Details added (first version published at 14:40)
BAKU, Azerbaijan, October 26. The Interconnector Greece-Bulgaria (IGB), managed by ICGB, has announced the receipt of the last installment of funds from the European energy program, the company told Trend.
This final tranche, amounting to 22.1 million euros, was granted under the European Energy Program for Recovery (EEPR) to support the implementation of the Greece-Bulgaria gas interconnector, following a successful external audit.
The overall project, with a total value of 253 million euros, has secured financing from various sources. This includes contributions from shareholders BEH and IGI Poseidon, a 109.9 million euros worth loan from the European Investment Bank (EIB), 45 million euros from the European Energy Program for Recovery (EEPR), and an additional 39 million euros allocated under the Operational Program "Innovations and Competitiveness" (OPIC 2014-2020).
ICGB's financial milestones include the approval of the final tranche of a long-term loan from the EIB in early November 2022, following a successful audit conducted by independent international experts. The last payment under OPIC was received in May 2023.
Importantly, even as the funding for the interconnector reaches full utilization, ICGB is committed to ensuring the project's compliance with EU and national regulations and legislation. To that end, independent audits will continue during the commercial operation phase of the IGB pipeline, with annual on-site inspections and documentation reviews as part of this ongoing commitment to regulatory and legal conformity, the company said.
The IGB gas pipeline connects with the Greek national gas transmission system (DESFA S.A.) and the Trans-Adriatic gas pipeline (TAP AG) in the area of Komotini (Greece), and with the Bulgarian gas transmission system (Bulgartransgaz EAD) in the area of Stara Zagora. The total length of the gas pipeline is 182 km, the diameter of the pipe - 32'' - and a design capacity of up to 3 billion m3/year in the direction Greece - Bulgaria.
The gas pipeline enables the transportation of natural gas from new sources to other countries in the region as well, including Moldova and Ukraine.
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