Greece-Bulgaria Gas Link Developer Opens 1.3 mln euro Insurance Tender

Greece-Bulgaria Gas Link Developer Opens 1.3 mln euro Insurance Tender

ICGB, the company developing the Gas Interconnector Greece-Bulgaria project, said on Monday that it has launched a 1.3 million euro ($1.46 million) tender for selection of an insurer for the project's needs. The tender envisages procurement of contractors' all risks, delay-in-start-up, and third party liability insurance, ICGB said in a tender notice. The deadline for submitting offers is July 15.Bids will be ranked solely by price. ICGB expects the tender will attract four offers. The 220 million euro Gas Interconnector Greece-Bulgaria will connect the Greek gas transmission system in the area of Komotini to the Bulgarian gas transmission system in the area of Stara Zagora. The planned length of the pipeline is 182 km and the projected capacity will be up to 3 billion cu m per year in the direction from Greece to Bulgaria. Depending on interest from the market and the capacities of the neighbouring gas transmission systems, the capacity of the pipeline can be increased to up to 5 billion cu m per year, thus allowing for physical reverse flow from Bulgaria to Greece with the additional installation of a compressor station. The project is being implemented by the joint venture company ICGB, in which state-owned Bulgarian Energy Holding (BEH) and Greece-registered IGI Poseidon hold equal shares. Greek public gas corporation DEPA and Italian energy group Edison own 50% each of IGI Poseidon.

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