Bulgaria Hopes to Export Electricity to Lebanon

Bulgarian Economy Minister Traikov (left) with Lebanese Energy Minister Gebran Bassil in Beirut. Photo by Economy Ministry

Bulgaria is looking at opportunities to export electricity to Lebanon, according to the Minister of Economy, Energy, and Tourism, Traicho Traikov.

As part of a Bulgarian state delegation to Lebanon, Traikov met with Lebanese Minister of Energy and Water Resource Gebran Bassil in Beirut.

Bassil has pointed out that Lebanon is planning to invest about USD 1 B in the construction of micro-hydro power plants, and Traikov has suggested that Bulgarian companies could participate in the engineering of these projects and could provide turbines, the press service of the Economy Ministry announced.

The Bulgarian minister said Bulgaria derives about 10% of its energy from renewable sources, and that there is huge investment interest in the country in that respect.

Traikov and the Lebanese Minister of Economy and Trade Mohammad Safadi agreed that there is an opportunity for creating a joint platform for small and medium-sized enterprises. The Bulgarian Economy Minister invited Lebanese investors praising Bulgaria's investment advantages such as low taxes and specific government incentives for companies bringing in FDI.

The two economy ministers have agreed that a potential joint venture should facilitate more active bilateral economic exchange and joint projects in engineering, infrastructure, and energy.

Traikov also met in Beirut with Lebanon's Minister of Tourism Fadi Abboud, with whom he agreed that Bulgaria and Lebanon had very similar visions for the development of their tourist sectors.

The two ministers agreed to exchange visits of groups of private tour operators in order to study the bilateral opportunities in the tourism sector. They expressed hope that the direct Sofia-Beirut air line, which was discontinued in November 2010, will be restored.

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