Vertical Gas Corridor May Be Ready by 2019
Friday, 13 February 2015
The development of plans for the construction of a Vertical Corridor connecting the gas grids of Bulgaria, Greece, and Romania has reached an advanced stage, according to Romanian authorities.
According to comments of Romanian Energy Minister Andrei Gerea, as cited by the Romania Libera newspaper and investor.bg, the Vertical Corridor (Aegean Baltic Corridor project) was discussed in detail during a meeting in Sofia on February 9.
The gas pipeline project was presented in Sofia by Bulgaria, Romania, Hungary, and Greece.
The four countries agreed to establish a working subgroup to promote the project on an EU level and seek funding from the European Commission.
The first meeting of the new entity was scheduled to take place in Sofia in mid-March.
Transgaz general manager Petru Vaduva said that the project would cost 560 million euros and that 50% of the cost would be covered with EU funding.
He claimed that the gas pipeline was to be built by 2019.
Vaduva noted that the implementation of the Vertical Corridor would force Gazprom to become more flexible in negotiations as it would enable Romania to be an importer and exporter of Russian gas at the same time.
On February 9, representatives of 9 EU Member States, European Commission Vice President for Energy Union, Maros Sefcovic, and Commissioner for Climate Action and Energy, Miguel Arias Caсete, held the first meeting of the Central East South Europe Gas Connectivity (CESSEC) High Level Group in Sofia.
The representatives of the EC and the nine EU countries, including Austria, Bulgaria, Croatia, Greece, Hungary, Italy, Romania, Slovenia and Slovakia, exchanged views on the establishment and advanced implementation of a regional priority infrastructure roadmap in order to develop missing infrastructure and improve security of gas supplies, according to the press office of the EC.