.

Minister Stankov emphasized the competitive advantages of the area surrounding the Kozloduy Nuclear Power Plant, including its proximity to the energy source, excellent existing fiber-optic connectivity, and access to water resources from the Danube River for cooling.

“Such projects require uninterrupted power supply with high volumes of stable, secure, and affordable energy—qualities provided by nuclear power. Bulgaria, already a well-established producer and net exporter of electricity, is determined to use this strength as a foundation for sustainable economic growth, quality employment, and the development of high-tech industries,” stated Minister Stankov.

The energy minister also discussed the implementation of potential projects aligned with the broader vision of developing high-tech industrial zones powered by stable and clean energy. Given the complexity of such initiatives, the organization of a specialized investment expo targeting companies in the digital economy sector was also proposed.

The topic of diversification and sustainable LNG supply was central to Minister Stankov’s meeting with Carolyn Eliaasen, Vice President for Government Affairs at leading energy company Phillips 66. The discussion covered long-term supply scenarios, infrastructure requirements, and potential models to strengthen transatlantic energy cooperation.

Minister Stankov and his delegation also took part in a roundtable organized by the Business Council for International Understanding (BCIU) on the topic “Critical Energy Infrastructure in Bulgaria: Aligning Policy, Finance, and Technology.” The discussion highlighted the need for a strategic dialogue between the public sector, financial institutions, and technology companies to achieve synergy in the implementation of investments with long-term added value. Bulgaria’s potential to establish itself as a regional energy and technology hub was prominently presented.