Five binding offers were received on a long term basis for the successfully ended on 30th November 2016 binding phase of the market test for the Gas Interconnector Greece-Bulgaria. That was announced by the Company ICGB, which is responsible for the realization of the project. The announced capacity within the second phase of the market test amounts to 2.7 bcm, 1.57 bcm of which are reserved. According to the procedure, the market test will be completed with the Advanced Reservation Capacity Agreements execution by the Companies which submitted the offers, upon approval of the relevant allocation by the National Regulatory Authorities of Greece and Bulgaria.

ICGB AD Shareholders (BEH EAD and IGI Poseidon) are satisfied as the market test results revealed an increased commitment and an increasing market interest. This demonstrates the good commercial prospect for realization of the project and the timely appropriateness to test the market. To this end the ICGB AD and its Shareholders will continue to create conditions for access of the Shippers to the capacity of the pipeline and equal, non-discriminatory treatment of all present and future partners in accordance to the spirit of the third gas directive.

Due to shown interest from other companies, which have not participated in the first phase of the market test for the project, there is an ongoing discussion about the possibility to initiate a procedure for allocation of the remaining capacity, respectively for participation of new Shippers.

“We are sincerely thankful for the constant and essential procedural support received by the Regulatory Institutions involved - DG-Energy of EC, RAE and EWRC”, said Teodora Georgieva and Konstantinos Karayannakos, Executive Officers of ICGB AD, in connection to the completion of the second, binding phase of the market test.