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The pipeline, dubbed Interconnector Greece-Bulgaria, or IGB, has the possibility to access EU funding. Photo by EPA/BGNES
Italian energy company Edison has formed a venture with Bulgarian and Greek partners to build a EUR140 million pipeline linking the two countries in a bid to ease their reliance on Russian natural gas, the company announced.
Edison has contracted Bulgarian Energy Holding, or BEH, and Greece's Depa to build the pipeline. The project is expected to be wrapped up in 2013.
The annual capacity of the pipeline is between 3 billion cubic meters and 5 billion cubic meters, most of which will come from the Caspian region, it said in a statement.
The pipeline, dubbed Interconnector Greece-Bulgaria, or IGB, has the possibility to access EU funding.
BEH will own a 50% stake in the company while Edison and Depa will hold an equal share of the rest.
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