The final investment decision was signed over the week by the shareholders of the ICGB joint project company – the Bulgarian Energy Holding and Poseidon on the construction of the Greece – Bulgaria gas interconnector. Minister of Energy Temenuzhka Petkova stated that the strategic project was important not only for Bulgaria and Greece, but also for the entire SEE region, as it would provide an opportunity for a real diversification of the natural gas supply sources. The minister pointed out that the project was a major segment of the Southern Gas Corridor and its construction should start in October 2016 while the commissioning is expected for mid-2018. In fact the project is a stage of the implementation of the idea for more gas connections with Romania, Serbia and Turkey which will be the ground for the execution of the concept for the building of a gas hub on Bulgarian territory. That vision was also shared by the Head of the Internal Energy Directorate with the EC Klaus-Dieter Borchardt, who says that Bulgaria has a lot of infrastructure that needs to be affiliated. “If we manage to unite with the necessary interconnectors with the neighboring countries then I am optimistic that we will be able to reach a regional gas hub in Bulgaria which will be the core of the entire region’s energy security and beyond,” Mr. Borchardt said. By the way his presence was not only due to the signing of the interconnector investment decision. He and Vice Premier on European Funding and Economic Policy Tomislav Donchev announced the agreement between the Bulgarian government and the EC for the establishment of a joint working group which to support the development of a trade concept, a business and a financial plan for the Balkan gas hub. On behalf of EU Commissioner for Energy and Climate Action Miguel Arias Cañete Mr. Borchardt underlined the great interest of the EC towards the building of a regional gas center in Bulgaria that can turn into a major springboard for the development of the SEE gas sector, in order for the supplies for all countries in the region to be guaranteed. That is why Commissioner Cañete hails the establishment of this working group.

The political dimensions of the events were framed by PM Boyko Borissov who explained that the arrangements with Greek PM Aleksis Tsipras, the US Secretary of State John Kerry, with Azeri President Aliev and with the president of Turkmenistan Berdimuhamedow allowed to Bulgaria to reach far above 10 bln. m3 in gas distribution capacity and the Bulgarian goal was even for more than 20 m3 bln. “We are all interested in the happening of this,” Borissov stated and added: “We give a possibility to anyone, willing to comply with the Third Energy Package and the EU rules, to participate.” Thus appealing to potential investors, the premier has finally found the economic logics inside the full-of-diverse-interests natural gas flow.

English version: Zhivko Stanchev