site.btaEnergy Minister Discusses Progress in Greece-Bulgaria Interconnector Project with Partners from Greek-Italian Consortium

Energy Minister Discusses Progress in Greece-Bulgaria Interconnector Project with Partners from Greek-Italian Consortium

Sofia, March 30 (BTA) - The Greece-Bulgaria gas interconnector
is an exceptionally important project not only for the two
countries, but also for the whole EU, Energy Ministry
Temenouzhka Petkova said at a meeting with the Bulgarian Energy
Holding's partners in the project, the Greek-Italian consortium
POSEIDON, Petkova's ministry said in a press release Monday.

The two sides discussed the progress made in the project's
implementation, the activities under the elaborated roadmap and
the need of subsequent actions for the project's acceleration.

Petkova acquainted her guests with her talks on the this topic
with European Commission Vice President Maros Sefcovic, who
confirmed the EU serious interest in the project. "We have been
assured that the Commission will provide the funding needed for
the interconnector's construction, but we have to follow the
steps outlined in the roadmap," Petkova told the representatives
of the Greek-Bulgarian consortium.

The Energy Ministry said that the Bulgarian side is working on
accelerating the project and confirmed that there is a 80
million euro state guarantee for it in this year's budget. This
is a sign of the strategic significance that the interconnector
has for Bulgaria, she added.

The POSEIDON consortium said that the project is of exceptional
importance for them, too. They specified that they wish to sign
a final investment decision by May 29, once a new agreement is
signed that will accelerate the project's development in
accordance with the schedule set in the roadmap. This will allow
the construction works to start in March 2016 and the project
to be finished in 2018.

The Greece-Bulgaria interconnector is Bulgaria's link to the
Southern Gas Corridor. Its construction is very important for
securing the diversification of the sources and routes of gas
supplies to the country and the whole region, the Energy
Ministry's press release reads.

According to preliminary data, the investment in the
interconnector amounts to 220 million euro. The joint venture
which has to build and utilize the pipeline comprises the
Bulgarian Energy Holding and POSEIDON, each owning 50 per cent
of the shares in the company.