EC Approves 33 mln Euro Financing for Construction of Greece-Bulgaria Gas Link

EC Approves 33 mln Euro Financing for Construction of Greece-Bulgaria Gas Link

The European Commission said on Tuesday that it has approved 33 million euro ($37 million) in EU financing for the construction of the gas interconnector Greece-Bulgaria."The two countries' gas systems will be linked for the first time, diversifying energy sources in the region and increasing energy security," the Commission said in a statement.As a result of the project, consumers will enjoy lower prices on the back of increased competition on the gas market, the EU's executive body added.The pipeline is a European Project of Common Interest, contributing to the objectives of the Energy UnionEarlier on Tuesday, ICGB, the company developing the Gas Interconnector Greece-Bulgaria project, said that Greece's J&P-AVAX and a tie-up named IGB-2018 have submitted offers in the tender for awarding a contract for construction of the gas link. The tender is worth an estimated 145 million euro, VAT excluded.According to previous statements from ICGB, the IGB-2018 tie-up comprises Italy's Bonatti, and Bulgarian construction companies GP Group and Glavbolgarstroy International.ICGB is planning to complete the selection process next month, paving the way for construction work to begin in June.
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