United Bulgarian Bank has been selected to provide a five-year credit facility for Bulgartransgaz, Bulgaria’s gas transmission system operator, to modernize its network as part of the Vertical Gas Corridor project. The loan will support efforts to enhance energy connectivity between Greece and Central Europe.
Despite Bulgartransgaz requesting €102 million, bids from major lenders—including Bank of America, ING, UniCredit Bulbank, and others—totaled €781.8 million, underscoring investor confidence in the project’s strategic importance. The winning bid featured an annual interest rate under 2%.
Launched in 2016 by Greece, Bulgaria, Romania, and Hungary, and later joined by Ukraine, Moldova, and Slovakia, the Vertical Gas Corridor aims to improve regional supply security and enable bidirectional natural gas flows across Europe.