The agreement on Vertical Gas Corridor has been signed
Romania, Bulgaria and Greece recently signed an agreement in Sofia to connect the national natural gas transmission networks, a project that will require total investments of about EUR 220 million. The project aims at building the so-called ‘Vertical Gas Corridor’ that will interconnect the gas from the three European Union countries, according to the Bulgarian Minister of Energy Temenuzhka Petkova, quoted by Bulgarian news agency Novinite. The Vertical Gas Corridor Romania-Bulgaria-Greece would become operational in 2018. Petkova said a joint venture to handle the project will be set up, with a capital of EUR 10 million, adding that Sofia will apply for European funding up to EUR 220 million to cover the bill for interconnection with Greece. It is estimated that annually, the new pipeline will transport between 3 and 5 million cubic meters of Azerbaijani gas and from the liquefied natural gas terminals in Greece.