Greek energy minister: IGB will contribute to creation of integrated gas market in Balkans

By Trend

The interconnector Greece-Bulgaria, the groundbreaking ceremony of which took place on May 22, will contribute to creation of integrated gas market in Balkans, said Greek Minister of Energy and Environment Georgos Stathakis, Trend reports citing the ministry.

"Today we celebrate the imminent start of IGB's construction work, which will be carried out by Greek companies. It is a historic moment for the Balkans, but also for the wider area of ??Southeastern Europe. We are laying the foundation stone for moving to a unified gas market in our region while ensuring security of supply. I would like to thank all those who worked to implement this project, and especially my colleague, Teromenuska Petkova, for the excellent cooperation,” he said.

The Greek Ministry of Energy and Environment said that it is the foundation stone of the Vertical Corridor that will transport the natural gas from the Trans Adriatic Pipeline (TAP) to the heart of the Balkans.

“In the future, the pipeline may be an option for channeling gas from the Eastern Mediterranean deposits to Europe's markets.

In addition to enhancing security of supply, the IGB will also contribute to the creation of an integrated gas market in the Balkans, with stable product flows and low prices, which will allow the entry of new players,” said the ministry.

IGB is a gas pipeline, which will allow Bulgaria to receive Azerbaijani gas, in particular, the gas produced from Azerbaijan's Shah Deniz 2 gas and condensate field. IGB is expected to be connected to TAP via which gas from the Shah Deniz field will be delivered to the European markets.

The initial capacity of IGB will be 3 billion cubic meters of gas.