Bulgaria Leads the Charge in New Vertical Gas Corridor Project

Business » ENERGY | June 6, 2024, Thursday // 13:49
Bulgaria: Bulgaria Leads the Charge in New Vertical Gas Corridor Project

The implementation of the Vertical Gas Corridor has commenced, aimed at ensuring diversification and energy security for natural gas supplies. Bulgartransgaz, the state gas transmission operator, signed two critical public contracts with consortia comprising Bulgarian and American companies.

This project is a collaboration among Bulgaria, Greece, Romania, Hungary, Slovakia, Ukraine, and Moldova, and is anticipated to be completed by the end of next year.

The new pipelines and diversions will enhance the capacity for transmitting natural gas from Greece to Bulgaria, from Bulgaria to Romania, and subsequently to Ukraine. This initiative is particularly crucial due to the expected halt of Russian natural gas transit through Ukraine.

Energy Minister Vladimir Malinov explained that the contracts, valued at approximately BGN 485 million, will significantly boost the capacity for importing liquefied natural gas from reliable partners such as the USA and other producers, as well as from the Southern Gas Corridor. This will provide added security and stability not only for the countries involved in the initiative but also for the Central European markets.

Acting Prime Minister Dimitar Glavchev emphasized that the project's implementation marks a pivotal moment for Bulgaria and holds significant importance for Ukraine. He expressed confidence that the support and efforts extended to Ukraine in various sectors will help restore its position, allowing it to participate equally with other project members once the Russian aggressor is expelled.

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Tags: Bulgartransgaz, Vertical Gas Corridor, Bulgaria

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