BAKU, Azerbaijan, July 11. The Interconnector Greece-Bulgaria (IGB) holds a significant position in the Solidarity Ring, said George Satlas, executive officer and board member of ICGB AD, the pipeline operator, Trend reports.
Sofia hosted a ceremony of signing the Memorandum of Understanding on the promotion of cooperation between Bulgartransgaz (Bulgaria), Transgaz (Romania), FGSZ (Hungary), Eustream (Slovakia), and the State Oil Company of Azerbaijan Republic (SOCAR) on April 25.
The Memorandum of Understanding outlines the directions of cooperation between the four gas transmission system operators and SOCAR for additional gas deliveries to Europe. The additional gas supplies will be facilitated through the enhanced gas transmission network of Bulgaria, Romania, Hungary, and Slovakia, known as the Solidarity Ring.
“We also aspire to witness the participation of Moldova and Greece in this endeavor. The inclusion of Greece, as the co-host country of the IGB pipeline, reinforces the crucial infrastructure link for transporting natural gas from Greece to Bulgaria. This integration enables the diversification of gas supplies to Bulgaria, thereby reducing reliance on a single supplier and enhancing energy security,” he said.
Satlas noted that the operation of IGB, along with its connectivity to the gas networks of the other countries involved in the MoU, plays a vital role in facilitating increased shipments of Caspian gas.
“Furthermore, given Greece's broader role in the region as an energy hub, actively developing its energy infrastructure and promoting energy cooperation with neighboring countries, IGB serves as a strategic conduit for the transportation and distribution of natural gas from various sources, including the Caspian region. Its strategic geographical location and state-of-the-art infrastructure position it as a gateway for energy flows into Southeast Europe. The availability of increased Caspian gas and broader regional cooperation can significantly contribute to the functioning of the interconnector. The pipeline can play a vital role in transporting additional volumes of gas from the Caspian region to Bulgaria, and potentially to other countries in the region. The team at ICGB is committed to optimizing the infrastructure and capacity of the interconnector to efficiently handle the augmented gas flows, ensuring smooth operations and meeting the growing demand,” he added.
The Interconnector Greece-Bulgaria began commercial operation on October 1, 2022.
IGB is the first route for diversified supplies of natural gas to Bulgaria, guaranteeing increased security of supply and diversity of sources, contributing significantly to the competition in the natural gas market, which is a prerequisite for optimized prices for businesses and domestic consumers in the country.
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