News

Representatives of Bulgartransgaz EAD (Bulgaria), ICGB AD (Bulgaria), DESFA S.A. (Greece), FGSZ LTD (Hungary) and SNTGN TRANSGAZ S.A. (Romania) signed a renewal of the Memorandum of Understanding on the implementation of the Vertical Gas Corridor. The meeting was held in Brussels and the Memorandum was signed in the presence of Klaus-Dieter Borchardt, Director of the Directorate-General for Energy at the European Commission. He expressed his support for energy connectivity in the region and the development of energy supply opportunities through new initiatives.

The ruling of the court confirms that the procedure for selecting a contractor for one of the key public contracts for the construction of the Greece-Bulgaria interconnector is lawful and complies with the Bulgarian legislation.

The national energy regulators of Greece and Bulgaria issued a joint decision approving the Network Code and Tariff Code for the IGB project. With this decision, the project company ICGB AD has successfully completed the next step in the process for certification as an independent gas transmission operator.

Today, during a formal ceremony in the presence of the Ministers of Energy of Greece and Bulgaria, a number of important agreements and contracts for the IGB project were signed, regulating the financing and confirming the business model of the interconnector. Their successful completion is a prerequisite for the full mobilization for the construction of the gas interconnector.

The Greek Regulatory Authority for Energy (RAE) has issued a Decision No 671/2019 granting ICGB AD a license for Independent Natural Gas System (INGS). The license, issued on June 27th 2019 and notified on July 18th 2019, concerns the Greek section of the Greece-Bulgaria Interconnector (IGB). The INGS is issued for a period of fifty (50) years and expires on 27/06/2069.

The deadline for submission of applications for participation in the public procurement for selection of a leading insurer for "Gas interconnector Greece-Bulgaria" project is extended with one week - until 31 July 2019 due to expressed interest and requests for extension of the deadline received by potential candidates. Тhe extension of the deadline will not affect the construction schedule as the main risks will be covered by the EPC contractor.

ICGB AD announces the extension of the deadline for submission of applications for participation for the public procurement “Selection of a leading insurer for "Gas interconnector Greece-Bulgaria" project up to 24th July 2019. The extension is necessary in order for the Contracting Entity to publish in due time the replies to requests for clarifications received within the period provided in the PPA.

The project company ICGB announced a tender for the selection of the leading insurer for the project "Gas Interconnector Greece - Bulgaria".

The leading insurer shall cover for all insurance risks (Construction All-Risk or CAR insurance).

The Executive Officers of the project company ICGB gave start of the construction activities for the gas interconnector Greece – Bulgaria. During the groundbreaking ceremony near the border with Greece Teodora Georgieva and Konstantinos Karayannakos made the first groundbreaking in the presence of officials from Bulgaria, Greece and Azerbaijan. The key event was attended by the Prime Minister of Bulgaria Boyko Borissov and the Prime Minister of Greece Alexis Tsipras, the energy ministers of both countries, the first Deputy Prime Minister of Azerbaijan and high-level officials from the European Commission (EC) and the European Investment Bank (EIB).

In relation to appeal, submitted by the company Toplivo 2 EOOD against the decision for selection of contractor for the public procurement for manufacture and supply of line pipes, the project company ICGB considers that the Decision of the contracting authority is well-grounded and there are enough grounds for the selection of Corinth Pipeworks S.A. for a contractor of the public procurement as well as for the exclusion of Toplivo 2 EOOD from participation.