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19.07.2017 17:14
Gas System Operators, ICGB Sign MoU on Vertical Gas Corridor
The Vertical Gas Corridor should allow the necessary infrastructure to be put in place, so that natural gas could allow gas to be transported from transit countries via Greece, Bulgaria, Romania, and Hungary to Europe, as well as a reverse flow

  • Signing of the MoU in Bucharest
    © Bulgarian Ministry of Energy

Gas transmission grid operators of Bulgaria, Greece, Hungary and Romania, along with project company ICGB which is responsible for the construction of the Greece-Bulgaria gas interconnector (IGB), signed today a Memorandum of Understanding (MoU) for the realization of the Vertical Gas Corridor. The MoU was signed during a meeting in Bucharest, Romania, attended by representatives of Bulgartransgaz EAD (Bulgaria), DESFA S.A. (Greece), FGSZ LTD (Hungary), SNTGN TRANSGAZ S.A. (Romania), and ICGB AD, the Bulgarian Ministry of Energy said in a press release.

In September 2016 the energy ministries of these countries signed the memorandum for the realisation of the Vertical Gas Corridor – a project which should allow the necessary infrastructure to be put in place, so that natural gas could allow gas to be transported from transit countries via Greece, Bulgaria, Romania, and Hungary to Europe, as well as a reverse flow.

The project will link the gas transmission systems of the involved countries and is among the Projects of Common Interest (PCIs) of the European Union. The project is estimated at EUR 560 m, with half the costs to be covered with EU funding.

According to the Bulgarian Ministry of Energy the IGB is has a strategic for the entire project and this is why ICGB was included in the MoU signing in Bucharest.

TAGS: Vertical Gas Corridor | reverse flow | gas | energy | Bulgaria | Greece | Hungary | Romania | ICGB | IGB | DESFA | FGSZ | SNTGN Transgaz | Bulgartransgaz | gas pipeline | natural gas 

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20.03.2022  Teodor Bobochikov, Managing Partner, V-Ridium
Energy Transformation – Trends and drivers
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