April 25 (SeeNews) - Bulgarian gas transmission system operator Bulgartransgaz said the implementation of a government project to set up a regional gas hub near the Black Sea port of Varna would cost 1.4 billion - 2.4 billion euro ($1.52 billion - $2.6 million) and could be completed by the end of 2022.
"The estimated value is to be specified by the forthcoming feasibility study," Bulgartransgaz said in its 2017-2026 network development plan which was published earlier this month for public discussion.
In February, Bulgartransgaz said it will receive 920,000 euro ($985,453) in EU financing for the preparation of a detailed feasibility study on the project.
The gas hub has the potential to connect all main gas transmission projects in Southeast Europe and to ensure transparent and non-discriminatory access of European clients to large suppliers, the company added.
In December 2014 Bulgaria sent a letter to the European Commission proposing to build an EU-funded regional gas hub near Varna.
Gas can be fed into the hub from Russia, from Bulgaria's potential gas deposits in the Black Sea or, via interconnectors with Greece and Turkey, from the Caspian region or the Eastern Mediterranean, or from the Greek and Turkish LNG terminals. The gas hub could also be supplied via an interconnector with Romania, which is estimated to have significant deposits in the Black Sea shelf.