Vertical Gas Corridor completely corresponds to the EU aim to achieve energy security and diversification

Vertical Gas Corridor completely corresponds to the EU aim to achieve energy security and diversification download this image

The main terms for the development of the interconnector Greece-Bulgaria were signed by the shareholders

On 22nd April, Bulgaria was the host of the first meeting of the High Level Working Group and the Expert Working Group on the Vertical Gas Corridor organized by the Energy Minister Temenuzhka Petkova. Vertical Gas Corridor is a joint initiative between Bulgaria, Greece and Romania aiming to strengthen regional energy co-operation through providing security and diversification of natural gas supply, which is in full accordance with the position of the European Commission that each country in Central and South-Eastern Europe should have at least three different sources of gas supply. The initiative Vertical Gas Corridor is a regional subgroup to the High Level Group on Gas Connectivity in Central and South Eastern Europe. The subgroup will work in tight co-operation with the High Level Group on Gas Connectivity in Central and South Eastern Europe in order to improve the coordination, infrastructure and supply of natural gas in the region.

The meeting was attended by: Bulgarian Deputy Prime Minister for EU Funds and Economic Policies-Tomislav Donchev, Mr. Panagiotis Lafazanis -Minister of Reconstruction of Production, Environment and Energy of Greece, Mr. Mihai Adrian Albulescu- State Secretary, Ministry of Energy, SMEs and Business Environment of Romania.

"The map of natural gas in South-Eastern Europe is changing. Bulgaria is actively involved in this process in order to be prepared for any possible outcome and scenarios-gas transmission in different directions and gas supply from various sources, including from local sources. We often talk about diversification and independence. If there is no interconnection between neighbor countries, these will be meaningless words. What we need is agreements and gas transmission contracts", Deputy-Prime Minister Tomislav Donchev said at the meeting. According to the Energy Minister Temenuzhka Petkova the connection of transmission networks of Bulgaria, Greece and Romania is in full correspondence with the goals of the European Energy Union to achieve security and a more connected, more competitive and more sustainable energy market. One of the major priorities of Bulgarian government is the realization of gas interconnectors with its neighbor countries. "A key project is the interconnector with Greece, for which we have received support and understanding by the EC as well", Minister Petkova added.

During the Vertical Gas Corridor meeting the shareholders of the project company for the construction of the interconnector Greece-Bulgaria, "ICGB AD", signed an agreement on the main principles for the development of the project. The 2015 budget of the project amounting to 10 bln euro has also been agreed. According to Bulgarian Energy Minister the progress reached today allows construction works to start in March 2016 and the pipeline to be completed by the end of 2018.

Building of the necessary infrastructure for the Vertical Gas Corridor that connects Greece, Bulgaria and Romania will provide uninterruptible bidirectional supply of natural gas. The improved regional co-operation between the countries will ensure security of gas supplies and will allow an easier access to the financing of projects of common interest.

The countries engaged to analyze their existing gas transmission systems and to outline the possible sources and routes of supply of natural gas in order to provide reliable transmission of natural gas from South to North and vice versa. The High Level Working Group on the Vertical Gas Corridor will have sessions at least twice a year and the Expert Working Group- at least three times a year.

During their first meeting in Sofia today, the three countries agreed on the Terms of Reference of the working group and engaged to send them to the EC for final coordination. They decided the host of the next Expert Working Group session to be in Bucharest in June and the meeting of the High Level Working Group to be held in Athens in October 2015.

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