In this old post of July 2021 we had you talked about the energy sector as one of the key ones for those who intend to invest in Bulgaria. Well, a few months later we can tell you that we were right, and now we will explain why.
Before doing so, however, let us better detail what we mean by investing in the energy sector in Bulgaria. The Bulgarian state, like many of those in the Balkan area, is experiencing a phase of initial well-being after decades of strong economic and social depression, not least those linked to the communist regimes established in these areas. However, if the Bulgarian economy is growing strongly, it is also true that the country is still too poor in terms of infrastructure. First of all, the minimum energy needs to be able to support the supplies necessary for today's consumption. And this is where Italian companies can fit in. On construction sites, in the construction of power plants and energy transport networks.
Well, the latest news arriving from Brussels also fits in this direction, talking about a new gas pipeline to be built, which should help European countries lighten the burden of dependence on Moscow in the supply of natural gas.
The European Commission has indeed adopted the fifth list of Energy Projects of Common Interest (PCI), key projects for cross-border energy infrastructure to build a more integrated and resilient EU internal energy market and to pursue our energy and climate objectives. It includes 98 projects: 67 projects in electricity transmission and storage, 20 in gas, six CO2 network projects and five smart grid projects.
In the gas category, in the PCI list there is an infrastructure development and enhancement cluster to enable the Balkan Gas Hub. It includes an interconnection between Greece and Bulgaria from Komotini to Stara Zagora and a compressor station in Kipi in Greece, as well as the rehabilitation, modernization and expansion of the Bulgarian transmission system. The remainder is a Bulgaria-Serbia gas interconnection or IBS, intended to connect the gas networks of the two countries.
There is also a cluster to increase storage capacity. It includes the expansion of underground gas storage (UGS) in Chiren in Bulgaria and the construction of the South Kavala subsea storage unit near Kavala in Greece. Two projects are in Romania: the revamping and expansion of an existing 300 million cubic meter gas storage facility in Târgu Mureș and another UGS project in Bilciurești.
Great opportunities are therefore opening up for all those industrial companies in the energy sector, including Italian ones, which want to play an active role in the next major construction sites that will cross Bulgarian soil. For them, VR and Partners offers a top-level consultancy service on site, able to support them in all aspects of operations in Bulgaria: contracts, legal support, tax assistance and lobbying activities. A complete, confidential and very high level service for those who want to operate in Bulgaria, making the best use of all the opportunities of this extraordinary historical moment in this country to their advantage.
