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Expected Date of Binding Bids for IGB Capacity use Revealed

Expected Date of Binding Bids for IGB Capacity use Revealed

The joint venture building the natural gas pipeline between Bulgaria and Greece – Interconnector Greece-Bulgaria (IGB) is seeking binding bids for the use of the gas link by the end of October, Reuters reported referring to its chief executive.

IGB, estimated to cost 220 million euros, has received nine expressions of interest to transport gas through it for a total capacity of 4.3 billion of cubic meters.

“We expect binding bids by the end of October. We have now companies that have not participated in the first phase of market test willing to place bids,” Teodora Georgieva, ICGB executive officer, said.

IGB, which is expected to be connected to the Trans Adriatic Pipeline (TAP), will allow Bulgaria to receive Azerbaijani gas. In early December 2015, Bulgaria and Greece signed a final investment decision on the IGB project.

Bulgarian state-owned energy holding company BEH has 50 percent in the joint venture which will build the IGB pipeline, while Greek state energy firm DEPA and Italy’s Edison hold 25 percent each.

Source: trend