The Bulgarian energy ministry announced on Monday that it had completed the first stage of the construction of the projected gas interconnector between Bulgaria and Serbia.

The financing was provided under the Development of the Competitiveness of the Bulgarian Economy Operational Programme 2007-2013, which is co-funded by the European Regional Development Fund.

The realization of the projected interconnector is in line with the priorities of the government to ensure diversification of the sources and routes of natural gas and the security of gas supplies to the country and the region of Southeastern Europe.

According to forecasts, initially the pipeline will have a capacity to transport 1.8 billion cubic metres per year.

The total cost of the Bulgarian section of the project exceeds BGN 92.6 M, with the expenditures on the first stage surpassing BGN 3.4 M.

Preparations for obtaining funding for the second stage of the project has been initiated.

The construction of the interconnector will be realized and funded by the Innovations and Competitiveness Operational Programme 2014-2020.

The estimated date for the interconnector to enter into exploitation is until the end of 2018.