Tuesday, 26 March 2019 06:04 GMT
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Georgieva: Owner's Engineer for IGB to be announced in a month



(MENAFN - AzerNews) By Trend

Owner's Engineer for the Interconnector Greece-Bulgaria (IGB), which envisages transportation of Azerbaijani gas to Europe, will be announced in a month, Executive Officer of the project company ICGB for Bulgaria Teodora Georgieva said.

She made the remarks while presenting the latest updates on the development of IGB during the 5th meeting of the Southern Gas Corridor Advisory Council in Baku on Feb.20, Trend reports.

She presented the delegates with the latest updates on the successful realization of the IGB project, focusing on the recently acquired Installation Permit on the territory of the Hellenic Republic. According to Georgieva, all major public procurements are ongoing and in about a month the project company will announce the contractor for one of them for selection of Owner's Engineer.

Further, Georgieva noted that TAP, TANAP and IGB projects have immense synergy and the realization of the possibility for IGB to be connected with TAP and TANAP will lead to establishing a new energy route that will increase the energy security and the diversification of energy supplies for the whole region.

'In 2018 ICGB managed to negotiate a direct financial contribution of €39 million thanks to the efforts of the Bulgarian Government and the European Commission (EC). This contribution helped us secure the project's financial frame. IGB also relies on a long-term loan of €110 million granted by the European Investment Bank (EIB) to Bulgarian Energy Holding (BEH) (and subsequently passed-on to ICGB AD), secured by a State Guarantee in the same amount and on a contribution of €45 million from the European Energy Programme for Recovery (EEPR), which is centrally managed by the European Commission, she added.

IGB is a gas pipeline, which will allow Bulgaria to receive Azerbaijani gas, in particular, the gas produced from Azerbaijan's Shah Deniz 2 gas and condensate field. IGB is expected to be connected to TAP via which gas from the Shah Deniz field will be delivered to the European markets.

The initial capacity of IGB will be 3 billion cubic meters of gas.

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Georgieva: Owner's Engineer for IGB to be announced in a month

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