Bulgaria-Greece Gas Link Has Potential to Break Russian Monopoly – FM

Energy | June 28, 2015, Sunday // 15:07|  views

Bulgarian Foreign Minister Daniel Mitov. Photo: BGNES

Bulgarian Foreign Minister Daniel Mitov pointed to the planned gas interconnector between Bulgaria and Greece as having the potential to break Russian monopoly.

Mitov highlighed that the swift implementation of the agreement for construction of the gas interconnector, which was likely to be signed in July, was important for the energy security of Southeastern Europe.

The Bulgarian Foreign Minister said this at the sidelines of the10th GLOBSEC forum in Bratislava on 20th June in an interview for New Europe.

Mitov pointed to the implementation of the interconnector as the beginning of energy diversification in southeast Europe.

The interconnector is foreseen to connect with the Trans Adriatic Pipeline (TAP), which is projected to bring natural gas from the Caspian Sea in Azerbaijan to Italy via Greece and Albania.

Mitov also paid attention to the liquified natural gas (LNG) terminals, which will be built in Greece, as being extremely important for enhancing competition and diversification.

In his view, the capacity of the interconnector was not enough and talks were forthcoming with the European Commission and Greece on extending its capacity.

According to him, Bulgaria's further interconnection with Romania and Serbia will provide the region with capacity to deliver gas to West and North.

Mitov dismissed the Turkish Stream project, which Greece agreed to extend through its territory, as not being economically viable, but at the same time as having the potential to threaten the Southern Gas Corridor.

According to him, the cancellation of South Stream was a blessing in disguise as it opened the way for energy diversification and more competitive gas prices.

Mitov reminded that Bulgaria and most of the countries from Eastern Europe were paying more for Russian gas than their western counterparts due to the monopoly, which Gazprom has managed to establish.

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Tags: Bulgaria, greece, natural gas, interconnection, interconnector, pipeline, monopoly, Russia, Gazprom, TAP, Turkish Stream, South stream, Southern Gas Corridor, LNG, diversification, competition, energy, security, European Commission, Romania, Serbia, Gazprom


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