EIB to Finance Bulgaria-Greece Gas Link
SOFIA (Reuters) - The European Investment Bank agreed on Thursday a $121 million (110 million euro) loan for the construction of a natural gas pipeline linking Bulgaria with Greece that will end Sofia's complete dependence on Russian gas and help diversify supplies in southeastern Europe.
Bulgaria, which currently gets all of its gas needs from Russia, hopes the 113-mile (182-km) pipeline with an annual capacity of 3 Bcm will be in operation by the end of 2020 and will transport mainly Azeri gas to the Balkan country, after linking with the TAP pipeline in Greece.
The project company for the 240 million euros pipeline, ICGB, also signed on Thursday contracts with Corinth Pipeworks, part of Cenergy Holdings, to supply the pipes, and Greek gas contractor J&P AVAX, to build the gas link.
The project is co-financed by the European Union, whose competition regulators have cleared state aid for it. The pipeline will also enjoy a 25-year fixed tax regime.
ICGB is 50% owned by Bulgaria's state-held BEH company. The remaining shares are held by Greece's DEPA and Italy's Edison .
Related News
Related News
- Kinder Morgan Proposes 290-Mile Gas Pipeline Expansion Spanning Three States
- Enbridge Plans 86-Mile Pipeline Expansion, Bringing 850 Workers to Northern B.C.
- Intensity, Rainbow Energy to Build 344-Mile Gas Pipeline Across North Dakota
- U.S. Moves to Block Enterprise Products’ Exports to China Over Security Risk
- Court Ruling Allows MVP’s $500 Million Southgate Pipeline Extension to Proceed
- U.S. Pipeline Expansion to Add 99 Bcf/d, Mostly for LNG Export, Report Finds
- A Systematic Approach To Ensuring Pipeline Integrity
- 275-Mile Texas-to-Oklahoma Gas Pipeline Enters Open Season
- LNG Canada Start-Up Fails to Lift Gas Prices Amid Supply Glut
- TC Energy’s North Baja Pipeline Expansion Brings Mexico Closer to LNG Exports
Comments