ECONOMY


Greece, Bulgaria break ground for interconnector that will take Azerbaijan's natural gas to Europe

Baku, May 22, AZERTAC

A groundbreaking ceremony has been held for the Interconnector Greece-Bulgaria (IGB) in the Bulgarian village of Kirkovo, which will allow Bulgaria to receive Azerbaijani gas.

First Deputy Prime Minister of Azerbaijan Yagub Eyyubov, Prime Minister of Bulgaria Boyko Borisov, Greek Prime Minister Alexis Tsipras, both countries’ energy ministers, high officials from European Commission and European Investment Bank, as well as over 150 delegates from a number of countries attended the event.

Speaking at the ceremony, First Deputy PM Yagub Eyyubov emphasized the importance of successful and long-term cooperation among Azerbaijan, Bulgaria and Greece not only in energy, but also in other spheres.

In his video message, European Commission Vice-President for Energy Union Maros Sefcovic said that the implementation of the IGB project will enhance the regional security of gas supply and contribute to Europe's energy infrastructure.

The IGB Project (Gas Interconnector Greece-Bulgaria) is being implemented by the joint venture company ICGB AD, registered in Bulgaria in 2011, with shareholders BEH EAD (50%) and IGI Poseidon (50%). It is a gas pipeline, which will allow Bulgaria to receive Azerbaijani gas, in particular, the gas produced from Azerbaijan's Shah Deniz 2 gas and condensate field. IGB is expected to be connected to TAP via which gas from the Shah Deniz field will be delivered to the European markets. The initial capacity of IGB will be 3 billion cubic meters of gas.

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