“The availability of a developed and interconnected gas infrastructure, enabling flexibility and independent transmission routes, is an important tool in addressing the challenges associated with sudden crises and disruptions of supply chains.” This was stated by Bulgartransgaz EAD Executive Director, Vladimir Malinov during his participation in the 7th LNG Summit taking place in Budapest, Hungary. The conference is an established platform for meetings of the main stakeholders in the regional and global LNG market. This year’s edition is attended by representatives of governments and institutions of the European Union, regulatory authorities, energy producers and suppliers, transmission system operators, technology and equipment suppliers, financial and consulting companies, as well as scientific and academic organizations.
The key importance of the Vertical Gas Corridor in ensuring energy independence in Europe was emphasized during the conference discussions. “The crisis in the Middle East further confirms the expediency of the projects along the Vertical Corridor Bulgartransgaz is working on and plans to put into operation by the end of the year,” Malinov highlighted. He also acknowledged the need of decision by the end of the year on the construction of at least one more LNG terminal in Greece, especially considering the EU’s decision on suspension of gas imports from Russia.
“Our investments within the Vertical Corridor will improve the access of Bulgaria and the countries in the region to the most advanced diversification mechanism – the LNG market,” Malinov stated. According to him, against the backdrop of difficulties in supplies through the Strait of Hormuz, markets in Europe will increasingly rely on supplies from secure sources, such as the United States and others, through existing and planned new export facilities.
“Unifying of small markets in the region and coordinated actions of the countries for joint purchases of LNG have the potential to make the market attractive even for the largest players in the sector,” Malinov emphasized. He highlighted again the need for long-term contracts and commitment among market participants to achieve optimal pricing conditions and investment security.
