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Caspian Oil & Gas Conference - IGB will be game-changer in South-East Europe’s energy map

IGB will be game-changer in South-East Europe’s energy map
12.11.2019

The Interconnector Greece-Bulgaria (IGB) will be the game-changer in South-East Europe’s energy map, said executive director of ICGB project company Teodora Georgieva, Trend reports via Bulgarian media.

“We have mobilized all forces for the construction of the pipeline between Bulgaria and Greece and we are thankful for the constant support of the governments of the two countries and the European Commission. The IGB project will be the game-changer in the region’s energy map,” said Georgieva, as she joined U.S. Ambassador Herro Mustafa, Bulgaria’s Prime Minister Boyko Borissov, Azerbaijani Ambassador to Bulgaria Nargiz Gurbanova, Greek Ambassador to Bulgaria Dimitrios Chronopoulos, and other government officials to inspect the IGB construction progress in Haskovo District.

Ambassador Mustafa particularly recognized the efforts of ICGB CEO Teodora Georgieva “whose timeless efforts were critical to bring us to where we are today – witnessing the start of construction work.”

“Let us recall a simple but powerful principle: Energy security is national security. And the IGB is not just another pipeline. It is a project that will greatly enhance Bulgaria’s national security and sovereignty and bring the promise of lower energy costs to the Bulgarian consumer,” Ambassador Mustafa told reporters.

“Now we look forward to seeing rapid progress on this project. We also welcome the Bulgarian government’s intention to support – via an ownership stake and capacity booking – the Alexandroupolis Floating Storage and Regasification Unit – which will magnify the power of the IGB to turn Bulgaria into a truly dynamic gas hub,” Ambassador Mustafa 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 Interconnector Greece-Bulgaria project envisages a two-stage development.

In the first stage, the pipeline capacity will be 3 billion cubic meters of gas, of which 2.7 billion cubic meters will be offered for the long-term market, the remaining share of 0.3 billion cubic meters in the short term.

In a second phase, also depending on the evolution of the market, the capacity of the pipeline can be increased to 5.3 billion cubic meters of gas thanks to the addition of a compression station: 4.5 billion cubic meters of gas 0.5 billion cubic meters of short-term gas will be offered for long-term products.


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