Executive director: Reorganization of IGB project activities underway to ensure progress

Executive director: Reorganization of IGB project activities underway to ensure progress

BAKU, Azerbaijan, April 30

By Leman Zeynalova - Trend:

Reorganization of activities related to the Interconnector Greece-Bulgaria (IGB) underway to ensure progress, executive director of ICGB project company Teodora Georgieva told Trend.

She noted that due to the dynamic nature of the COVID-19 situation, it is still difficult to assess in full details the overall impact this will have on the project’s schedule.

"We are monitoring the situation closely and we have taken immediate action to protect the lives and health of our team and the teams of our partners as this is clearly a top priority. Regulations and recommendations by WHO and the National Operational Headquarters of Bulgaria have been implemented in order to make sure everyone working on the project is safe. Our contractors have taken measures to reassess the activities on the project and to reorganize them in such a way that allows progress on the realization of IGB to continue despite the difficult times," added the executive director.

Georgieva pointed out that the IGB project is being implemented in an intrinsically multicultural environment in the sense that the pipeline crosses two different countries, there are international shareholders on board and the major work contracts are being executed by companies from all over Europe.

"Taking this into account, as well as the numerous restrictions already in place around the globe, there is a great deal of concern regarding the additional challenges that lie ahead. However, ICGB is working closely with all parties involved in order to properly estimate the impact of COVID-19 and take the necessary mitigation measures," she explained.

The IGB Project (Gas Interconnector Greece-Bulgaria) is being implemented by the joint venture company ICGB AD, registered in Bulgaria in 2011, with shareholders BEH EAD (50%) and IGI Poseidon (50%). The co-shareholder IGI Poseidon is a company, registered in Greece, with shareholders being the Greek public gas corporation DEPA SA (50%) and the Italian energy group Edison SpA (50 percent).

In accordance with its Statute, ICGB AD will be the owner of the IGB gas pipeline and will finance its realization, will allocate its capacity and will receive the revenue from the transportation of natural gas.

The IGB gas pipeline will be connected with the Greek national gas transmission system in the area of Komotini and with the Bulgarian national gas transmission system in the area of Stara Zagora. The planned length of the pipeline is 182 km, the pipeline diameter will be 32" and the projected capacity will be up to 3 bcm/y in the direction from Greece to Bulgaria. Depending on the interest from the market and the capacities of the neighboring gas transmission systems, the pipeline is designed for increasing its capacity up to 5 bcm/y for following up the market evolution thus allowing physical reverse flow (from Bulgaria to Greece) with the additional installation of a compressor station. A Memorandum for cooperation between ICGB AD and TAP AG has been signed concerning joint actions in relation to future connection between the IGB pipeline and the Trans-Adriatic Pipeline.

