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

Statement by the Project Company ICGB AD

In view of a publication on the site 24rodopi.bg, titled Roumen Petkov warns: € 100mil are missing from the gas Interconnector, Kurdjali shall pay the highest gas price (video), the project company ICGB AD squarely declares the following:

The management of the Gas Interconnector Greece-Bulgaria construction is carried out by the Project Company ICGB AD fully in line with the Bulgarian and European legislature and meets the highest possible standards. The Project execution budget is finalized with the start of public procurement procedures for awarding the major works on the Gas Pipeline execution and the allegation that it was later increased is absolutely incorrect.

The project for the Interconnector with Greece is financed partially by European structures and funds, as well as by a loan from the EIB, which calls for additional control mechanism. The above guarantees that all activities and procedures on the project execution are applied in compliance with all legal requirements and regulations. IGB is subject to regular inspections and audits by independent international institutions, on the results of which  depends the utilization of the funds. The legality of each Project Company’s activity and its main Contractors is directly bound with the project development progress. Without the positive results of the regular control procedures, IGB wouldn’t have been possible at all.

Payments to the Contractors of the main activities are not made in advance, as the Project Company does not have the full amount of the budget at its disposal and the absorption of money from European funds is realized by reimbursing the already incurred costs. Disbursement of each tranche happens only after a verification of costs and respective documentation, whereas payments are due only for already completed works and delivered equipment.

ICGB AD firmly rejects all speculations regarding the possibilities for access to the gas transmission network for the municipalities in the regions along the Interconnector route. The Project Company has established cooperation with the licensee for natural gas distribution on the territory of Kardzhali, which will build the necessary accession infrastructure. Negotiations with the licensee are at an advanced stage, there is already an agreed accession point and the Accession Agreement is to be signed. The Licensee plans the AGRS construction to be finalized in line with the IGB commissioning.

Speculations on the subject of committed violations only aim to damage the reputation of the project and lead to its blocking, shortly before it is completed and put into operation. As construction is nearing completion, attacks against the project are becoming more frequent, despite its advanced construction phase. ICGB AD and its shareholders - investors in the Project of National Significance for Bulgaria and companies traded on stock exchanges or valued by international rating agencies, firmly state that such attempts to jeopardize the project will fail and they will firmly defend their interests against such infringements on their image. 

ICGB AD keeps its right to take legal action against speculations or allegations that do not correspond to the truth.

For more information:
Diana Zaykova
Action Global Communications Bulgaria
Tel.: +359 2 9803018
+359 885 074 422
+359 885 614 131

Date 08/07/2021