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    Bulgaria-Greece Gas Link Extends Deadline For Insurance Bids


ICGB needs more time to respond to clarification requests.

by: Joseph Murphy

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Natural Gas & LNG News, Europe, Corporate, Contracts and tenders, Infrastructure, Pipelines, Interconnector Greece-Bulgaria (IGB) , News By Country, Bulgaria, Greece

Bulgaria-Greece Gas Link Extends Deadline For Insurance Bids

Bulgaria and Greece have extended a deadline for submitting bids to provide insurance cover for a cross-border gas link.

The project’s operator ICGB said on July 10 it had pushed back the deadline from July 15 until July 24 so that the company had time to publish replies to clarification requests. It is looking for a leading insurer to cover risks relating to construction work and start-up delays, as well as third-party liabilities under a contract worth up to 1.3mn ($1.5mn).

Due online in 2020, the 182-km interconnector will pump up to 3bn m3 of mainly Azeri gas to Bulgaria, helping the country overcome its reliance on Russian supplies. Saudi Arabia’s Arkad Engineering is expected to receive a $1.5bn contract to build the pipe.

ICGB is a 50:50 joint venture between Bulgaria’s state-owned Bulgarian Energy Holding (BEH) and IGI Poseidon, which in turn is 50% owned by Greece’s government-run Depa and 50% by Italy’s Edison, a division of French giant EDF.