---

Follow the author on Twitter: @Lyaman_Zeyn

Iranian Energy Exchange announces products to be on sale on January 27
Iranian Energy Exchange announces products to be on sale on January 27
Iran's foreign trade balance hits $59 billion in 10 months
Iran's foreign trade balance hits $59 billion in 10 months
Iran welcomes interaction with Saudi Arabia
Iran welcomes interaction with Saudi Arabia
Loading Bars
Latest
Kazakhstan's GDP decreases as of 2020 less than global decline - National Bank
Israel reports 7,889 new COVID-19 cases, 613,286 in total
New coronavirus cases rise in France, third national lockdown feared
Anglo Asian Mining plc to pay out dividends for 2020
Uzbekistan cancels number of restrictions introduced to counter spread of COVID-19
Volume of overdue loans up in Georgia
Kazakhstan Development Bank eyes supporting several modernization projects in 2021
Iranian Energy Exchange announces products to be on sale on January 27
Azerbaijan International Telecom company signs contract to buy software
In upward revision, IMF sees Turkey growing at 6% in 2021
Kyrgyzstan's Institute of Business Ombudsman, Economy Ministry sign memorandum of cooperation
Georgian Foreign Minister tests positive for Covid-19
Iran's foreign trade balance hits $59 billion in 10 months
Cities, villages to be established in liberated areas should be based on concept of “smart-city”, “smart-village" - President of Azerbaijan
War has shown many what Azerbaijan's potential is - President Aliyev
Internet in Azerbaijan is free – there is no censorship, no restrictions - President Aliyev
Reforms going on everywhere, reforms are inevitable, country faces new challenges - President of Azerbaijan
Government agencies, ministries and state-owned companies must follow my instructions to end - President Aliyev
We must always build our policy in such way that Azerbaijan's military potential and defense capabilities are always at high level - President Aliyev
We must create conditions for our talented young people to work in Azerbaijan - President Aliyev
When we launched satellites into orbit, some people asked why this was necessary - President Aliyev
Azerbaijan plays central role in region in field of communications and high technologies - President Aliyev
Heydar Aliyev International Airport in Baku is five-star airport - President of Azerbaijan
PACE rejects Armenia’s request on progress of monitoring procedure
We have largest fleet in Caspian Sea - President of Azerbaijan
As result of measures taken, Azerbaijan today is one of world's leading countries in field of transport - President Aliyev
Russia's Charge d'Affaires in Azerbaijan summoned to Azerbaijani MFA
Azerbaijan's Ecology Ministry talks development of entrepreneurship
FAO to start developing agriculture in liberated Azerbaijani lands soon
Demining of Azerbaijan's liberated lands continues (VIDEO)
Russia to directly participate in efforts to unblock economic, transport ties in S. Caucasus - Lavrov
Economy minister discloses share of non-oil sector in Azerbaijan's GDP
Azerbaijan starts preparation work on laying gas lines to liberated lands
Azerbaijan shows footage from Gubadly district's Damirchilar village (PHOTO/VIDEO)
Iran welcomes interaction with Saudi Arabia
Iran can increase oil and gas extraction - National Iranian Oil Company
Bahar Azadi gold coin price continues to fall in Iran
Oxford Institute for Energy Research names ways to improve oil, gas sector in Turkmenistan
Azerbaijani, Turkish FMs discuss regional co-op issues
Bulk of Kazakhstan’s imports of green vegetables falls on Uzbekistan
Georgia sees decline in COVID-19 cases since imposing restrictions
Uzbekistan, Kazakhstan plan to start construction of high-speed railroad
Ukrainian air company returns on Georgia's aviation market
Ministry discloses number of mines neutralized by Azerbaijani, Russian sappers in Karabakh (VIDEO)
Uzbekistan’s GDP per capita down in 2020
Oxford Institute for Energy Research talks options for Turkmen gas sector's development
Uzbekneftegaz reveals number of investment projects on increasing production efficiency
Kazakhstan’s QAZAQ AIR airline launching flights on one more route
Georgian aviation plant working on creation of military drone
Uzbek-Korean JV announces tender for installation and assembly services
GGF deepens its engagement with Georgian financial institutions
Number of passengers using railway transport in Azerbaijan increasing after eased quarantine
Kazakhstan to continue decreasing import dependence in food industry
Azerbaijani business entities modernize digital financial services amid COVID-19 pandemic
Lending to Azerbaijan’s Nakhchivan Autonomous Republic increases
Iranian trucks start cargo transportation to Azerbaijan without transshipment
Azerbaijan confirms 551 more COVID-19 recoveries
Kazakhstan taking targeted measures to enhance investment competitiveness
Iran and Russia sign memorandum of cooperation on cybersecurity
Azerbaijan reveals volume of electricity generation from renewable energy sources in 2020
Russia and Iran open to discuss Karabakh issue
Number of bank accounts in Azerbaijan’s Nakhchivan increased in 2020
Microsoft earnings in spotlight for signs of business recovery, Xbox growth
French engineering company involved in replacing Uzbekistan’s standards in electricity field
UNDP implements new grant program in Georgia
Azerbaijan's former minister of transport appointed to new position - Decree
Company of Turkmenistan’s SC announces volume of oil produced last year
Iran's South Pars gas production increases
Johnson & Johnson promises vaccine data "soon"
Azerbaijan discloses number of servicemen of engineering troops martyred in second Karabakh war
Kazakhstan to continue work on fishing industry development
Iran plans to use domestic ship building capacities
Iranian minister suggests parliament merge Energy and Oil Ministries into one
Azerbaijani delegation to participate in Iran Plast exhibition in Tehran
Clearing of mines, unexploded ordnance continuing in Azerbaijan's liberated Fuzuli district (PHOTO/VİDEO)
Iran's Rouhani opposes any changes to budget bill
"Great Responsibility" At Republic Day Parade: Bangladesh Contingent Chief
Direct air routes between Cambodia, India on the cards
`Vaccine Maitri' helps strengthen bilateral ties with Myanmar, says Indian envoy
COVID-19 vaccine developer CureVac plans five million share sale
EU exec to propose vaccine export registration by end of week
Azerbaijani ministry talks on nanotechnological innovations
Meeting of the Foreign Ministers of Russia and Iran being held
Rates for some excisable goods increasing in Azerbaijan
All tobacco products may be included in list of excisable goods in Azerbaijan
Tax exemptions on wheat imports, sales may be extended in Azerbaijan
Colonel talks restored and built roads in liberated lands of Azerbaijan
FIG cancels holding Artistic Gymnastics World Cup in Azerbaijan’s Baku
Thousands of hectares of cultivatable lands demined in Azerbaijan's liberated districts
Azerbaijani banks buy more foreign currency at CBA's auction
Iran reveals COVID-19 data for January 26
Sale of gold, silver in Azerbaijan may become tax-free
Azerbaijan Airlines increases flights number on Baku-Nakhchivan route
Access Bank eyes creating bank branches in Azerbaijani lands liberated from occupation
Azerbaijan's Nakhchivan discloses revenues from 2020 agricultural export
Azerbaijani Nakhchivan's revenues from communication services rise
President Aliyev receives French Minister of State attached to Minister for Europe and Foreign Affairs (PHOTO)
Uzbekistan’s largest flow of tourists falls on Kyrgyzstan
Georgia sees increase in Domestic Producer Price Index for Industrial Products
Armenian Armed Forces blew up bridges, destroyed roads retreating during second Karabakh War
All news