New Pipeline Boosts EU Bid to Ease Energy Crisis

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Bloomberg Quicktake: Now published this video item, entitled “New Pipeline Boosts EU Bid to Ease Energy Crisis” – below is their description.

A natural gas pipeline between the Greek-Bulgarian border, ready to be operational in June, is the EU’s latest bid to ease reliance on Russian supply.

It followed Moscow’s recent decision to cut off natural gas supplies to Poland and Bulgaria over a demand for ruble payments stemming from Western sanctions over the war in Ukraine.

Officially called the Gas Interconnector Greece Bulgaria, it aims to complement the existing European network.

George Tasakos, head of the pipelines and networks of AVAX Group in Greece told the Associated Press that the pipeline would give alternative sources of gas to countries such as Bulgaria who heavily rely on Russian supply.

The pipeline link will run between the northeastern Greek city of Komotini and Stara Zagora, in central Bulgaria, and will provide the two countries and their neighbors access to new grid connections to the expanding global gas market.

That includes a connection with the newly built Trans Adriatic Pipeline carrying gas from Azerbaijan as well as suppliers of liquefied natural gas arriving by ship, such as Qatar, Algeria and the United States.

The 240 million euro ($250 million) pipeline, funded by Bulgaria, Greece and the EU will carry 3 billion cubic meters of gas per year, with an option to be expanded to 5 billion.

Am Energy expert from Brussels-based think-tank Bruegel claimed that Russia’s plan to cut off energy supply aimed to fragment Europe.

However, the 180-kilometer (110-mile) project is the first of several planned gas interconnectors that will allow eastern European Union members to access to the global gas market.

As many as eight additional interconnectors could be built in eastern Europe, reaching as far as Ukraine and Austria.

The European Union plans to fully cut its dependence on Russian oil and gas over the next five years.

Bloomberg Quicktake: Now YouTube Channel

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