EBRD in Talks to Co-fund Bulgaria-Greece Gas Link
Friday, 11 October 2013
The European Bank for Reconstruction and Development (EBRD) said it is in co-funding talks with the stakeholders in the project for a gas link between Bulgaria and Greece.
In 2010, state-run Bulgarian Energy Holding (BEH) and IGI Poseidon, a 50/50 partnership between Greece's DEPA and Italy's Edison, signed a contract for the construction of the gas link worth an estimated 150 million euro ($203 million).
"[..] EBRD has been discussing with the three shareholders BEH, DEPA and Edison co-financing the construction on a 180 km pipeline interconnecting the gas transmission systems of Bulgaria and Greece," an EBRD spokesperson told news agency SeeNews.
The amounts and share of EBRD's funding are still under discussion.
The decision to transport Shah Deniz II gas to Europe via the Trans Adriatic Pipeline (TAP) makes this project even more relevant, the spokesperson added.
In June, the Shah Deniz Consortium (SDC) selected TAP to transport Shah Deniz II gas to Europe. The Shah Deniz Stage 2 project is set to bring gas directly from Azerbaijan to Europe for the first time, opening up the Southern Gas Corridor.
TAP will connect with the Trans Anatolian Pipeline near the Turkish-Greek border at Kipoi, cross Greece and Albania and the Adriatic Sea, before coming ashore in southern Italy. Its routing can facilitate gas supply to several South Eastern European countries, including Bulgaria, Albania, Bosnia and Herzegovina, Montenegro, Croatia and others.