Europe will not be able to completely abandon Russian gas, but it needs to look for alternatives to supplies from Gazprom, Trend reports citing “The Economist”.
Since the start of the year, wholesale gas prices in Europe have risen by 250 percent. The record-high prices in Europe are driven by increased demand (due to the wider economic recovery and weather-related factors), competition with Asia for LNG, and a limited supply response from Gazprom, Europe’s largest supplier, providing about a third of Europe’s gas. The current gas supply crunch in Europe once again showed the importance of diversification of gas supply routes and sources.
The implementation of the Greece-Bulgaria interconnector continues at a good pace, and all major project implementation activities have progressed significantly since the beginning of the year despite the complicated situation related to the COVID-19 pandemic. By the end of May, the welded sections of the pipeline have reached 145 km of the total length of the 182-kilometer route. The terrain is completely cleared, over 170 km of pipes have been distributed on site in preparation for further activities.
The Southern Gas Corridor constitutes a new reality, stated Péter Szijjártó, Hungarian Minister of Foreign Affairs and Trade, as saying.
“I congratulate everyone on the commencement of gas supply from the Shah Deniz field to the European Union through the Southern Gas Corridor pipeline system,” said Natia Turnava, Georgia’s Minister of Economy and Sustainable Development, reports 1tv.ge .
According to her, the project is crucial for strengthening Georgia’s energy independence.
Commercial Operation Date (COD) of the Interconnector Greece-Bulgaria (IGB), which is expected to deliver 1 billion cubic meters of gas per year from Azerbaijan to Bulgaria is set for the second quarter of 2021, executive director of ICGB project company Teodora Georgieva told Trend.az.
She noted that the interconnector’s construction was commenced on Oct.28, 2019 and the duration is 18 months.
The implementation of the Trans-Adriatic gas pipeline (TAP), Greece-Bulgaria (IGB) interconnector and Ionian-Adriatic pipeline (IAP) projects, that provide Azerbaijani gas to Europe, needs to be accelerated.
According to Trend.az, which refers to Greek media, the Greek Prime Minister - Kyriakos Mitsotakis said this on the sidelines of the fourth Thessaloniki summit.
Croatia expects to receive about 2.5 billion cubic meters of natural gas per year through the Ionian-Adriatic Pipeline (IAP), which is to deliver Azerbaijani gas to Europe. This was stated to a reporter of Trend.az at the Croatian Ministry of Environment and Energy.
The Trans Adriatic Pipeline (TAP) and Ionian-Adriatic Pipeline (IAP) are strategic projects that can ensure diversification of transportation routes and gas supply security for Croatia, “Trend.az” reports with reference to the draft energy development strategy of Croatia until 2030, published by the country’s Ministry of Environment and Energy.
Bulgarian Parliament has ratified the guarantee agreement between Bulgaria and the European Investment Bank under the contract of October 10 this year between the European Investment Bank and the Bulgarian Energy Holding EAD to finance the Interconnector Greece-Bulgaria (IGB) project, “Trned.az” reports citing Radio Bulgaria.
