Region, CGB, Bulgartransgaz, DESFA, Gastrade, FGSZ and Transgaz have signed the renewal of the MoA on the implementation of the Vertical Gas Corridor

, SEE Energy News

Representatives of ICGB, Bulgartransgaz, DESFA, Gastrade, FGSZ and Transgaz have signed the renewal of the Memorandum of Understanding on the implementation of the Vertical Gas Corridor.

The adopted document aims at cooperation between the companies on the implementation of the Vertical Gas Corridor, which will interconnect the networks of Bulgaria, Greece, Romania, and Hungary and will allow the transmission of natural gas. Improved connectivity of the transmission systems of the neighboring countries is in line with the common European priorities in the energy sector – increasing energy security in the region, market integration through diversification of routes and sources of natural gas and increasing competition.

The implementation of the Greece-Bulgaria gas interconnection (IGB pipeline), which started commercial operation on 1 October, is a key part of the Vertical Gas Corridor development project. The IGB pipeline connects the transmission networks of Greece and Bulgaria, providing a direct link to the Trans-Adriatic (TAP) pipeline and thus making Bulgaria part of the Southern Gas Corridor as well. The new infrastructure also creates opportunities for gas transmission to other neighboring countries in the region, as well as to Moldova and Ukraine.

ICGB Executive Directors Teodora Georgieva and George Satlas stressed the need for close cooperation between the countries of the region to improve energy connectivity and secure more sources of gas supply. In the context of the changed energy and security environment in the region, cooperation on the development and construction of new energy projects to ensure diversified gas sources becomes a top priority, the two officials concluded.