“Vertical Corridor” to be expanded with loan financing

On 15 September 2025, the Bulgarian state-owned gas transmission operator Bulgartransgaz announced that it had signed a long-term credit agreement worth 200 million leva (€102.3 million) with the United Bulgarian Bank (UBB) to finance the “Vertical Gas Corridor” project.

“Signing the contract with the United Bulgarian Bank is another successful step towards the implementation of the key European infrastructure initiative ‘Vertical Corridor’ in our country,” stated Bulgartransgaz Executive Director Vladimir Malinov.

Construction of the new infrastructure in Bulgaria is expected to be completed by 1 October 2026. The expanded transmission capacity will be offered to the market at the operator’s next annual auction.

Background:

• The “Vertical Gas Corridor” is an EU-initiated project designed to create alternative gas supply routes, primarily LNG via terminals in Greece.
• The corridor enables northbound transit of gas to Moldova and Ukraine, as well as to Central European countries such as Hungary and Slovakia.
• The project is based on the Trans-Balkan pipeline operating in reverse mode.
• In 2016, Greece, Bulgaria, Romania, and Hungary agreed to establish the necessary infrastructure. In 2024, Ukraine, Moldova, and Slovakia officially joined the initiative.