The memorandum was signed by Bulgarian Economy and Energy Minister Peter Dimitrov and his Azerbaijani counterpart Natiq Aliyev.
The memorandum states that the two countries take into account their favourable geographic location and the importance of the mutually beneficial cooperation in the area of effective use of energy resources in the context of the growing energy cooperation between the European Union and Azerbaijan.
Bulgaria and Azerbaijan support the projects for diversifying the sources and routes of energy resources with the purpose of guaranteeing and increasing the security of natural gas deliveries to the EU. In line with their national energy strategies the two countries will strengthen cooperation in power energy, oil and gas industry, renewable energy sources and energy efficiency.
The memorandum envisages cooperation in natural gas deliveries by signing of an agreement between the state-owned Bulgargas and GNKAR on the delivery of natural gas from Azerbaijan to Bulgaria to the amount of 1,000 million cu m annually as the first stage of the cooperation.
This quantity will be transited via existing gas pipelines as well as via the projected Nabucco gas pipeline, other infrastructure or mechanisms. Bulgaria will provide assistance for the transiting of Azerbaijani gas in Southeast Europe and to other European countries. Azerbaijan will provide assistance for the participation of Bulgarian companies in natural gas and oil prospecting and extraction on its territory.
The two ministries are to sign a cooperation agreement in energy and industry.
The East-West corridor is impossible without Bulgaria and the country's geographic location needs to be made use of by Bulgaria, Aliyev said after the signing ceremony. He said that oil and gas are at the basis of the economic relations between the two countries which should be further developed in the other energy sectors.
Dimitrov said Bulgaria supports the option whereby Azerbaijan join the Nabucco project. His host said that Nabucco matches his country's strategic interests but a detailed analysis needs to precede the important decision of joining the project.