ICGB utilizes in full the funding for the IGB gas pipeline 

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The independent transmission system operator has received the last remaining tranche under the European energy programme for recovery after a successful audit; the total value of the project is EUR 253 million

The independent transmission operator ICGB has utilized the final tranche under the European energy programme for recovery (EEPR) for the implementation of the Greece-Bulgaria gas interconnector. Amounting to EUR 22.1 million, it was approved after ICGB successfully underwent an external audit. 

Earlier in October, the IGB pipeline marked its first anniversary of commercial operations. The new infrastructure now secures about 50% the quantities for Bulgaria’s internal natural gas consumption, enabling new route for secure natural gas deliveries to countries in the wider region as well. 

The total value of the project is EUR 253 million, which is ensured through funding from the shareholders BEH and IGI Poseidon, EUR 109.9 million in the form of a loan from the European Investment Bank (EIB), EUR 45 million under the European Energy Program for Recovery (EEPR) and EUR 39 million allocated under the Operational Program “Innovations and Competitiveness” (OPIC 2014-2020).

In early November 2022, ICGB received approval for the final tranche of the long-term loan from the EIB following a successful audit by independent international experts. The final payment under OPIC was granted in May 2023. 

Independent audits will continue even after the funding for the interconnector is utilized in full, throughout the commercial operation phase of the IGB pipeline. These will be conducted annually in the form of inspections on site and review of documentation, ensuring full compliance with EU and national regulations and legislation. 

“This significant milestone is a testament to ICGB’s consistent efforts to ensure full compliance in the project phase of the pipeline and meet the highest standards in the industry. Now that we’ve had the first year of operations at 3 bcm/y with most of the capacity booked, we’re looking ahead at expanding to 5 bcm/y to enhance the region’s energy security and independence”, said ICGB Executive Officers George Satlas and Teodora Georgieva. The two noted that ICGB is currently reviewing the market interest in this next step of the project’s development. 

For more information:

Diana Zaykova 


+ 359 885 074 422, +359 885 614 131

Rossitza Donkova


+359 (02) 9803018, +359 888 343 661


The IGB (Greece-Bulgaria Gas Interconnector) project is being implemented by the joint venture company ICGB AD, registered in Bulgaria in 2011 with shareholders BEH EAD (50%) and IGI Poseidon (50%). The co-shareholder IGI Poseidon is a company registered in Greece, with shareholders the Greek company DEPA International Projects (50%) and the Italian energy group Edison S.p.A (50%).

In accordance with its charter, ICGB AD is the owner of the IGB gas pipeline, financing its implementation, distributing its transmission capacity and receiving revenues from the transmission of natural gas.

The IGB gas pipeline connects with the Greek national gas transmission system (DESFA S.A.) and the Trans-Adriatic gas pipeline (TAP AG) in the area of Komotini (Greece), and with the Bulgarian gas transmission system (Bulgartransgaz EAD) in the area of Stara Zagora. The total length of the gas pipeline is 182 km, the diameter of the pipe – 32” – and a design capacity of up to 3 billion m3/year in the direction Greece – Bulgaria. Depending on the market interest for larger capacity and the possibilities of the neighboring gas transmission systems, the capacity of IGB is designed with the option for increase up to 5 billion m3/year with additional construction of a compressor station.

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