The memorandum, which was signed by the heads of the two companies in Budapest, will pave the way for Bulgaria to participate in LNG markets in Central and Eastern Europe, the president's press office said in a statement after Radev held meetings in the Hungarian capital with his counterpart Katalin Novák and Hungarian Prime Minister Viktor Orbán on Thursday, reported news portal seenews.com.
The terms of the agreement were not disclosed. Bulgaria, which, until April 2022, heavily depended on Russian gas, now has access to LNG terminals in Greece and Turkey, along with their gas transmission systems.
These infrastructures enable Bulgaria to import gas for domestic use and transit to neighboring countries. Through the Greece-Bulgaria interconnector, which currently has a capacity of three billion cubic meters per year, Bulgaria imports both Caspian gas and LNG from the Revithoussa terminal in Greece.
The link, which has played a significant role in helping wean Bulgaria off Russian gas, connects to the Southern Gas Corridor via the Trans-Adriatic Pipeline (TAP).
Bulgaria's independent transmission operator ICGB AD is among several CEE transmission system operators, including Hungary's FGSz, which a week earlier agreed to explore ways to accelerate the capacity expansion of the Vertical Gas Corridor that allows for deliveries from Greece to northern Europe via Bulgaria, Romania, and Hungary.
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