Transgaz interconnectivity-boosting investments can help us be more resilient to sector challenges

Cristian Busoi, Secretary of State with the Energy Ministry, said that investments of national gas transmission company Transgaz to boost interconnectivity and expand regional and EU options can help us be more resilient to the challenges of a permanently dynamic energy sector.On the sidelines of the 10th South-East Europe Energy Forum (SEEF) in Thessaloniki, Busoi attended on Friday the signing of the Memorandum of Understanding on expanding the Vertical Corridor and adding new members - the gas transmission operators from Serbia (Transportgas Serbia LLV) and North Macedonia (NOMAGAS JSC Skopje).The Romanian official stressed that "energy security is one of the most important dimensions of national security", a strategic pillar of national and European policy. He said the Romanian Government has consistently supported initiatives strengthening national, regional and European energy security, pointing to the Vertical Corridor as a diversification solution with "clear benefits for energy security in the Balkans and Central and Eastern Europe.""The investments made by Transgaz to increase interconnectivity and provide more options both in the region and across the European Union can help us become more resilient in the face of the challenges posed by an energy sector undergoing constant change. As part of the strategic directions through which Romania is strengthening its energy security and its importance within the regional energy architecture, the Vertical Corridor initiative has reached a new level of maturity with the signing of the Memorandum of Understanding on its extension to the Western Balkans," Busoi said, as cited in a Transgaz statement to the Bucharest Stock Exchange (BVB).He also underlined that the Vertical Corridor will bring prestige for Romania and energy security for Eastern Europe, Moldova, Ukraine and Central Europe, and that coordinated development of gas infrastructure along the corridor could transform the region's supply security and allow Romania to leverage its geostrategic position, transport network and future Black Sea gas resources.In his statement, Ion Sterian, Transgaz CEO, said the extension of the Vertical Corridor to North Macedonia and Serbia is highly significant for European and regional energy cooperation, strengthening connectivity, diversification and resilience. He noted that the initiative, launched by Romania and Transgaz in 2016, has evolved into a more mature, integrated regional platform aimed at reducing dependence on Russian gas, improving bidirectional flows, expanding cross-border capacity and attracting non-repayable financing."We will continue to coordinate our joint efforts to cooperate on the development and operation of interconnected transmission systems, optimize the use of existing infrastructure, identify additional infrastructure needs, improve gas bidirectional flow capacities and expand cross-border capacity, as well as to secure grant funding for the necessary investments. We will also continue our cooperation at regulatory, technical and commercial levels, with the aim of making the Vertical Corridor more flexible, competitive and attractive to the market," Sterian said.He pointed out that the Vertical Gas Corridor is a key element of energy cooperation between Romania, the United States and Central, Eastern and Balkan Europe, creating a modern, safe and efficient North-South infrastructure capable of ensuring bidirectional gas flows and meeting increasingly complex regional market needs.The signing ceremony for the Memorandum of Understanding on the extension of the Vertical Corridor was attended by the Energy ministers of Greece, Stavros Papastavrou; Bulgaria, Iva Petrova; Cyprus, Michael Damianos; and North Macedonia, Sanja Bozinovska; Romanian Secretary of State with the Ministry of Energy Cristian Busoi; and the CEOs of natural gas transmission system operators DESFA (Greece), ICGB (Bulgaria), Bulgartransgaz (Bulgaria), Transgaz (Romania), Vestmoldtransgaz (Moldova), FGSZ (Hungary), EUSTREAM (Slovakia), GTSOU (Ukraine), NOMAGAS (North Macedonia) and Transportgas Srbija (Serbia), as well as Gastrade (Greece).The ceremony was also attended by US Ambassador to Greece Kimberly Guilfoyle, US Embassy Chargé d'Affaires in North Macedonia Nicole Varnes, and Joshua Volz, Special Envoy for Energy Integration at the US Department of Energy.