On 10 December 2015 the Shareholders in ICGB AD, respectively Bulgarian Energy Holding EAD with 50% and IGI Poseidon with 50%, concluded the procedure for taking the Final Investment Decision (FID) in relation to constructing the IGB Pipeline (Gas Interconnector Greece-Bulgaria).
The taking of the FID opens the last leg of developing the project before the start of the construction phase, which according to present schedule is planned to take place from the 4th quarter of 2016 until mid 2018 when commercial operation is aimed to be achieved.
The FID commits the shareholders to provide the capital required to complete the construction phase, once regulatory, permitting and exemption milestones will have been attained, as currently scheduled, within 2016.
The taking of the FID evidences the firm commitment of ICGB shareholders for the completion of the IGB in the planned timeframe, in accordance with the EU and respective governments policy objectives.
IGB matches to the maximum extent the envisaged gas market evolution of Bulgaria and the South East European Region because it will enable the realization of existing and medium-term alternative gas supply opportunities such as sources in the Caspian Region, Middle East, East Med and LNG, which are planned to be integrated with the Southern Gas Corridor. IGB will be interconnected with the South East Europe neighboring gas markets via the Bulgarian Gas Transmission System.
The strategic impact of IGB has been confirmed by the EU through the access to EU financial aid under the European Energy Programme for Recovery, through the designation of the project as an EU Project of Common Interest (PCI) and through its inclusion into the Central and South-East European Gas Connectivity (CESEC) High Level Group.