Greece and Bulgaria come together, sign energy deal to reduce dependence on Russia

Greece and Bulgaria on Thursday (February 16) signed deals to reduce their dependence on Russian oil and gas. Greek prime minister's office said that the Balkan neighbours will co-operate on procuring and storing natural gas. It also said that the two countries will "explore" creation of a new pipeline between the ports of Alexandroupolis and Burgas.

The agreements are "one more step towards the strategic goal of European (energy) autonomy," Greek Prime Minister Kyriakos Mitsotakis said after a meeting with visiting Bulgarian President Rumen Radev.

The president said that Greek companies would now be able to store natural gas in underground facility of Chiren while Bulgarian companies will have access to Greek terminal of Revithoussa.

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"Both countries will have assured access to facilities that are critical to their energy security," Mitsotakis said.

He said the agreement "turns our two countries into crossroads for gas distribution not just from Greece to Bulgaria, but to the rest of Europe."

Both states have sped up projects to diversify away from dependence on Russian oil and gas.

Earlier in February, Bulgaria launched construction of a long-delayed gas pipeline link to neighbouring Serbia, while Greece has increased its capacity to store liquid natural gas.

Russia is a major supplier of natural gas to Europe. But ever since the Ukraine war broke out, Russia has been leveraging its position as major energy provider for political gains.

(With inputs from agencies)

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