site.btaBulgatransgaz CEO: Vertical Gas Corridor Will Transform Europe's Energy Independence

Bulgartransgaz CEO Vladimir Malinov took part in Energy Transition Summit: East Med and Southeastern Europe forum in Athens, Bulgartransgaz said on Thursday. "Thanks to the excellent regional cooperation and targeted investments to improve infrastructure connectivity, the Vertical Gas Corridor will transform Europe's energy independence. The importance of this infrastructure in securing the necessary quantities of natural gas for Europe, in light of the European Commission's discussion of measures to completely phase out Russian natural gas imports by the end of 2027, is becoming paramount," Malinov underlined.

Malinov added that it is precisely through the Vertical Corridor that countries could rely on secure deliveries of liquefied natural gas from reliable partners such as the US, Azerbaijan, Egypt, and others.

The event, organized by the reputable media outlets Financial Times and Kathimerini, brought together government leaders, energy experts, and industry representatives who discussed progress toward a sustainable energy future. Among the participants were Greek Prime Minister Mitsotakis, Cyprus President Nikos Christodoulides, Albanian Deputy Prime Minister Belinda Balluku, Greek Energy Minister Stavros Papastavrou, Serbian Energy and Mining Minister Dubravka Djedovic, Egyptian Petroleum and Mineral Resources Minister Karim Badawi, and others.

Participants identified the Vertical Corridor as infrastructure playing a vital role in diversifying the sources and routes for natural gas supply. According to Greek Energy Minister Papastavrou, with the construction of the Vertical Corridor already underway, the transmission of natural gas from terminals in Greece to Central and Eastern Europe will be facilitated.

Malinov outlined the benefits that the Vertical Gas Corridor will bring to Europe’s energy system. “Increasing the transit of natural gas from south to north – from Greece to the markets of Bulgaria, Romania, Moldova, Ukraine, Slovakia, and Hungary – will significantly enhance the energy security of these countries,” he stated firmly. “In this context, it is also important to resume operations at the Alexandroupolis liquefied natural gas terminal, in which the Bulgarian side is a shareholder, as soon as possible. We expect the terminal to begin operating with partial technical capacity on August 15, and at full capacity from October 1,” he added.

Addressing participants at the Summit, the Executive Director of Bulgartransgaz also highlighted the progress made by the Bulgarian gas transmission operator in implementing the Vertical Gas Corridor. “Bulgartransgaz has already begun construction of the new infrastructure, which will increase the transmission capacity between Greece and Bulgaria by more than 50%, and between Bulgaria and Romania by nearly 100%,” he said. The planned commissioning date for both projects is mid-2026. He noted that on June 16, Bulgartransgaz launched a procedure to select financial institutions to fund 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 timely implementation of the projects.