ATHENS – In yet another move to diversify sources and get away from reliance on Russian supplies, Greece is joining with Bulgaria, Romania and Hungary to upgrade the interconnection and transport capacity of their gas grids.
It took six years after an agreement to develop infrastructure for the so-called Vertical Gas Corridor, which will enable bidirectional gas flows from Greece to northern Europe through the other countries.
The European Union is trying to find alternative, sustainable energy sources in the wake of the effect of Russia’s invasion of Ukraine although Russian supplies were exempted from sanctions.
A memorandum signed on the sidelines of a liquefied natural gas (LNG) conference in Athens saw the four countries gas distributors and grids agreed to start talks on what regulation is needed and economic factors, said Reuters in a report.
“(It) is an important step towards the implementation of the Vertical Corridor, a project that will significantly contribute to the supply security of the wider region,” Chief Executive of DESFA Maria Rita Galli said in the statement.
The agreement will last three years with the option to be extended by one more, it added about terms.