Region, Overgas and Albgaz agreed to diversify gas supply in the Balkans

, SEE Energy News

Albanian natural gas supplier Albgaz and Bulgarian Overgas have signed a Memorandum of Understanding (MoU) related to cooperation on the projects that will diversify natural gas supplies in the Balkans.

CEO of Albgaz Arber Avrami said that this MoU opens a new window of opportunities for cooperation between the two companies, which share the same goals for energy security and diversification of sources. For Albania, this MoU is another proof of how ambitious projects can mitigate the effects of energy crisis. Therefore, Albania is committed to providing access to gas projects such as the planned Vlora LNG terminal.

The liquefied natural gas import terminal should be built near Vlora in southern Albania. Last year, Albgaz agreed a feasibility study with US energy companies ExxonMobil and Excelerate Energy. Later in 2021, it also agreed to explore the possibility of the construction of a natural gas pipeline from Vlora, together with Excelerate Energy and Italian Snam.

Overgas is the biggest independent natural gas supplier and trader on the Bulgarian market. Last year, it said that it would consider the expansion of its business to other countries in Western Balkans region, following Linden Energy’s acquisition of 50 % stake in the company.