Construction of Gas Interconnector Greece-Bulgaria May Start in March 2016

Business » ENERGY | March 30, 2015, Monday // 14:55| Views: | Comments: 0
Bulgaria: Construction of Gas Interconnector Greece-Bulgaria May Start in March 2016 Bulgaria's Energy Minister Temenuzhka Petkova, photo by BGNES

The construction of the second Bulgaria-Greece gas pipeline interconnection (IGB Pipeline) may start in March 2016, according to reports of Bulgaria’s Energy Ministry.

The recent developments on the project for the gas pipeline connecting Greece’s Komotini to Bulgaria’s Stara Zagora were announced after a meeting of Bulgaria’s Energy Minister Temenuzhka Petkova with the Greek-Italian consortium IGI POSEIDON S.A.

According to the schedule included in the roadmap for the project, the gas grid interconnection is to start functioning in 2018.

The IGB Pipeline, which has been labeled a project of Community interest by the European Commission, will connect Bulgaria to the Southern Gas Corridor, according to the press office of the Energy Ministry, as cited by investor.bg.

The pipeline is also important for the plans to build the Vertical Gas Corridor, which aims to connect the gas grids of Bulgaria, Greece, and Romania.

“We have been given assurance that the European Commission will supply the funding necessary for the construction of the gas grid interconnection but we need to follow the steps outlined in the roadmap,” Petkova told representatives of the Greek-Italian consortium on Monday.

Bulgaria’s government has earmarked a total of EUR 80 M for the project under the 2015 budget in the form of a state guarantee.

According to estimates of the participants in the IGB Pipeline, which is 50% owned by the Bulgarian Energy Holding (BEH) and 50% owned by IGI POSEIDON S.A, the construction of the gas grid interconnection will cost around EUR 220 M.

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Tags: gas grid interconnection, gas pipeline, interconnector greece-bulgaria, IGI Poseidon, European Commission, Temenuzhka Petkova, Energy minister
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