Bulgaria positions itself as a key participant in energy dialogues for the future of the sector in the region
"We consider the Vertical Gas Corridor not only as a strategic initiative for competitive supplies to the countries of the region, but also as a platform for security. It will increase transit capacity by about 50%, covering seven countries and providing a potential of about 10 billion cubic meters per year. In combination with the Southern Gas Corridor, the project is becoming a key LNG supply route – in other words, a source of security, independence and competitiveness". This was stated by Minister of Energy Traicho Traikov in his conversation with Prof. Klaus-Dieter Borchardt, Coordinator of the Central and South-Eastern Europe Energy Connectivity Initiative (CESEC). Deputy Minister Teodora Georgieva, acting US Ambassador to Bulgaria Martin McDowell and EWRC Chairman Plamen Mladenovski also participated in the meeting at the Ministry of Energy.
"I am glad that we were able to convince Mr Borchardt of the need to renew the three main routes of the project, from Revituza to Sidirokastro and to Ukraine, from Alexandroupolis to Ukraine and from the Southern Gas Corridor. We consider the prospect of continuity of route products as a direct response to the crisis, which is key to ensuring competitive supplies and the only opportunity not to risk security of supply for Ukraine at this important moment", said Deputy Minister Georgieva after the meeting. With this move, Bulgaria is positioning itself as a key country in the energy dialogues that chart the development of the sector throughout the region, as well as in the solidarity with Ukraine.
The extension of the three main routes of the project, which expire in April, will provide a competitive platform for the supply of liquefied natural gas from the US and other sources, a process that is growing in importance in the context of the EU’s efforts to end the supply of Russian fuels.
The participants in the meeting reached an agreement that it is also necessary for operators in individual countries to actively work on adapting the routes with proposals not only on a monthly basis, but also on a quarterly and annual basis, as a response to market realities.
Bulgaria is the first country to start real construction activities to expand the transmission capacity in the direction from south to north. Transit capacity is expected to be increased by around 50% by the end of the year, thus providing the potential to transport around 10 bcm of gas per year. In this way, through deliveries along the Vertical Gas Corridor, Bulgaria can play a key role as a source of security, independence and competitiveness for the countries of the region.
