NEWS

President: Europe Needs Secure and Uninterrupted Energy Supplies and Investments in Expanding Connectivity

Europe needs secure and uninterrupted energy supplies and investments in expanding transport, energy, and digital connectivity to ensure the sustainability of supply chains, said President Rumen Radev during his meetings in Riyadh with the Governor of the Public Investment Fund of Saudi Arabia, Yasir Al-Rumayyan, who manages assets worth USD 1 trillion, and with the Minister of Economy and Planning of Saudi Arabia, Faisal F. Alibrahim. The Bulgarian head of state participated in the ninth edition of the Future Investment Initiative forum at the invitation of Saudi Crown Prince Mohammed bin Salman.

During his meetings, Radev emphasised that if the EU fulfils its intention to completely stop imports of Russian gas from 2027, Europe will need additional quantities of natural gas to avoid a shortage in energy supplies, and Saudi Arabia is an important partner in this regard. The head of state highlighted Bulgaria's potential for natural gas transit to Central and Eastern Europe through the liquefied gas terminals in Greece and Turkiye and our country's agreements with the gas transmission companies of both countries. 

The possibility of creating pumped storage hydroelectric power plants on high-altitude reservoirs in Bulgaria was also noted as a potential area of cooperation between Bulgaria and Saudi Arabia in the field of energy. The construction of three such power plants, each with a capacity of 1,000 megawatts, would turn our country into a natural centre for the storage of electricity produced in Southeast Europe.

The modernisation of Bulgaria's transport infrastructure and the rapid development of the high-tech sector in our country, including achievements in quantum computers and the planned creation of a gigafactory for artificial intelligence, were also mentioned as potential areas for joint projects.