Europe needs secure and uninterrupted supplies of energy resources, as well as investments in expanding transport, energy and digital connectivity to ensure the resilience of supply chains. This was the message delivered by Bulgarian President Rumen Radev during his meetings in Riyadh with Yasir Al-Rumayyan, Governor of Saudi Arabia’s Public Investment Fund, which manages assets worth 1 trillion US dollars, and with Saudi Minister of Economy and Planning Faisal Al-Ibrahim on October 29.
President Radev is taking part in the ninth edition of the Future Investment Initiative Forum at the invitation of the Crown Prince and Prime Minister of the Kingdom of Saudi Arabia, His Royal Highness Prince Mohammed bin Salman.
During the meetings, the Bulgarian head of state stressed that if the EU follows through with its intention to completely halt imports of Russian gas by 2027, Europe will need additional quantities of natural gas to avoid shortages in energy supplies — and that Saudi Arabia is an important partner in this regard. President Radev highlighted Bulgaria’s potential role as a transit route for natural gas to Central and Eastern Europe through the LNG terminals in Greece and Turkey, as well as the agreements Bulgaria has signed with the gas transmission operators of both countries.
Energy cooperation between Bulgaria and Saudi Arabia could also include the development of pumped-storage hydropower plants (PSHPPs) at high-mountain reservoirs in Bulgaria. The construction of three such facilities, each with a capacity of 1,000 megawatts, would make Bulgaria a natural hub for electricity storage in Southeastern Europe.
The modernisation of transport infrastructure in Bulgaria, as well as the rapid development of the high-tech sector in the country, including advances in the field of quantum computers and the planned establishment of a gigafactory for artificial intelligence, were also identified as potential areas for joint projects.
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