The Vertical Gas Corridor is the key to the energy security of Ukraine, Moldova and the countries of South East Europe in the long term. This was the view shared by the participants in the working meeting with the Director-General of DG Energy of the European Commission, Ms Ditte Juul Jørgensen, who was briefed at Bulgartransgaz EAD main office on the activities of the dispatching centre. The Minister of Energy, Rumen Radev, the Deputy Energy Minister, Iva Petrova, and the Executive Director of Bulgarian Energy Holding, Ivan Andreev, took part in the talk.
„The connection of the gas transmission networks of Greece, Bulgaria, Romania, Hungary, Slovakia, Ukraine and Moldova through the Vertical Gas Corridor will contribute significantly for the energy security in Europe. This strategic route will guarantee the access to additional quantities of liquefied natural gas for the customers in Eastern Europe“, Malinov highlighted. „The realisation of the projects for the increase of the capacities from Greece to Bulgaria and from Bulgaria to Romania will ensure the technical possibility for the transport of the additional quantities of natural gas, including from the Southern Gas Corridor and liquefied natural gas with the maximum use of the possibilities of the existing infrastructure“, he added.
The project for the increase of the capacity with Greece will furthermore provide the opportunity for the increase of the supply from alternative sources to North Macedonia to cover between 50 and 80% of their daily consumption. A project developed by Bulgartransgaz was also presented for the construction of a supply gas transmission infrastructure to the coal regions which is included in the updated Climate Neutrality Roadmap. There is interest from coal plant operators to invest in gas-fired power plants. Supporting this project will create the conditions for the realisation of their investment plans at no additional costs.
„After the probable end of the transport of natural gas from Russia through Ukraine from the start of 2025, the Vertical Gas Corridor will be the only project than can provide both the required transport of liquefied gas, and the continuation of the operation of the gas transmission network and the underground gas storage facilities in Ukraine“, Malinov further explained.
The meeting also saw the debate of the issue related to the provision of support for the financing of the required investments for the realisation of the Vertical Corridor projects. The total indicative value of the two projects of Bulgartransgaz EAD under the Vertical Corridor, including the design, procurement and construction, amounts to some EUR 300 million, VAT excluded. „Options are being sought for the financing of the projects, including by increasing the company's capital, debt financing, use of state guarantees and European financing“, Malinov underlined.
To enable the timely implementation Bulgartransgaz EAD already undertook targeted and coordinated preparatory activities.
