REUTERS
Bulgaria has signed an agreement with Romania and Greece on the construction of a link between the national gas transmission systems, known as a vertical gas corridor, the Wall Street Journal has reported, quoting Bulgarian Deputy Energy Minister Zhecho Stankov.
The new connection facilities will cost about EUR 220 million ($236.2 million) and are to be commissioned in 2018, according to the official. Through the link, Bulgaria will be able to purchase gas from Azerbaijan and LNG terminals in Greece, Russian newspaper Vedomosti has reported.
“We are finally getting a new source of gas, because until now we were totally reliant on one source - Russia,” said Bulgaria’s Deputy Energy Minister.
Bulgaria consumes about three billion cubic meters of natural gas a year and relies on Russian energy giant OAO Gazprom for 95% of its gas.
Bulgaria also intends to ramp up its own production of natural gas. Last week, it launched a tender for oil and gas development in the Black Sea shelf.
In February, government officials said they were in talks with Royal Dutch Shell PLC, BP PLC, Statoil ASA and other oil companies on the exploration of Bulgaria’s Teres and Silistar oil and gas blocks.