Southern Gas Corridor Plays Pivotal Role In Turning Greece Into Transit Hub - MFA

(MENAFN- Trend News Agency) BAKU, Azerbaijan, November 21. Greece aspires to position itself not only as a gateway but also as a pivotal transit hub for energy, facilitating the flow from east to west and south to north, Trend reports via Greek Foreign Ministry.

“A central focus lies on the Southern gas Corridor, a cornerstone of the EU's energy strategy, playing a crucial role in fortifying the security and adaptability of the region's energy resources. The completion of the Trans Adriatic Pipeline (TAP), the final segment of the Southern Gas Corridor, significantly bolsters Greece's energy security by providing an annual supply of 1 billion cubic meters,” said the ministry.

The ministry said that expressing interest in joining TAP, North Macedonia, along with exploring other energy avenues through Greece, solidifies this collaboration.

“A Memorandum of Understanding has been executed between the respective authorities of both nations to construct an interconnecting natural gas pipeline. Greece is actively championing the realization of the Vertical Natural Gas Corridor, designed to transport natural gas from diverse sources. This includes the Revythoussa LNG terminal, the planned FSRU Alexandroupolis, the TAP pipeline, and a route through Bulgaria to serve the nations of Central and Eastern Europe,” said the ministry.

The ministry the Interconnector Greece-Bulgaria (IGB) assumes a pivotal role as the inaugural link in the energy chain of the Vertical Natural Gas Corridor, encompassing Greece, Bulgaria, Romania, Hungary, Ukraine, and Moldova.

“Engineered with the capability for reverse flow, the pipeline establishes connectivity between the natural gas networks of Greece and Bulgaria, facilitating the transport of natural gas from various sources.”

The Southern Gas Corridor commenced the transportation of Azerbaijani gas to Europe on December 31, 2020, facilitating the movement of gas from the Caspian Sea region to European countries through Georgia and Turkey. The total cost of the project amounted to $33 billion, notably less than the initially forecasted $45 billion. Capital expenditures for the Southern Gas Corridor project are expected to be fully reimbursed within 8–10 years.

In July 2022, Azerbaijan and the EU reached an agreement to increase the volume of gas supplies via the Southern Gas Corridor from the existing 10 billion cubic meters to 20 billion cubic meters by 2027.

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