Azernews.Az

Sunday July 21 2024

Executive director: Reorganization of IGB project activities underway to ensure progress

1 May 2020 16:27 (UTC+04:00)
Executive director: Reorganization of IGB project activities underway to ensure progress

By Trend

Reorganization of activities related to the Interconnector Greece-Bulgaria (IGB) underway to ensure progress, executive director of ICGB project company Teodora Georgieva told Trend.

She noted that due to the dynamic nature of the COVID-19 situation, it is still difficult to assess in full details the overall impact this will have on the project’s schedule.

"We are monitoring the situation closely and we have taken immediate action to protect the lives and health of our team and the teams of our partners as this is clearly a top priority. Regulations and recommendations by WHO and the National Operational Headquarters of Bulgaria have been implemented in order to make sure everyone working on the project is safe. Our contractors have taken measures to reassess the activities on the project and to reorganize them in such a way that allows progress on the realization of IGB to continue despite the difficult times," added the executive director.

Georgieva pointed out that the IGB project is being implemented in an intrinsically multicultural environment in the sense that the pipeline crosses two different countries, there are international shareholders on board and the major work contracts are being executed by companies from all over Europe.

"Taking this into account, as well as the numerous restrictions already in place around the globe, there is a great deal of concern regarding the additional challenges that lie ahead. However, ICGB is working closely with all parties involved in order to properly estimate the impact of COVID-19 and take the necessary mitigation measures," she explained.

The IGB Project (Gas Interconnector Greece-Bulgaria) is being implemented by the joint venture company ICGB AD, registered in Bulgaria in 2011, with shareholders BEH EAD (50%) and IGI Poseidon (50%). The co-shareholder IGI Poseidon is a company, registered in Greece, with shareholders being the Greek public gas corporation DEPA SA (50%) and the Italian energy group Edison SpA (50 percent).

In accordance with its Statute, ICGB AD will be the owner of the IGB gas pipeline and will finance its realization, will allocate its capacity and will receive the revenue from the transportation of natural gas.

The IGB gas pipeline will be connected with the Greek national gas transmission system in the area of Komotini and with the Bulgarian national gas transmission system in the area of Stara Zagora. The planned length of the pipeline is 182 km, the pipeline diameter will be 32" and the projected capacity will be up to 3 bcm/y in the direction from Greece to Bulgaria. Depending on the interest from the market and the capacities of the neighboring gas transmission systems, the pipeline is designed for increasing its capacity up to 5 bcm/y for following up the market evolution thus allowing physical reverse flow (from Bulgaria to Greece) with the additional installation of a compressor station. A Memorandum for cooperation between ICGB AD and TAP AG has been signed concerning joint actions in relation to future connection between the IGB pipeline and the Trans-Adriatic Pipeline.

---

Follow us on Twitter @AzerNewsAz

Loading...
Latest See more