Bulgartransgaz EAD successfully completed in an environment of extremely high interest the procedure for the selection of a bank to finance the Vertical Corridor. It was attended by established financial institutions, including some of the largest banks in Europe and the world - Bank of America, DSK Bank АD, D Bank Commerce AD, Bulgarian Development Bank AD, UniCredit Bulbank AD, United Bulgarian Bank AD, Investbank AD, ING Bank N.V., Sofia Branch, Municipal Bank АD. The total amount of the offered resource in all submitted tenders is almost 8 times more than the requested and amounts to EUR 781,8 million. The analysis of the submitted tenders shows extremely favourable conditions. The top three banks with the best conditions offered an interest rate below 2,3%, and the most advantageous offer received is with an interest rate below 2% annually.
„The result obtained gives a categorical assessment by the international and local financing institutions of both the key role of the Bulgarian gas transmission operator, and the strategic importance of the Vertical Corridor for the energy security of Europe. The positive completion of the procedure is an important stage in the successful and timely implementation of one of the most important infrastructure initiatives for the region. The increased interest and the competitive conditions offered are a clear signal of the built trust between Bulgartransgaz EAD and the financing institutions that allows the successful attraction of the required financial resource for the Vertical Corridor“, the Executive Director of the company Vladimir Malinov highlighted. According to him, the fact that a significant financial resource has been secured at a cost of capital below 2% interest is a proof of the trust the global markets have in Bulgartransgaz EAD.
After an evaluation, according to the approved criteria, United Bulgarian Bank AD was selected. An agreement is to be signed between Bulgartransgaz EAD and the chosen financing institution. The bank shall thereafter conclude a guarantee agreement with the Ministry of Finance. The loan agreement will be secured by a state guarantee provided in accordance with the requirements of an Ordinance on the conditions to be met by investment projects financed with state loans and the projects applying for financing with a state guarantee. We recall that by decision No. 484/05.07.2024 the Council of Ministers had approved the issuance of state guarantees in 2025 under new loan agreements of Bulgartransgaz EAD in the amount of up to the currency equivalent of BGN 625 million for the financing of the investment project "Expansion of Bulgartransgaz EAD gas transmission system for implementation of the Vertical Corridor initiative of the gas transmission operators of Bulgaria, Greece, Romania, Hungary, Slovakia, Ukraine and Moldova". Within the current procedure Bulgartransgaz seeks to attract BGN 200 million with a repayment term of 5 years.
The Vertical Corridor is a strategic initiative of the gas transmission operators of Bulgaria, Greece, Romania, Hungary, Slovakia, Ukraine and Moldova, aimed to improve security and diversify the sources and routes for transport of additional natural gas quantities from the south to the north. On 16 June 2025, the Bulgarian gas transmission operator launched a call for proposals for the provision of a financial service „Financing“, representing a bank credit to fund the expansion of Bulgartransgaz EAD’s gas transmission infrastructure for the implementation of the Vertical Corridor.