ICGB AD

Co-financed by the Europen Union, Europen Energy Programme for Recovery European Regional Development Fund Operational Program Innovation and Competitiveness
05/03/2021 От Linkedin

ICGB was granted the first major instalment from the approved financing under the Operational Program Innovation and Competitiveness (OPIC). EUR 28 499 999 were transferred to the project company for the implementation of the interconnector Greece-Bulgaria following a through compliance check of the tender procedure related to the line pipe production and delivery and subsequent review of the documentation related to the execution of the contract.

Due to the strategic importance of the IGB pipeline for the diversification of sources and routes of natural gas for the entire SEE region, the implementation of the project is secured with grant financing provided by the European Energy Program for Recovery, funds from OPIC, state guarantee from the Bulgarian side and shareholder capital.

At the end of 2020, the first interim payment under the EEPR in the amount of EUR 6 400 480.56 was approved and received as well.

27/01/2021 От Linkedin

The Greek #Parliament has ratified an agreement for cooperation with Bulgaria in regard to the #IGB project. The agreement focuses on mutual commitments for the construction of the #interconnector and for the transportation of natural gas after the project is completed. The two neighboring countries have already agreed on the taxation status of IGB and the distribution of profits. The #pipeline will connect the national gas transmission systems of Greece and Bulgaria at the points Komotini-Stara Zagora. The project is of great importance for the #diversification of natural gas deliveries and sources.

Learn more

19/01/2021 От Linkedin

ICGB has set a successful start of the year with the utilization of the second tranche of the #EIB funding in the amount of EUR 30 million. With the timely completion of the line pipe production and deliveries and the ongoing progress of the #EPC contractor, the project company has utilized the second tranche of the European Investment Bank loan.

At the same time, ICGB continues following strictly the #environmental and social requirements set by the bank and has undergone successfully the first environmental and social #audit executed by an external company appointed for the purpose – RSK. The process was finalized recently and the RSK team has confirmed that the project company implements and observes the required measures in all day-to-day work and operations.

#ICGB is committed to completing the strategic gas #interconnector with respect to local and EU #regulations and with great care for the environment .

22/12/2020 От Linkedin

Traditionally, the winter holiday season is filled with warm wishes, positive energy and hopes for the year to come. The challenges, that the whole world faced in 2020 only made our hope stronger and more unifying than ever.

The global spread of the #coronavirus pandemic has changed our daily lives and has put at risk our families, our businesses and our ability to be close to the people around us. In these challenging times we stand tall and look forward to a better and more stable future that brings us closer to our normal lives and day to day activities.

In 2020 #ICGB managed to achieve remarkable progress on the #construction of the IGB #pipeline, while keeping safe all its staff members and partners. As we look forward to the next stage of the implementation of the IGB project, which is crucial for the gas #diversification of the entire SEE region, we acknowledge all the hard work throughout this year and we are thankful for the contribution of the entire ICGB staff and the support of our partners and contractors. The road ahead will be dynamic, but all involved parties are ready for the challenge.

ICGB wishes everyone happy holidays and a healthy, successful and prosperous 2021!

17/12/2020 От Linkedin

ICGB achieves another #milestone at the very end of 2020 - the first interim payment of the grant #financing under the European Energy Program for Recovery (EEPR) was approved by the European Commission. Along with the construction progress on the IGB #pipeline, the project company has initiated the process for the claim of the incurred eligible expenses under the #EEPR program. Upon completion of a thorough audit, ICGB has submitted the First Interim payment request. Following the EEPR rules and requirements and after the examination of the provided documents, the EC has now officially approved the first interim payment in the amount of EUR 6.400.480,56.
This is an important sign of the continuous support the EC provides for the IGB project, together with appreciation for the strict #compliance procedures ICGB follows in its day to day work and operations. The project company has initiated a similar procedure in relation to the claim for reimbursement of the eligible expenses under the Operational Program Innovation and Competitiveness. The #audit is expected to be finalized by the end of January 2021.
The ICGB team is delighted that despite of all challenges the current year has presented, IGB is on the right track and the project is progressing steadily.

