A panel discussion at the 11th Delphi Economic Forum in Greece focused on the role of the Vertical Gas Corridor, diversification of energy supply sources and routes, and broader efforts to strengthen energy security in Greece and the wider region. The discussion, moderated by Kait Bolongaro of MLex, brought together market representatives and institutional officials to examine energy flows, infrastructure, interconnectivity and security.
Teodora Georgieva, Bulgaria's Deputy Energy Minister, highlighted the need for an ad hoc EU support mechanism to advance regional energy cooperation initiatives such as the Vertical Gas Corridor. She said Bulgaria has already begun implementing the project to create a competitive product and referred to ongoing work on Routes 1, 2 and 3. She also mentioned a proposed "one-stop shop" capacity service from Greece to Ukraine, pending European Commission approval, describing it as an innovative solution for crisis conditions. Georgieva noted that Bulgaria has sent a letter to the EU, to be signed by corridor ministers, calling for support and subsidies to address gas bottlenecks. She added that the energy mix cannot rely solely on renewables, stressing the need for continued investment in nuclear energy and the long-term importance of natural gas, with fuel choices determined by the market.
Cristian Silviu Bușoi, State Secretary at Romania's Energy Ministry, said Romania supports initiatives that enhance regional energy security and is working with Greece and Bulgaria in line with EU legislation. He identified increased electricity interconnectivity as a central goal, enabling access to production from northern and western Europe. He said stronger interconnections and alternative routes improve competitiveness and resilience, while noting that Europe remains ambitious on climate action but must balance decarbonisation, energy security and competitiveness more realistically. He added that natural gas will retain a role, nuclear energy is critical for security and low emissions, and that from 2027, Romania expects an additional 8 bcm of gas from the Neptune Deep project.
Georgios Alexopoulos, Deputy CEO of HELLENiQ ENERGY, said Greece holds a strong position in Europe's energy landscape due to its refining capacity of around 550,000 barrels per day. He stated that HELLENiQ ENERGY and Motor Oil cover domestic demand, and that about 60% of production is exported. He emphasised that supply security depends on diversification, noting that disruptions at the Strait of Hormuz, through which about 20% of global oil flows pass, have already caused shortages in some markets, which have so far been mitigated by reserves and shipments in transit. He warned that reserves are declining. At the EU level, he said energy dependence remains high, with about 57% of total energy imported and around 90% in natural gas. He emphasised the importance of developing domestic resources, including hydrocarbon exploration in Greece, and highlighted the growing role of LNG, including imports from the United States, while stressing the need for long-term, stable energy planning over a 15-20-year horizon.
Konstantinos Sifnaios, Vice President and CEO of Gastrade, focused on the role that new floating storage and regasification unit (FSRU) infrastructure can play in strengthening energy security in Eastern and South-Eastern Europe. He also stressed the need for the European Union to respond more quickly and flexibly in supporting initiatives such as the Vertical Gas Corridor. According to Sifnaios, energy security requires sustained investment in infrastructure, secure supply sources and reliable transport routes. Sifnaios said the European Commission should support these efforts not only through strategic statements but also with practical tools, including financing mechanisms, regulatory flexibility and faster project implementation. Sifnaios highlighted the importance of fully utilising Greece as a key entry point for natural gas into the wider region, referring to existing regasification infrastructure at Revithoussa and Alexandroupoli, as well as the Interconnector Greece-Bulgaria (IGB), which he described as a critical supply axis to the Balkans and Central Europe. In this context, he referred to a proposal for a new FSRU in Thrace to increase Greece's export capacity towards the Vertical Corridor. Sifnaios also pointed to the need to develop a north-western axis including Serbia, Hungary and Slovakia, noting that these markets are expected to be particularly affected by the gradual phase-out of Russian gas and will require alternative and reliable supply sources. He added that competitive transport and energy products must be created so that the Vertical Corridor can function not only as a security route but also as a commercial opportunity, while calling for greater regulatory flexibility from the European Commission.
Maria Sferruzza, CEO of DESFA, said that despite progress in strengthening energy infrastructure, neither Europe nor Greece is fully prepared to address every potential energy crisis. She noted that while Europe has shown it can respond effectively to immediate pressures, the development of new infrastructure and the restructuring of energy routes require time and cannot be implemented instantly. She called for a more holistic approach to increase overall system flexibility rather than addressing crises in isolation. Sferruzza also stated that Europe is currently below average in natural gas storage levels, creating uncertainty for the coming months, particularly amid high prices and geopolitical instability. She added that the resilience of the European energy system will depend on better coordination among member states and continued infrastructure development.
Vladimir Malinov, Executive Director of Bulgartransgaz EAD, reiterated the importance of the Vertical Gas Corridor, stating that Bulgaria remains fully committed to its implementation and aims to make it operational by the end of the year. He said that projects to upgrade existing infrastructure are underway, including additional pipelines to increase capacity and interconnectivity between Greece, Bulgaria and Romania. However, he noted that further strategic decisions are required at the European level and called for a decision by the end of the year on developing a new FSRU in Greece to meet growing regional demand and enhance energy security, particularly in the context of phasing out Russian gas. He described LNG, especially from the United States, as a reliable energy source but stressed the need for longer-term commitments from suppliers and deeper regional cooperation, noting that smaller markets in the region could benefit from a common strategic approach to achieve economies of scale and improved supply terms.
