BAKU, Azerbaijan, Dec.13
By Leman Zeynalova – Trend:
A new Memorandum of Understanding (MOU) was signed in Brussels, Belgium for the realization of the Vertical Gas Corridor, Trend reports citing Bulgaria’s Bulgartransgaz company.
Parties under the document are the transmission system operators (TSOs) of the gas transmission network of Bulgaria, Greece, Romania and Hungary, e.g. BULGARTRANSGAZ EAD, DESFA S.A., TRANSGAZ S.A., FGSZ LTD and the project company ICGB AD which realized the Interconnection Greece-Bulgaria (IGB) project.
The Vertical Gas Corridor concept aims to develop the possibilities for bidirectional natural gas transport between Bulgaria, Greece, Romania and Hungary. The Parties under the MoU commit to develop and promote both the key cross-border interconnection projects identified by the European Commission as PCIs and all other projects enabling the realization of the corridor.
Implementing projects in the context of the Vertical Gas Corridor corresponds fully with Bulgartransgaz EAD objectives to establish a liberalized, competitive and transparent natural gas market in Bulgaria, as well as diversifying sources and routes. This will significantly facilitate to increase the energy independence and security in the country. To achieve these objectives, the company works towards the construction of the required infrastructure as well as establishment of all conditions required for the gas market functioning in the country .
The signed new MoU will facilitate to continue the good cooperation and coordination between the TSOs as well as to complete ongoing projects and realize new projects such as the LNG Terminal project near Alexandroupolis and Interconnection Greece-Bulgaria (IGB). Both projects are key for achieving routes and sources diversification as they will ensure access to Central and South East Europe to natural gas from Azerbaijan using the already built Trans-Adriatic Gas Pipeline and Trans-Anatolian Natural Gas Pipeline in Greece and Turkey as well as LNG from various sources.
The Vertical Gas Corridor will facilitate to achieve key objectives for the European Energy Policy, namely energy security and market integration through routes and sources diversification as well as increased the competition.
---
Follow the author on Twitter:@Lyaman_Zeyn