Construction of gas interconnector between Greece and Bulgaria to start in early 2018

23/02/2017 11:16 Natural Gas

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The construction of the gas pipeline link between Bulgaria and Greece (IGB) is expected to start in the beginning of 2018, interim Bulgarian energy minister Nikolay Pavlov said during a visit to Azerbaijan.

Pavlov stated that the most important thing is that the financing of the project finally had been secured.

 

The 182-km gas pipeline will cost 220 million euros ($231 million). The project has received a 45-million-euro grant from the European Union, under the European Energy Programme for Recovery.

 

Besides, Bulgaria has set aside a guarantee to the amount 110 million euros which secures a credit under favorable conditions from the European Investment Bank and the European Bank for Reconstruction and Development.

 

Bulgarian state energy holding company BEH holds a 50 percent stake in a joint venture which will build the pipeline, while Greek state energy firm DEPA and Italy's Edison each hold 25 percent.

 

The IGB pipeline is expected to become operational in 2020, when state gas company Bulgargaz should start receiving 1 bcm of gas per year from the Shah Deniz 2 gas field in the Caspian Sea off the coast of Azerbaijan.

 

 

 

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