site.bta15 Central, Eastern and South East European Countries Pool Efforts for Development of Integrated Natural Gas Market

15 Central, Eastern and South East European Countries Pool Efforts for Development of Integrated Natural Gas Market

Dubrovnik, July 10 (BTA) - "Fifteen EU and Energy Community
countries in the Central Eastern Europe and South East European
regions have agreed to work together to accelerate the building
of missing gas infrastructure links and to tackle the remaining
technical and regulatory issues which hamper security of supply
and the development of a fully integrated and competitive energy
 market in the region," the European Commission said in a press
release.

The Memorandum of Understanding on a joint approach to address
the natural gas diversification and security of supply
challenges, that formally launches this initiative, was signed
in Dubrovnik on Friday.

The Memorandum will pave the way for the closer integration of
the EU and Energy Community energy markets. By creating a stable
 regulatory and market framework, it will help improve the
investment climate in the EU and Energy Community countries and
territories involved.

EU Commission Vice-President for Energy Union Maros Sefcovic
said: "This region is very important for Europe, in particular
when we look at security of energy supply. The improvement of
infrastructure through realistic and feasible projects is
crucial to diversify energy resources and strengthen the
region's resilience to supply shocks. Cooperation among the
countries of the region is key in this regard. I myself and the
entire Commission support this process, notably in the framework
 of the European Energy Union Strategy."

EU Commissioner for Climate Action and Energy Miguel Arias
Canete said: "Regional cooperation is a cornerstone of our work
on closer integration of energy markets. Therefore effective
cooperation between the countries in Central Eastern and
South-East Europe is key to ensuring secure energy supplies and
affordable prices for consumers in the region. Whilst every
country has to face its specific energy issues, addressing them
together can offer cheaper and more effective solutions."

The joint work under the European Commission initiative on
Central Eastern and South-Eastern European Gas Connectivity
(CESEC) will not only focus on building new gas pipelines, but
also on making the best use of existing infrastructure for
example by allowing reverse flow. A number of infrastructure
projects, such as the Trans-Adriatic Pipeline (TAP), LNG
terminal in Croatia and evacuation system, system reinforcement
in Bulgaria and Romania, interconnectors between Greece and
Bulgaria and between Serbia and Bulgaria, have been identified
as top priorities in the Action Plan annexed to the Memorandum.

Infrastructure projects should be financed by the market
participants, but where necessary for their timely completion,
the involvement of the European Investment Bank (EIB) and the
European Bank for Reconstruction and Development (EBRD) will be
considered by the CESEC countries. Project promoters are also
encouraged in particular to make use of the opportunities
offered by the new European Fund for Strategic Investment
(EFSI).

The Memorandum of Understanding and its Action Plan were signed
by EU Commission Vice-President Maros Sefcovic and EU
Commissioner Miguel Arias Canete and by the Energy Ministers and
 their representatives from Austria, Bulgaria, Croatia, Greece,
Hungary, Italy, Romania, Slovakia, Slovenia, Albania, Macedonia,
 Serbia and Ukraine (Bosnia and Herzegovina and Moldova will
sign at a later stage). The signing took place in the context of
 the CESEC High Level Group, set up in February 2015 to boost
natural gas diversification and market integration in the
region.

Deputy Energy Minister Anton Pavlov signed the Memorandum for
Bulgaria, Pavlov's Ministry said in a press release. Bulgaria
participates in three of the seven top priority projects in the
Action Plan annexed to the Memorandum: the gas interconnectors
with Greece (IGB) and with Serbia (IBS) and the rehabilitation,
modernization and extension of the Bulgarian national gas
transmission network, the Ministry said.