site.btaTehran Ready to Consider Energy Cooperation with Sofia

Caretaker Economy and Industry Minister Nikola Stoyanov received Iranian Ambassador to Bulgaria Seyed Mohammad Javad Rasouli in Sofia on Tuesday to consider opportunities for cooperation in the field of energy. The meeting was part of Bulgaria's drive to diversify the supplies of the energy products it receives in all possible ways, Stoyanov's Ministry reported.

Ambassador Rasouli noted that the oil sector is at the core of the Iranian economy. The country has about 10% of the world's oil reserves, which is the fourth-largest share of any individual country. Iran also boasts the second-largest natural gas reserves in the world. The nation has great potential in this field and is ready to discuss cooperation, the diplomat said.

Minister Stoyanov and Ambassador Rasouli considered the need to speed up the building of the Persian Gulf-Black Sea Multimodal Transport Corridor, which, the diplomat said, has been completed at 80%.

The Economy and Industry Minister said Bulgaria attaches particular importance to its relations with Iran. The last few years have witnessed a rise in two-way trade in the context of traditionally good bilateral relations, he said.

In the first half of 2022, Bulgaria-Iran trade amounted to USD 112.9 million, going up by 76.1% compared with the first half of 2021, the Ministry reported. In 2021, two-way trade stood at USD 171.5 million, growing by 28% compared with 2020.

Minister Stoyanov and Ambassador Rasouli concurred that the two countries possess much greater potential for bilateral cooperation than what they have used by now, and their governments will work to relax and improve the conditions for Bulgarian businesses in Iran and vice versa.