Greek parliament ratifies bill on IGB

Oil&Gas Materials 27 January 2021 10:22 (UTC +04:00)
Greek parliament ratifies bill on IGB

BAKU, Azerbaijan, Jan.27

By Leman Zeynalova – Trend:

Greece's parliament has ratified the bill authorizing the construction of the Interconnector Greece-Bulgaria (IGB), Trend reports with reference to Greek media.

The bill was supported by the ruling conservative New Democracy party and two opposition parties.

Bulgaria has already ratified the bilateral cooperation agreement on the IGB, which enables the linking of the Greek and Bulgarian natural gas pipeline networks.

The IGB project is already underway. It is 52 percent complete and is expected to be completed by the end of 2021, Minister of Environment and Energy Kostas Skrekas told Parliament, according to AMNA.

The IGB project upgrades the geostrategic position of Greece as the country becomes a gateway for natural gas to the European market from diversified sources, he said.

The new pipeline will be connected to the Trans Adriatic Pipeline (TAP), which transports natural gas from Azerbaijan to Europe via Greece, as well as with the floating storage and regasification unit offshore Alexandroupolis in northern Greece, he explained.

The total value of the interconnector that will connect the gas transmission networks of Bulgaria and Greece, is nearly EUR 240 million, provided from shareholders' capital, a loan from the EIB of EUR 110 million with a state guarantee and grants of EUR 39 million under the Operational Program "Innovation and Competitiveness 2014-2020". For the purposes of the project, EUR 45 million have been provided from the European Energy Program for Recovery. IGB project envisages the construction of a gas interconnector that will link the gas transmission systems of Greece and Bulgaria. The total length of the gas pipeline is 182.6 km, and its capacity for gas transmission is 3 billion cubic meters per year with the option to reach 5 billion cubic meters.

The route of the gas pipeline is divided into 7 main lots, the shortest being 9.55 km long and the longest - 71.90 km. 106 km of the route in Bulgaria will be completed with automatic welding, and the remaining 45 km - by manual welding.

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