January 27 (SeeNews) - Bulgarian state-owned gas transmission system operator Bulgartransgaz said on Thursday that the project for expansion of Chiren underground gas storage facility will be financed with a 78 million euro ($87.4 million) EU grant.
The European Commission has noted the project's significance for security of gas supply in the region of Southeast Europe (SEE), as well as its contribution to achieving decarbonisation and transition to clean energy, Bulgartransgaz said in a statement.
The expansion project envisages an increase of the active gas volume up to 1 billion cu m as well as an increase of up to 8-10 million cu m per day in the daily injection and withdrawal capacity.
"Storage capacity increase will promote natural gas trade and improve market integration in SEE by enhancing competition and improving the liquidity of gas markets in the region," Bulgartransgaz said.
Bulgartransgaz' executive director Vladimir Malinov noted that the Chiren expansion project is in synergy with the liquified natural gas (LNG) terminal project near Greece's Aegean port of Alexandroupolis, in which the company holds a stake of 20%, as well as with other company projects aimed at improving interconnectivity with neighbouring countries.
($ = 0.89337 euro)