“The Vertical Corridor is the only highway from South to North, along which American liquefied natural gas can be delivered to households and business in Southeast Europe. The corridor can provide from 5 to 8 billion cubic meters of American liquefied natural gas to the region.” This was stated by the Executive Director of Bulgartransgaz EAD, Vladimir Malinov during the Sixth Partnership for Transatlantic Energy Cooperation (P-TEC). The high-level forum, organized by the Department of Energy of the United States of America, the Ministry of Environment and Energy of Greece and the Atlantic Council Global Energy Center takes place in Athens. The event brings together leaders from Central and Eastern Europe and the United States to discuss energy security and accessibility, infrastructure projects and investment opportunities. The leading topic of this year’s edition of the forum is the implementation of the Vertical Gas Corridor as strategic infrastructure for energy security.
“It is no secret that 5-6 years ago the entire region was entirely dependent on Russian gas, but with our visionary approach firstly, we invested in the terminal in Alexandroupolis in order to have diversification and freedom of choice. We then took the necessary steps to transform the Vertical Corridor from an initiative "on paper" into a project that is already being built on Bulgarian territory,” Malinov added. He told the participants in the discussion that the infrastructure on Bulgarian territory will be completed in 2026, so that the increased capacities from Greece to Bulgaria and from Bulgaria to Romania can be offered to the market for the next annual auction.
The gas operators in the region have the full support of both, the governments and the European Commission regarding implementation of the corridor. According to him, the real "driving forces" of the project should be the suppliers of American liquefied gas, who will provide the necessary quantities. "It is important for us, along with the infrastructure, to provide favourable trading environment where gas suppliers and customers will meet, negotiate and work. These are the necessary conditions for total abandonment of Russian natural gas to Europe," he stressed. Malinov also emphasized the possibility to unify markets in the region and submit a joint application for conclusion of a long-term contract with suppliers of American liquefied gas to achieve better prices. The participants in the discussion shared the view that joint efforts of gas operators in the region and LNG suppliers from the United States will make the energy sector great again.
During his visit to Athens, Vladimir Malinov spoke with the US Ambassador to Greece Kimberly Ann Guilfoyle. They emphasized the key role of the countries in the region, as well as in particular the role of gas transmission operators to ensure secure and competitive supplies. "Bulgartransgaz will continue its consistent actions to provide the necessary infrastructure through which increased liquefied natural gas quantities from the United States can enter the old continent. We will make every effort to support implementation of the US policy to increase the share of American liquefied natural gas in Europe," Malinov firmly declared to Ambassador Guilfoyle.
