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    Strong market interest in expansion of Greek-Bulgarian gas link

Summary

The interest is nearly two times higher than initial expectations.

by: NGW

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NGW News Alert, Natural Gas & LNG News, Europe, News By Country, Bulgaria, Greece

Strong market interest in expansion of Greek-Bulgarian gas link

A non-binding call for interest in a proposed expansion of the gas pipeline connecting Greece with Bulgaria have received a strong market result, the interconnetor's operastor ICGB said on September 8, exceeding expectations by two times.

ICGB is looking to expand the transmission capacity of the Interconnector Greece-Bulgaria from 3bn to 5bn m3/year, which would assist Bulgaria in replacing lost Russian gas supply with LNG imported by Greece. Gas traders have expressed interest in up to 4bn m3/yr of additional capacity for the next few gas years.

"The market interest for a few consecutive gas years is nearly two times higher than our initial expectations," ICGB's executive officers George Satlas and Teodora Georgieva said in a statement. "While for now these indications are non-binding for the shippers, this is a great first step towards a potential expansion of the IGB pipeline’s capacity from 3bn m3/yr to 5bn m3/yr."

More than 82% of IGB's current capacity is already booked for the upcoming gas year, the operator said.

In addition to improving Bulgaria's energy security, the proposed expansion could also help other countries in the region diversify away from Russian gas.