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ICGB extends deadline of Greece-Bulgaria gas link lead insurer tender

Author Mario Tanev
ICGB extends deadline of Greece-Bulgaria gas link lead insurer tender Denys Prykhodov/

SOFIA (Bulgaria), July 15 (SeeNews) - ICGB, the company developing the Gas Interconnector Greece-Bulgaria project, said that it has extended the deadline for submitting bids in a 1.30 million euro ($1.46 million) tender for selection of a lead insurer for the project's needs by nine days to July 24.

"The extension is necessary in order for the Contracting Entity to publish in due time the replies to requests for clarifications received within the period provided in the PPA," the ICGB said in a statement last week.

The tender envisages procurement of contractors' all risks, delay-in-start-up, and third party liability insurance.

The 220 million euro Gas Interconnector Greece-Bulgaria will connect the Greek gas transmission system in the area of Komotini to the Bulgarian gas transmission system in the area of Stara Zagora.

The planned length of the pipeline is 182 km and the projected capacity will be up to 3 billion cu m per year in the direction from Greece to Bulgaria. Depending on interest from the market and the capacities of the neighbouring gas transmission systems, the capacity of the pipeline can be increased to up to 5 billion cu m per year, thus allowing for physical reverse flow from Bulgaria to Greece with the additional installation of a compressor station.

The project is being implemented by the joint venture company ICGB, in which state-owned Bulgarian Energy Holding (BEH) and Greece-registered IGI Poseidon hold equal shares. Greek public gas corporation DEPA and Italian energy group Edison own 50% each of IGI Poseidon.

($ = 0.8899 euro)