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Athens and Sofia sign new energy agreements

Athens and Sofia on Thursday entered into an energy alliance to diversify energy supply sources, after talks initiated by Greek Prime Minister Kyriakos Mitsotakis. The two countries are signing agreements today concerning, among other things, the storage of natural gas and the construction of a new oil pipeline.
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On Friday, Greek Prime Minister Kyriakos Mitsotakis announced that Greece and Bulgaria have signed two new energy agreements. The agreements cover the possibility of natural gas storage and the construction of a pipeline between the two nations to reduce their dependence on Russian energy.

 

Natural gas storage

Greek companies will now be able to store gas in the Bulgarian facilities of Chiren, while Bulgarian companies will be able to use Revithoussa in Greece. The agreement between the relevant ministries of the countries involved seeks to facilitate and secure the supply and storage of gas.

Oil pipeline linking Greece and Bulgaria

The second agreement relates to a proposed project to build a pipeline linking the ports of Alexandroupolis in Greece and Burgas in Bulgaria. This project would provide the Bulgarian country with faster and cheaper means of transporting fuel via tankers.

Geopolitical context

According to Kyriakos Mitsotakis, “the geopolitical situation” motivates the obvious interest of both partners to ensure a certain autonomy from Russian fuel, diversify the sources and routes of energy supply in the region. The Bulgarian President Rumen Radev also welcomed the existing “energy links” between the two countries that change “the energy map” of Europe while ensuring regional stability during the war in Ukraine.

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