Home Politics Bulgaria invests more than 295 million euros in key pipeline for the Balkans – Euractiv

Bulgaria invests more than 295 million euros in key pipeline for the Balkans – Euractiv

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Bulgaria has decided to invest more than 295 million euros in the so-called “vertical corridor”, a key initiative between gas transmission operators from seven Balkan countries to reduce dependence on Russian gas.

This is the value, excluding value added tax, of a public call for tenders launched as part of the project aimed at extending existing gas connections between Bulgaria, Greece, Romania, Hungary, Slovakia, Ukraine and Moldova.

The tender was launched at the request of Bulgartransgaz Executive Director Vladimir Malinov and was implemented following a decision of the National Assembly on March 14, Bulgartransgaz said on Wednesday.

“After the probable cessation of natural gas transportation from Russia to Ukraine from the beginning of 2025, the vertical gas corridor through Bulgaria will be the only project capable of ensuring both the necessary transportation of liquefied gas and the continued operation of gas transportation. network and underground gas storage facilities in Ukraine,” Malinov said in February.

This project aims to increase the natural gas transmission capacity at the interconnection points Kulata/Sidirokastro in the direction from Greece to Bulgaria and Negru Voda/Kardam from Bulgaria to Romania. The United States also touted the importance of this project.

The company said that the expansion of Bulgartransgaz’s gas transmission infrastructure will enable the “vertical corridor” to achieve its objectives of diversification and improvement of security of supply by transporting additional volumes of natural gas from the south to north.

This is the first public contract carried out for the project.

Malinov said a month ago: “This strategic route will guarantee access to additional quantities of liquefied natural gas for consumers in Eastern Europe.”

“With the implementation of the capacity increase projects from Greece to Bulgaria and from Bulgaria to Romania, it will be technically possible to transfer additional quantities of natural gas, including from the Southern Gas Corridor and natural gas liquefied, with maximum use. of the possibilities of the existing infrastructure,” he added.

The Bulgarian authorities and the European Commission discussed the possibility of financial support from the Commission for the implementation of vertical corridor projects. The total indicative value of Bulgartransgaz’s two vertical gas corridor projects is 300 million euros, excluding VAT.

“We are looking for options for financing the projects, including increasing the company’s capital, debt financing, using state guarantees and European financing,” Malinov said in February.

(Krassen Nikolov | Euractiv.bg)

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