ICGB AD

Co-financed by the Europen Union, Europen Energy Programme for Recovery European Regional Development Fund Operational Program Innovation and Competitiveness

Milestones

Milestones:

  • In June 2011 the IGB project was declared as a National Project under the meaning of the State Property Act, receiving the support of the Bulgarian Government
  • In November 2013 IGB completed all Environmental Impact Assessment procedures in the territories of Bulgaria and Greece in accordance with applicable national and EU laws
  • On January 6th 2014 a Memorandum of Cooperation and Understanding was signed between ICGB AD and Trans Adriatic Pipeline AG
  • In December 2015 ICGB AD launched the first Market Test for the capacity of the IGB pipeline
  • The final investment decision for the IGB project was signed by the shareholders on December 10th 2015
  • In September 2016 ICGB AD signed a joint statement with Bulgarian, Greek, Romanian and Hungarian transmission operators as future operator and part of the Vertical Gas Corridor
  • In December 2016 the second phase of the Market Test was completed with 5 binding offers submitted
  • On September 12th 2017 IGB received construction permit on Bulgarian territory
  • On June 29th 2018 ICGB signed key agreements for investments and activities on construction of the gas interconnector during the fifth Meeting of CESEC, including a Memorandum of Understanding for securing preferential loan financing in connection with using the state guarantee of Bulgaria
  • On August 8th 2018 the project received a joint exemption decision by the Bulgarian and Greek regulators, reconfirmed by the European Union
  • On November 8th 2018 the European Commission issued a decision on compatible state aid in accordance with the Guidelines on State aid for environmental protection and energy for the period 2014-2020.
  • On December 21, 2018 ICGB AD signed a contract for direct grant awarding EUR 39 million for the IGB project from the Operational Program "Innovation and Competitiveness" 2014-2020
  • On February 7th 2019 IGB was granted an Installation Permit on the territory of the Hellenic Republic
  • In March 2019 ICGB AD successfully completed the procedure for selection of Owner’s engineer for the gas interconnector Greece- Bulgaria
  • On April 3rd 2019 the European Commission officially approved the allocation of EUR 39 million for the construction of the IGB project
  • ICGB AD selected a contractor for construction supervision for the construction of the gas interconnector Greece-Bulgaria on Bulgarian territory on April 24th 2019
  • In May 2019 ICGB AD finalized the public procurement for the line pipes manufacture and supply for construction of the IGB pipeline
  • The project company ICGB successfully completed the public procurement for design, procurement and construction (EPC) of the gas interconnector Greece – Bulgaria on May 14th 2019
  • The Groundbreaking ceremony for the IGB project was held on May 22nd 2019 in the presence of the Prime Minister of Bulgaria and the Prime Minister of Greece
  • On July 18th 2019 the project was granted a license for Independent Natural Gas System, receiving the right to begin construction on Greek territory
  • At the beginning of October 2019 the national energy regulatory authorities of Greece and Bulgaria came out with a joint decision for approval of a Network code and a Tariff code of the project for Greece-Bulgaria interconnector whereby ICGB comes closer to completing the procedure for certification as an independent gas transmission operator
  • On 10th October 2019 during the official ceremony in the presence of the ministers of energy of the Republic of Bulgaria and the Hellenic Republic the contract for a loan from the European Investment Bank was signed for the amount for EUR 110 million. During the event binding gas transportation agreements were also signed with the shippers which had booked capacity in the gas pipeline as well as the contracts with the selected contractors for line pipe manufacturing and supply and for construction of the gas pipeline. The shareholders in the project company, BEH and IGI Poseidon, laid their signatures on the revised shareholders agreement whereby the final business plan of the IGB project was adopted as well as the final budget for construction of the gas interconnector.
  • During the ceremony on 10th October 2019 the Bulgarian minister of energy Temenuzhka Petkova and her Greek counterpart Konstantinos Hadzidakis laid their signatures on an Intergovernmental agreement between the two countries whereby firm support is declared for the project and the tax regime of the gas pipeline is stabilized for a period of 25 years.