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Minister Nikola Stoyanov and the Ambassador of Iran to Bulgaria discussed the opportunities for cooperation in the energy sector

Minister Nikola Stoyanov and the Ambassador of Iran to Bulgaria discussed the opportunities for cooperation in the energy sector

At a meeting at the Ministry of Economy and Industry, Minister Nikola Stoyanov and the Ambassador of the Islamic Republic of Iran to the Republic of Bulgaria H.E. Seyyed Mohammad Javad Rasouli discussed the opportunities for cooperation in the energy sector. The discussion was a continuation of the search for all opportunities to ensure the diversification of our country.

H.E. Rasouli told Minister Stoyanov that the oil sector is the foundation of the Iranian economy. Iran has about 10% of the world’s oil reserves and is the fourth largest oil producer in the world. The country also has the second largest natural gas reserves in the world. Iran’s opportunities in this field are great and the country is ready to discuss options for cooperation in this area, the ambassador stressed.

The conversation between Minister Stoyanov and H.E. Rasouli was also focused on actions for the early implementation of the Persian Gulf-Black Sea Multimodal Transport Corridor, which according to the Iranian diplomat is already 80% ready.

Minister Nikola Stoyanov assured H.E. Seyyed Rasouli that the development of relations between the two countries is particularly important for Bulgaria. In recent years there has been an increase in bilateral trade, which confirms the interest of Bulgaria and Iran in cooperation and is in continuation of the long-standing traditionally good relations between the two countries.

In the first half of 2022, our country’s trade with Iran amounted to 112.9 million USD with an increase of 76.1% compared to the same period last year. In 2021, bilateral trade will reach USD 171.5 million, an increase of 28% compared to 2020. Seyyed Rasouli agreed that the two countries have far greater opportunities to boost bilateral cooperation and that they will work towards facilitating and creating more opportunities for Bulgarian and Iranian businesses. Workable mechanisms for direct contracting between companies from both countries will also be sought.

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