Gazprom

British energy giant Shell yesterday said its net profit jumped 26 percent in the first quarter as soaring oil prices offset a sizeable charge linked to its Russia exit.

Profit after tax leapt to $7.1 billion (6.7 billion euros) compared with a year earlier, Shell said in a statement.

Bulgaria will sign a contract for the design of a new gas interconnector with Serbia, it became clear during a regional energy meeting in Sofia.

It was attended by the Ministers of Energy of Bulgaria, Greece, Romania, Turkey, Azerbaijan, Ukraine and North Macedonia.

The key topic of discussion during the meeting was energy security and independence of the whole region.

Romania's Energy Minister, Virgil Popescu, on Wednesday said Romania will produce more natural gas than it needs once it starts extracting gas from the Black Sea area - and will then be in a position to export to countries in the region, with Moldova a priority.

"We are seeing an unprecedented war in Ukraine that has cost many lives. We also see how energy is used as a weapon. This is so obvious because there are unilateral breaches of contracts by Gazprom." This was stated by Bulgarian Prime Minister Kiril Petkov at the meeting dedicated to energy security, which is being held in Sofia.

As a candidate for membership of the EU, Serbia too is under pressure to join the Western sanctions on Russia, but has so far refused to do so, not least given the importance of Russia's United Nations Security Council veto when it comes to frustrating the international integration of Serbia's former southern province, Kosovo.

"Purely technologically, Bulgaria can do without Russian oil, but this would significantly increase the cost of fuel. Therefore, if the European Commission allows exemptions [from the oil embargo], we will exercise our right to request such an exemption as well."

This was stated by Finance Minister Asen Vassilev in an interview with the weekly "Capital".

Greece is constructing two liquefied gas LNG terminals in Alexandroupoli, Greek Prime Minister Kyriakos Mitsotakis announced on Tuesday, one of which is planned to transport gas to Moldova and Ukraine.

The decision to pay for Russian gas in rubles was intended as a measure against sanctions imposed on Russia. This was explained by the economist Daniel Vassilev on Nova TV. According to him, the sanctions were aimed at destroying the ruble, Russia tried to increase its demand, with a solution that would increase its value.

"None of the Bulgarian employers want Gazprom and payment in rubles. But everyone wants gas at reasonable prices so that we can remain competitive." This was said by the Minister of Innovation and Growth Daniel Lorer on Nova TV.

Ukrainian President Volodymyr Zelenskyy (R) and Prime Minister of Bulgaria Kiril Petkov (L) shake hands as they attend a meeting in Kyiv, April 28, 2022. Photo: EPA-EFE/SERGEY DOLZHENKO