MoU signed on Vertical Gas Corridor project
Baku, Azerbaijan, July 21
By Elena Kosolapova – Trend:
Greek, Bulgarian, Romanian and Hungarian gas transmission companies DESFA, Bulgartransgaz, Transgaz and FGSZ and ICGB AD consortium, the contractor for the Greece-Bulgarian Interconnector (IGB) pipeline project, signed a memorandum of understanding on the Vertical Gas Corridor project, DESFA said in a message.
"The full activation of the Vertical Corridor will give the entire region an opportunity to significantly benefit from diversified natural gas import that Greece has and which will soon be further increased, via an upgrade of the LNG Terminal in Revythousa and the Caspian Sea gas that will be transported by the TAP pipeline which is under construction," DESFA said.
DESFA President and CEO Sotirios Nikas noted that this memorandum serves the country's energy strategy and one of DESFA's most important company goals: to activate a Vertical Corridor for moving natural gas from Greece up to Ukraine and vice-versa, a development that will contribute decisively to making Greece a regional natural gas hub and a factor reinforcing supply security in the surrounding region.
IGB is a gas pipeline, which will allow Bulgaria to receive Azerbaijani gas, in particular, the gas produced from Azerbaijan's Shah Deniz 2 gas and condensate field. IGB is expected to be connected to the Trans Adriatic Pipeline (TAP) via which gas from the Shah Deniz field will be delivered to the European markets.