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EU's Three Seas Initiative will gain ground

Monday, August 16, 2021

Significance

The leaders of twelve EU member states in Central Europe pledged to develop transport and energy connections in the region. At a business forum running back-to-back with the political gathering, US-based Linden Energy acquired a 50% stake in Bulgarian natural gas trader Overgas, signalling plans to expand to other Balkan markets.

Impacts

  • Despite strong high-level backing from the United States and EU, 3SI will struggle to generate private investment.
  • 3SI could develop into a framework for US-EU cooperation on the green transition.
  • Despite a new Greek interconnector, Russian Gazprom will remain Bulgaria’s leading gas supplier, accounting for two-thirds of imports.
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