10/12/2020 От Linkedin

Line pipe production and delivery for the #IGB pipeline will be completed in the next few weeks according to schedule and despite the unexpected setbacks the global #pandemic has caused, announced Teodora Georgieva, Executive Officer of ICGB, during a roundtable organized by the U.S. Embassy in Bulgaria, Bulgartransgaz EAD and AmCham Bulgaria. The event was held online and was focused on the potential of #LNG and the future of the energy sector. Georgieva highlighted the impact the IGB #pipeline will have on Bulgaria’s position on the energy map. “The pipeline will allow Bulgaria to receive natural gas supplies from more than one source, which will inevitably lead to increased security of supply and real #diversification of gas sources. Development of new routes for import automatically increases competition, which is of great importance for end users, who will be able to use natural gas at competitive prices”, she noted. U.S. ambassador to Bulgaria H.E. Herro Mustafa added that diversification of sources, liberalization of the market and #transparency are the major factors that attract natural gas traders, producers and shippers. She thanked Georgieva and the #ICGB team for the continuous efforts towards the successful completion of the IGB project.

21/11/2020 От Linkedin

ICGB’s #sustainability goals are embedded in its strategy, values and objectives. The project company has various programmes and plans in place to address environmental, social and cultural dimensions. To embed these sustainability commitments into the everyday activities of #ICGB and its people, the company has developed a dynamic environmental, social management system (ESMS).
As evidence to ICGB's commitments and in accordance with the requirements of European Investment Bank, in week 42, the ESMS system was fully examined by third-party auditors from RSK Ltd. Although the #ESMS is quite young, its achievements for its short lifetime are remarkable and this was highlighted by the auditors as well. The management system will be continuously developed together with ICGB's partners AVAX S.A and CONSORTIUM "TIBEY" in order to achieve the project's aims to interact with the #environment and #society with the outmost respect and care, demonstrating ICGB's responsibility for people and the planet. Therefore, 5 more third-party audits will be conducted during the #construction phase and 4 during the operational phase, so stay tuned for more information.

19/11/2020 От Linkedin

The Republic of Bulgaria and the State of Israel signed a Memorandum of Understanding and Cooperation in the field of #energy. The two countries will jointly explore the possibilities for supply of natural gas from offshore gas fields from Israel to Bulgaria, pursuing strategy for #diversification of supply sources and routes.
The #interconnector Greece-Bulgaria is being developed in great synergy with other major energy projects such as the #LNG terminal at Alexandroupolis, Greece and the #EastMed pipeline. It will provide a direct link to resources from the Eastern Mediterranean, including large gas fields around Israel, to the markets in Southeastern and Central Europe. Enhancing the regional natural gas systems connectivity, #IGB will substantially facilitate the diversification of sources and routes for energy supply and security in line with EU strategy .

Learn more

16/11/2020 От Linkedin

All major construction activities on the #interconnector Greece-Bulgaria are ongoing despite the challenging times worldwide. Nearly 150 km out the total 182 km route have been cleared and prepared for the next construction phase. A total of 159 km of line pipes have been produced and delivered. Today the Prime Minister of Bulgaria Boyko Borissov, the Minister of Energy Temenuzhka Petkova and #ICGB representatives visited the site of the project together with AVAX’s CEO – Antonis Mitzalis. “Nobody believed that IGB will happen. Now #diversification is already a fact. We are dedicated to achieving diversification of natural gas sources. The dream we long had for importing Azeri gas will soon come true”, said Prime Minister Borissov. He noted that more than 72 km are welded and lowering and backfilling activities are already underway. Automatic #welding speed has seen significant improvement and the teams now reach a total productivity of 50 welds per day. According to the Prime Minister, the #IGB project will be of great benefit not only to Bulgaria, but also to Greece and the entire region. The interconnector will improve the energy connectivity in the region and is in great synergy with other major projects such as #TAP, #TANAP and the #LNG terminal near Alexandroupolis.

12/11/2020 От Linkedin

Gastrade has welcomed another shareholder in the project for the development of an LNG terminal near the city of Alexandroupolis. The Greek natural gas transmission system operator DESFA SA – Hellenic Gas Transmission System Operator is joining the initiative alongside several other key energy companies in the region, including the Bulgarian TSO Bulgartransgaz, which acquired a 20% share earlier this year. The #LNG terminal will offer new possibilities to the Southeastern gas market and will allow alternative sources and routes for gas supply.

