The Vertical Gas Corridor has a vital role in strengthening energy security and eliminating Europe’s dependence on Russian gas, the Minister of Energy, Sebastian Burduja, said on Wednesday at COP 29, the UN conference on climate change in Baku (Azerbaijan).

According to a press release from the relevant ministry, Romania, Greece and Bulgaria organized a high-level event for the Vertical Gas Corridor and initiated a cooperation document in the field of interconnectivity.

„The Vertical Gas Corridor has a vital role in strengthening energy security and eliminating Europe’s dependence on Russian gas. At the same time, Romania supports a fair European market for all, with rapidly developed interconnections,” said Burduja, quoted in the press release.

The Romanian Minister of Energy, together with Theodoros Skylakakis, the Minister of Environment and Energy from Greece and Vladimir Malinov, the Minister of Energy from Bulgaria, participated as a guest of honor at COP 29, at a high-level event on the Vertical Gas Corridor, with the participation of Kyriakos Mitsotakis, the Prime Minister of Greece, Rumen Georgiev Radev, the President of Bulgaria, and Victor Parlicov, the Minister of Energy from the Republic of Moldova.

According to the cited source, the dignitaries agreed that natural gas remains indispensable as a transition fuel. In order to ensure Europe’s security of supply and competitive energy prices, the urgent diversification of import sources is crucial. The Vertical Corridor plays a central role in this process, especially in the context where the Russian gas transit agreement through Ukraine expires at the end of the year.

Currently, Romania is the largest gas producer in the European Union. Once the Neptun Deep project goes into operation, Romania’s gas production will double, the ministry said in the press release.

The Vertical Corridor, together with BRUA and the other infrastructure and interconnection projects, positions Romania not only as the main producer of gas, but also as a gas transport node to Europe. Larger volumes, from different sources, lead to lower gas prices and market efficiency. Moreover, this route significantly strengthens the energy security of Ukraine and the Republic of Moldova.

„The Vertical Gas Corridor is a symbol of good collaboration and our commitment to regional energy security. More gas means lower prices and greater safety for consumers. It is also a regional initiative in which Romania, through Transgaz and the Ministry of Energy, assumed a leadership role,” added Burduja.

Also today, the Romanian Minister of Energy supported a joint position document for strengthening energy cooperation and interconnections in Europe.

„No country can manage the energy trilemma alone: safe, cheap and clean energy. Europe must work together. The lack of interconnection infrastructure between some countries in Central and Western Europe is not a bilateral problem, but a European one, in principle. We do not agree that some do what they want and others do what they have to. Romania is interconnected with the neighbouring states at a level of 38% of the effective production capacity, far above the European target of 15%. Other transit states from central Europe are unable or unwilling to connect with their neighbours.

Romania will not remain silent in the face of this reality, in which the European energy market is no longer single, but decoupled and profoundly unfair. How can our companies compete when the prices on the energy exchange are 3-5 times higher than those in Western Europe? How can we talk about European solidarity and competitiveness? Romania supports three solutions, which we also presented in the Council of Ministers of Energy: (1) analysis of the existing interconnection capacities and their degree of use; (2) the coordination at the European level of the maintenance works of the interconnection lines; (3) acceleration of cross-border energy infrastructure development plans, based on a calendar assumed at the European level,” emphasized Sebastian Burduja.

At the same time, he reiterated Romania’s firm commitment to ensure the energy security of the Republic of Moldova and support Ukraine.

AGERPRES