Bulgaria, Romania, Hungary, Slovakia and Azerbaijan signed a memorandum of understanding that will enhance the security of natural gas supply from Azerbaijan to the European Union and the Central and South-Eastern Europe region.

The Memorandum, which is part of the Solidarity Ring (STRING) initiative, proposed by Bulgaria and supported by the European Commission, aims to foster the cooperation between the gas transmission system operators of Bulgaria (Bulgartransgaz), Romania (Transgaz), Hungary (FGSZ), Slovakia (Eustream) as well as the state oil company of Azerbaijan (SOCAR).

After the signing ceremony, SOCAR officially opened an office in Sofia. In the coming weeks the company is expected to receive a license from the Bulgarian Energy and Water Regulatory Commission for natural gas trading.

Source: BTA