Representatives of Bulgaria's energy exchange and Turkey's energy exchange agreed to sign a Memorandum of Understanding (MoU) to cooperate in developing a natural gas spot market, Independent Bulgarian Energy Exchange (IBEX) EAD announced Monday. IBEX EAD, a subsidiary of BSE-Sofia AD, agreed to sign the MoU with the Turkish Energy Exchange EPIAS to collaborate on the development of an organized spot market for gas trading in Bulgaria.

At the meeting between IBEX EAD and EPIAS, also known as the Energy Exchange Istanbul (EXIST) in Sofia, in which the agreement was discussed, the development of software solutions for a Centralized Market for Bilateral Contracts (CMBC), as well as exploring opportunities for market coupling of the Day Ahead Electricity Markets of Bulgaria and Turkey were also included. Mustafa Karahan, an EPIAS board member and Mustafa Kayırıcı, deputy CEO along with other members of the company's management board, represented the Turkish delegation.

"The representatives of EPIAS shared their plans to start a spot market for gas trading in Turkey, scheduled for Sept. 1, 2018," the statement read.

Commenting on the creation of a spot market for natural gas, Karahan said Turkey's strategic goal is to have market-determined price for natural gas.

In addition, representatives of IBEX EAD presented opportunities for market coupling between Bulgaria and Macedonia and with other western European countries. They also detailed specifics of the Bulgarian electricity market and the trading platforms operated by the Bulgarian electricity exchange.