BAKU, Azerbaijan, February 28. European Union’s (EU) financial support is fundamental for expansion of the Interconnector Greece-Bulgaria (IGB), Teodora Georgieva, Executive Officer of ICGB, the pipeline operator, said during an energy summit held in Bulgaria, Trend reports.
“Regional cooperation is key, and we must remain flexible for market decisions, especially within the Vertical Gas Corridor initiative. The expansion of the IGB pipeline remains a top priority for ICGB, as it is crucial for strengthening long-term energy security in the region. However, market interest has so far been limited, making a grant-based financing structure essential to ensure the pipeline remains competitive,” she said.
Georgieva emphasized that securing the right funding mechanisms is key to maintaining IGB’s viability, particularly as a potential route for secure and diversified gas deliveries to Moldova and Ukraine.
"Support from the EU is fundamental to making this expansion a reality – subsidy or grant funding will ensure the pipeline continues to offer a reliable and cost-effective supply route. Gas will remain a major factor in Europe’s energy mix, and this cannot be overlooked by the European Commission,” she added.
“All participants in the discussion reaffirmed the high relevance and reliability of the Southern Gas Corridor and the crucial role of the Vertical Gas Corridor, calling for European solidarity to make it happen,” reads a message from the ICGB.
The Greece-Bulgaria interconnector connects Bulgaria to the Southern Gas Corridor and is part of the Vertical Gas Corridor. The pipeline strengthens energy connectivity and security in the region, providing access to natural gas from new, diversified sources. Currently operating at 3 bcm/y, the pipeline has the potential to expand its technical capacity up to 5 bcm/y. The interconnector currently secures about 70 percent of Bulgaria’s internal natural gas consumption and is a reliable route for diversified deliveries to key markets such as Moldova and Ukraine.
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