The aim of ICGB is to connect the gas networks of both countries at the points of Komotini and Stara Zagora.
The ICGB is an integral part of the plans for the Vertical Gas Corridor that will transport North Sea gas across the territories of Greece, Bulgaria and Romania, as well as plans to receive gas from the Caspian region (through the TAR pipeline) and the realization of the idea for the Balkan gas hub.
com/articles/172175/Bulgaria%2C+Greece+to+Sign+Investment+on+Gas+Interconnector">shareholders in the joint venture company ICGB
signed an investment agreement to build the interconnector in the Council of Ministers' building in Sofia, the Bulgarian News Agency reports.
In conformity with the Memorandum of Understanding and Cooperation inked between the consortium Trans Adriatic Pipeline (TAP) and the company ICGB
and Investments worth 160 m euros are contrived to be made and it is also entered in the growth, financing and construction of Greece-Bulgaria pipeline.
The pipeline is to be built by the joint venture ICGB
(Interconnector Greece-Bulgaria) comprising the Bulgarian Energy Holding (BEH) and IGI Poseidon.
TAP and ICGB
thecompanyin charge of a planned pipeline connecting Bulgaria to Greece will begin a cooperation focused on understanding thetechnical requirementsof each project, exchanging views on any other important issues that affect the development of either project.
Lutz Landwehr, Commercial Director of TAP, said: We welcome this agreement with ICGB and see it as an opportunity to transport Caspian gas to Bulgaria, thus enhancing diversification of supply and improving security of supply in the country and in the wider South Eastern Europe Region .
On empathizing the technical requirements of each plan, MOUC, TAP and ICGB will commence its co-operation, after its signature and it will be sharing its views on best practices and on any other relevant issues that affect t he development of either project.
Following the signature of the memorandum of understanding, TAP and ICGB
will start a cooperation focused on understanding the technical requirements of each project, exchanging views on best practices and on any other relevant issues that affect the development of either project.
has signed a Memorandum of Understanding and Cooperation (MOUC).
The Bulgarian contractor in the project is the ICGB
company, in which the Bulgarian Energy Holding (BEH) controls a 50% stake, while the remaining 50% are owned by Greek DESFA and Italian Poseidon.