Environmental And Social
The IGB Project has received key environmental approvals from the competent Authorities of Bulgaria and Greece:
- On 12 July 2013 the Greek Ministry of Energy, Environment and Climate Change issued the positive Preliminary Environmental Impact Assessment and Evaluation for the IGB pipeline project. The Final Environmental Impact Assessment Report was submitted to the Ministry in September 2012 and positive decision is expected by mid 2013;
- On 6 February 2013 the Bulgarian Ministry of Environment and Waters issued its approval of the IGB Project Environmental Impact Assessment and Appropriate Assessment Report, and approved the investment proposal and its further implementation in the preferred route, proposed by the Investor.
The IGB Project is currently undergoing an Environmental and Social Due Diligence according to the standards of the European Bank for Reconstruction and Development (EBRD), pursuant to a Mandate Letter signed between the Bank and ICGB AD in October 2012. The due diligence process is part of the procedure for the negotiation of a long-term debt financing for the IGB Project.
The present section will contain the outcome and relevant reports of the due diligence process.