Executive Director of ICGB, a joint venture company of Bulgarian Energy Holding (BEH) and IGI Poseidon, in which Greek Public Gas Corporation (DEPA) and Italian Edison hold equal stakes, Teodora Georgieva said that the procedure for the selection of a contractor for the engineering and procurement of pipes and equipment for the construction of gas interconnection between Greece and Bulgaria (IGB pipeline) will be launched by the end of the year, adding that it is expected that the project will be completed in 2020.
Georgieva reminded that estimated cost of the project is 220 million euros, of which 45 million euros are provided under the European Energy Program for Recovery (EEPR), adding that in recent years the company experienced some difficulties in providing additional funds within the structural funds, but some new developments regarding this matter is expected in the following days. The higher percentage of external financing makes the project even more competitive, Georgieva concluded.
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