“Thanks to the excellent regional cooperation and the targeted investment to improve infrastructure connectivity, the Vertical Gas Corridor will change Europe’s energy independence. This infrastructure aimed at ensuring the necessary natural gas quantities for Europe in light of the measures discussed by the European Commission to completely ban the import of Russian natural gas by the end of 2027 gains vital importance.” This was stated by the Executive Director of Bulgartransgaz EAD, Vladimir Malinov during his participation in the Energy Transition Summit: Eastern Mediterranean and Southeastern Europe. According to Malinov, it is through the Vertical Corridor that countries could rely on secure supplies of liquefied natural gas from reliable partners such as the USA, Azerbaijan, Egypt and others.
The event, organized by the reputable news organizations Financial Times and Kathimerini, brought together government leaders, energy experts and industry representatives in Athens to discuss the progress towards a sustainable energy future. Among the participants in the event were the Prime Minister of Greece Kyriakos Mitsotakis, the President of Cyprus Nikos Christodoulides, the Deputy Prime Minister of Albania Belinda Balluku, the Minister of Energy of Greece Stavros Papastavrou, the Minister of Energy and Mining of Serbia Dubravka Dedovic, the Minister of Petroleum and Mineral Resources of Egypt Karim Badawi and others. The participants identified the Vertical Corridor as infrastructure with a vital role in diversifying natural gas supply sources and routes. According to the Greek Energy Minister Papastavrou, the construction of the Vertical Corridor, which has already begun, will facilitate the transport of natural gas from the terminals in Greece to Central and Eastern Europe.
Malinov outlined the benefits that the Vertical Gas Corridor will bring to Europe's energy system. „The increase in the transit of natural gas from south to north - from Greece to the markets of Bulgaria, Romania, Moldova, Ukraine, Slovakia and Hungary will significantly strengthen the security of the countries," he was categorical. „In this regard, it is important to resume as soon as possible the operation of the liquefied natural gas terminal in Alexandroupolis where the Bulgarian side is also a shareholder. We expect the terminal to start on 15 August its operations at partial technical capacity, and on 1 October to run at its maximum“, he added.
To the Summit participants, the executive director of Bulgartransgaz Vladimir Malinov also highlighted the progress of the Bulgarian gas transmission operator in the implementation of the Vertical Gas Corridor. Bulgartransgaz has already launched the construction works of the new infrastructure that will increase with more than 50% the transmission capacity between Greece and Bulgaria and with almost 100% the capacity between Bulgaria and Romania. The planned date for the commissioning of the two projects is mid 2026. He recalled that on 16 June Bulgartransgaz started a procedure for selecting financing institutions to finance the construction of the Vertical Corridor on Bulgarian territory. According to him, the expected interest in the procedure, including from international institutions, will contribute to the implementation of the projects within the planned deadlines.
