BAKU, Azerbaijan, May 23. The Vertical Gas Corridor will be vital for the liquified natural gas (LNG) supply from south to north, said Bulgartransgaz EAD's Executive Director Kiril Ravnachki, Trend reports via the company.
He made the remarks during the presentation of projects by representatives of the gas transmission operators from Greece, Bulgaria, Romania, Hungary, Slovakia, Ukraine, and Moldova for the implementation of the Vertical Gas Corridor to interested parties in the Greek capital Athens.
"In dialogue with market participants, we will achieve our common goals of ensuring access to diverse and reliable sources of natural gas along a secure and efficient route, namely the Vertical Gas Corridor," said Kiril Ravnachki. "Thanks to the well-developed gas transmission infrastructure in the region, and in Bulgaria in particular, local markets are increasingly attractive to new suppliers," he emphasized in his welcome remarks. He highlighted that liquefied natural gas supplies to the European Union account for almost 50% of imports, with this share expected to increase. "Following the expiry of the agreement on natural gas transport from Russia via Ukraine in early 2025, the Vertical Gas Corridor infrastructure will be vital for the supply of liquefied natural gas from the south to the north," Ravnachki added.
On May 2, Bulgartransgaz EAD launched the binding phase of the incremental capacity procedure, alongside the operators of Greece - DESFA S.A., Romania - Transgaz S.A., and ICGB AD.
"Following the positive results of the non-binding phase of demand assessment for capacity increase between Greece and Bulgaria, and Bulgaria and Romania, we now also hope for significant interest in the binding phase that is currently underway," Ravnachki underlined.
The gas transmission system operators emphasized the importance of maximizing the use of existing infrastructure for the implementation of the Vertical Corridor. The planned targeted investments for expansion are critical to strengthening the infrastructure and ensuring a reliable, affordable, and diverse natural gas supply for European consumers. During the presentation of the projects, it was also clarified that the main objective in developing these projects is to maintain the economic attractiveness of the route.
Follow the author on X: @Lyaman_Zeyn