Greece, Bulgaria, Romania, Hungary sign gas network memorandum

Representatives of gas companies Bulgartransgaz EAD (Bulgaria), ICBG AD (Bulgaria), DESFA S.A. (Greece), FGSZ Ltd. (Hungary) and SNTGN TRANSGAZ S.A. (Romania) signed a memorandum of understanding about a project for implementation of the Vertical Gas Corridor. The document was signed Wednesday at a joint meeting in Bucharest, the Energy Ministry told BTA.
 
The document adopted on Wednesday aims to achieve cooperation between the gas companies to ensure interconnector natural gas supplies between the four countries’ networks. Promotion of projects of shared interest and of other necessary projects, both jointly and individually, are among the objectives set down in the Memorandum for the Vertical Gas Corridor.
Taking into account the strategic significance of the project for an interconnector between Greece and Bulgaria, the initiative also involves the ICBG AD project company. The companies agreed that the memorandum will serve as a basis to promote future cooperation in analysing ways to develop the necessary gas transmission system to connect it to transit states and the European market from Greece through Bulgaria and Romania to Hungary and back.
Improving the four countries’ national infrastructures and building interconnectors will contribute to achieving the aims of the European Energy Union, the Energy Ministry said.