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

ICGB further extends deadline of tender for lead insurer of Greece-Bulgaria gas link project Denys Prykhodov/

SOFIA (Bulgaria), July 19 (SeeNews) - ICGB, the company developing the Gas Interconnector Greece-Bulgaria project, said on Friday it has further extended the deadline for submitting bids in a tender for selection of a lead insurer for the project's needs by one week to July 31.

ICGB made the decision in response to the expressed interest and requests for extension of the deadline received by potential candidates in the tender procedure, the company said in a statement. 

"Тhe extension of the deadline will not affect the construction schedule as the main risks will be covered by the EPC contractor," ICGB said.

The contracting authority extended the original deadline for submitting offers by nine days to July 24 earlier this month.

The tender, with an estimated value of 1.3 million euro ($1.46 million), envisages covering of construction all risks, delay in start up and third party liability.

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.

($ = 0.89098 euro)