Greek-Bulgarian pipeline expects bids by end-October

TAGS: Energy

The joint venture building the natural gas pipeline between Bulgaria and Greece is seeking binding bids for the use of the gas link by the end of October, its chief executive said on Monday.

Interconnector Greece-Bulgaria (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 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 on the sidelines of an energy forum.

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.

The three shareholders in IGB, as well as Austria’s OMV, Greece’s Gastrade, US Noble Energy and Azerbaijan’s Socar have expressed an interest among others.