ECONOMY

Greece ratifies IGB pipeline agreement, EastMed Forum foundation treaty

greece-ratifies-igb-pipeline-agreement-eastmed-forum-foundation-treaty

The Greece-Bulgaria cooperation agreement on the Interconnector Greece-Bulgaria (IGB) natural gas pipeline project and the foundation treaty of the EastMed Gas Forum (EMGF) were ratified in the Greek Parliament on Tuesday.

The full titles of the agreements in the Environment & Energy Ministry bill are “Ratification of the Intergovernmental Agreement between the Hellenic Republic and the Republic of Bulgaria on the Greece-Bulgaria Interconnection Pipeline (IGB Project)” and “Ratification of the Statute (Establishment) of the Eastern Mediterranean Gas Forum (EMGF).”

The Greece-Bulgaria agreement includes mutual commitments for the construction of the gas pipeline and for the transportation of gas after the project has been completed.

Particulars concerning the taxation status of the project and the distribution of profits are also included. 

The IGB pipeline connects with Greece’s national gas transmission system in the area of Komotini, northern Greece, and its Bulgarian counterpart in the area of Stara Zagora.

The project is 52% complete, Environment and Energy Minister Kostas Skrekas said, and is expected to be completed by the end of 2021. 

The EastMed Gas Forum is an energy alliance between Greece, Cyprus, Egypt, Israel, Italy, Jordan and the Palestinian Authority.

It was established as an international organization in January 2020.