In our old post from July 2021 we told you 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 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 prosperity after decades of severe 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 ones in order to support the supplies necessary for today's consumption. And this is where Italian companies can enter. On construction sites, in the construction of power stations and energy transport networks.
Well, the latest news from Brussels also fits in this direction, talking about a new gas pipeline, to be built, and which should help European countries to lighten the burden of dependence on Moscow in the supply of natural gas.
The European Commission has in fact adopted the fifth list of Energy Projects of Common Interest (PCI, key projects for cross-border energy infrastructures 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 grid 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 in 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 gas interconnection between Bulgaria and Serbia 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 the underground gas storage (UGS) at Chiren in Bulgaria and the construction of the South Kavala underwater storage unit near Kavala in Greece. Two projects are in Romania: the revamping and expansion of an existing gas storage facility of 300 million cubic meters in Târgu Mureș and another UGS project in Bilciurești.
Therefore, great opportunities open up for all those industrial companies in the energy sector, including the Italian ones, who want to play an active role in the next major construction sites that will plow through Bulgarian soil. For them, VR and Partners offers a very high level on-site consultancy service, able to support them in all operations in Bulgaria: contracts, legal support, tax assistance and lobbying activities. A complete, confidential and top-level service for those who want to operate in Bulgaria by making the most of and in their favor all the opportunities of this extraordinary historical moment of this country.