ICGB renewed its participation in the Memorandum of Understanding on the implementation of the Vertical Gas Corridor with companies from 3 countries
Representatives of Bulgartransgaz EAD (Bulgaria), ICGB AD (Bulgaria), DESFA S.A. (Greece), FGSZ LTD (Hungary) and SNTGN TRANSGAZ S.A. (Romania) signed a renewal of the Memorandum of Understanding on the implementation of the Vertical Gas Corridor. The meeting was held in Brussels and the Memorandum was signed in the presence of Klaus-Dieter Borchardt, Director of the Directorate-General for Energy at the European Commission. He expressed his support for energy connectivity in the region and the development of energy supply opportunities through new initiatives.
The adopted document aims at cooperation between the companies on the implementation of the Vertical Gas Corridor, which will connect the gas transmission networks of Bulgaria, Greece, Romania and Hungary. Taking into account the strategic importance of the project Gas Interconnector Greece-Bulgaria for the Vertical Gas Corridor, the initiative also includes the project company ICGB AD.
ICGB Executive Officer Teodora Georgieva outlined the need for close cooperation between the countries in the region in order to improve energy connectivity and provide more sources of gas supply. "Working together is crucial to ensuring the success of the new energy projects that will be part of the Vertical Gas Corridor, and in that sense, we highly value the confidence, support and evaluation of the project's progress, not only from the countries in this initiative, but also from our partners from the European Commission. United in their common goals, the countries in the region are actively working on the development of new energy initiatives, which is an important part of the process of diversification of gas supplies," the Executive Officer stated during the signing ceremony.
The commitments the five companies make under the renewed Memorandum include exploring the technical capabilities and requirements for the construction of new gas pipelines, interconnectors or improvements to national gas transmission networks. Such close cooperation on projects of common interest will also involve the exchange of experience between experts from the four countries related to archeological research, environmental protection and technical solutions.
The document shall enter into force on the date of signing by all members and will be valid for a period of 3 years, with the possibility of an automatic extension of one year if there are no objections.
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