ICGB gets Permit to start Construction in Greece of Gas link to Bulgaria

ICGB gets Permit to start Construction in Greece of Gas link to Bulgaria

ICGB, the company developing the Gas Interconnector Greece-Bulgaria project, said that it was granted a final licence by Greece's energy regulator to start construction of the Greece-Bulgaria gas link on Greek territory. The licence for Independent Natural Gas System (INGS), which was notified on July 18, grants the right to ICGB to start construction of the interconnector, including the pipeline, auxiliary facilities and equipment, ICGB said in a statement on Friday. The licence, issued for a period of 50 years, ensures the successful start of the pipeline construction on the territory of Greece, the company added.Also on Friday, ICGB said it has further extended the deadline for submitting bids in a tender for selection of a lead insurer for the project's needs by one week to July 31. The tender, with an estimated value of 1.3 million euro ($1.46 million), envisages covering of construction all risks, delay in start up and third party liability. The 220 million euro ($246.8) 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.

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