“The signing of the contract with United Bulgarian Bank is another successful stage on the way to the realization of the key European infrastructure initiative Vertical Corridor in our country,” said Vladimir Malinov, Executive Director of Bulgartransgaz.
The infrastructure in Bulgaria is expected to be completed by October 1, 2026. New, larger transit capacity will be offered to the market at the next annual Bulgartransgaz auction, Malinov said in another press release issued last weekend.
“Vertical Gas Corridor” is a project initiated by the European Union, which aims to create alternative routes for natural gas supplies to Europe, primarily liquefied natural gas (LNG) via terminals in Greece. The project is designed to ensure gas transit to the north, including Moldova and Ukraine, as well as the needs of countries such as Hungary and Slovakia, thus diversifying supplies and reducing dependence on Russian gas.
It is based on the Trans-Balkan gas pipeline, which operates in reverse mode.
In 2016, Greece, Bulgaria, Romania and Hungary agreed to build the necessary infrastructure for the project, which will ensure the transportation of gas between the participating countries. Ukraine, Moldova and Slovakia joined the initiative last year.
