The Vertical Corridor could generate an additional profit of up to 250 million euros annually for Romanian companies by increasing transit and market liquidity, according to Energy Minister Bogdan Ivan.
He attended the Transatlantic Gas Security Summit, in Washington, which included a small-scale meeting regarding the Vertical Corridor.
"At the Transatlantic Gas Security Summit, we held a small-scale meeting on the Vertical Corridor in order to establish the next technical steps: interconnections, capacity and clear deadlines. The Vertical Corridor means integrating gas flows from Greece-Bulgaria-Romania towards Central Europe, the Republic of Moldova and Ukraine, capitalizing on gas from the Black Sea and strengthening Romania's position as a regional hub. Analyses show a potential additional profit of up to 250 million euros a year for Romanian companies through increased transit and market liquidity," the minister wrote on his Facebook page on Thursday.
He underscored that, in parallel, he discussed major nuclear projects, namely the completion of Units 3 and 4 at Cernavoda, an investment estimated at over 7 billion euro, essential for increasing stable base-load production, and the development of small modular reactors (SMRs) at Doicesti, a strategic project positioning Romania among the first European states to implement this technology.
In Washington, the Energy Minister held a series of meetings described as "essential for positioning Romania in the regional energy architecture." He spoke with representatives of the Atlantic Council about energy security in Central and Eastern Europe and about Romania's role as a provider of stability in a volatile regional context.
Moreover, at the World Bank, he reviewed financing instruments and mechanisms through which Romania's strategic projects can be boosted - from natural gas infrastructure to investments in new base-load energy production capacities: nuclear and hydro.
"We are talking about mobilizing funding in the order of billions of euros for critical infrastructure and strategic energy capacities," Bogdan Ivan pointed out.
He also held a direct dialogue with the designated United States Ambassador to Romania, Darryl Nirenberg, to ensure constant and direct communication between Bucharest and Washington regarding Romania's strategic energy projects.
"I thank President Nicusor Dan for his leadership, support and trust. His visit to Washington last week created the framework for swift and concrete steps, and the discussions in recent days have been a direct continuation of this initiative. Together with the Romanian Government, we are turning diplomatic capital into results: cutting-edge technology, financing and accelerated execution. I also thank US ministers Chris Wright and Doug Burgum. Their firm commitment to developing nuclear projects and energy infrastructure for Romania's energy security will deliver results. The objective is clear: more base-load energy for Romania, billion-euro investments in strategic infrastructure, completion of nuclear projects and turning the partnership with the United States into financing, technology and accelerated execution. Romania is no longer a spectator but a player on the global stage," Energy Minister Bogdan Ivan conveyed.
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