The terminal is in great synergy with major energy infrastructure projects such as #TAP and #IGB due to its strategic location. The transmission capacity of the #interconnector between Greece and Bulgaria will provide a reliable route for the liquefied natural gas, which will open new opportunities for export to Southeastern and Central Europe, enhancing the #diversification and market liquidity on the Balkans. DESFA and ICGB are proactively working in close cooperation то achieve that goal. Additionally, the successful completion of the Greek terminal will boost IGB’s ability to reach its full capacity, which will contribute directly to improved competition and security of gas supplies in the entire region .

08/10/2020 От Linkedin

#IGB is progressing well! This week the welding teams of DS-1 achieved a remarkable rate on the automatic #welding, reaching 50 welds per day. Over 54 km of line pipes along the route of the #interconnector Greece-Bulgaria have already been welded and the process continues with a steady pace. Safety, compliance and strict quality control measures ensure that all weld seams are done in accordance with the highest industry standards. Congratulations to everyone involved for their hard work and dedication.

04/10/2020 От Linkedin

"The Greece-Bulgaria #interconnector and the installation of small modular reactors give Bulgaria greater energy independence", said Francis Fannon, US Assistant Secretary, Bureau of Energy Resources, who was on an official visit in Bulgaria. In Sofia he met with Teodora Georgieva, the Executive Officer of #ICGB. Fannon praised Bulgaria’s leadership for the progress in the #construction of the interconnector with Greece, emphasizing on the importance of the successful implementation of the project and its role for Bulgaria’s transformation into a regional gas hub.

Assistant Secretary Fannon encouraged Bulgaria's efforts and commitment to the project at the highest level. "Despite the constant challenges, Bulgaria demonstrates steady #progress. The project has significant support as it is of vital strategic importance for the region", he said, congratulating ICGB on its efforts to catch-up with the delay of several months.
Georgieva assured the American delegation that the construction works are carried out under strict control: "The team makes great efforts to achieve the stable and smooth implementation of the project which is a real cause for Bulgaria, the region and for myself", she added.

02/10/2020 От Linkedin

“The #IGB project is of high importance for the region and a priority for the national governments of Greece and Bulgaria. Its realization will guarantee the real #diversification of natural gas sources for both countries and will increase the security of supplies”, said Kostas Karayannakos PhD, Executive Director of ICGB, during the visit of the American diplomats the Secretary of State Mike Pompeo and Francis R. Fannon (U.S. Assistant Secretary of State for Energy Resources), and the Hellenic Deputy Minister of Economic Diplomacy and Openness Konstantinos Fragogiannis, at the Komotini worksite.

Karayannakos presented the progress of the project achieved despite the challenging pandemic situation and expressed his gratitude to the whole team for their hard work and dedication .

29/09/2020 От Linkedin

"There is great progress in the construction of the Greece-Bulgaria #interconnector. We have cleared 125 km of the route, 75 km of stringing is ready and more than 40 km of welded line pipes", said Teodora Georgieva, Execute Officer of ICGB, in an interview for Kapital, adding that now additional equipment for a second line of automatic welding is secured and the welding speed has been enhanced.

"The COVID-19 pandemic and the difficulties with international travel and supplies caused the project contractor to request extending the deadline for completion, which has not yet been verified by #ICGB. We will insist on better organization of activities and maximum optimization of deadlines, and I believe that we will find support for this from the governments of Greece and Bulgaria, as the IGB project is of particular importance for the entire region and it is a priority that exceeds national level", Georgieva said.

Half of the pipeline's capacity has already been reserved. In addition to Azeri #gas, there are reservations from the shareholders DEPA and Edison, as well as from Bulgargaz, which has reserved 500 million cbm/year through the future #LNG terminal near Alexandroupolis .

Learn more

23/09/2020 От Linkedin

The interconnector Greece - Bulgaria aims to start commercial operations in 2021, announced Teodora Georgieva, ICGB Executive Officer. The #IGB project is designed to bolster Bulgaria’s natural gas supply diversity and security. The pipeline will allow access to natural gas from Azerbaijan through the Southern Gas Corridor (including the Trans-Adriatic Pipeline) and to #LNG at the planned Greek terminal in Alexandropoulis.

“Linden Energy, DEPA, Edison and SOCAR have booked capacity in the #interconnector and they are all completely new players to the Bulgarian gas market that are entering the country for the first time. This is a great achievement for our state in the energy sector. The IGB project is defined as a game changer as it allows new traders to enter the Bulgarian gas market,” said Georgieva in an interview with Luka Dimitrov for ICIS .

Learn more

Back to top