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Planned investments in IGB disclosed

Oil&Gas Materials 5 May 2022 11:54 (UTC +04:00)
Planned investments in IGB disclosed
Laman Zeynalova
Laman Zeynalova
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BAKU, Azerbaijan, May 5. Until the total value of the Interconnector Greece-Bulgaria (IGB) project is reached, a total of €44.1 million remain to be allocated, which will happen in stages only after the approval of performed activities, delivered equipment and proven quality of work performed on the project, the ICGB AD, the project company told Trend.

By the beginning of May, ICGB had successfully passed five independent audits and a number of inspections at European, national and regional level. A total of €23 million was disbursed under the EEPR, €36.8 million under OPIC and a total of €90 million under the EIB loan through three separate tranches.

For its part, ICGB also pays the EPC contractor - the Greek company AVAX, in separate tranches based on performed activities, delivered equipment and achieved targets.

Currently, the project company receives positive feedback on regular audits performed by the independent foreign company RSK Ltd. under EIB loan financing. The inspections are carried out every three months both in the construction phase and after the commissioning of the gas pipeline, and their main purpose is to verify that the IGB project is implemented in compliance with all environmental protection requirements in the regions along the route of the gas pipeline. ICGB's obligations to the environment and the protected species in the route areas are among the main commitments the company has made to the EIB in order to be approved for loan financing.

As of May 2022, a total of five environmental audits have been conducted, with no significant violations or non-compliance with the set standards being established. After the completion of the construction phase and the commissioning of the gas pipeline, three more similar audits are planned.

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