Bulgaria hopes to see lower gas prices after IGB’s launch

BAKU, Azerbaijan, Sept.8. Gas prices in Bulgaria are expected to drop by 11 percent after starting imports from Azerbaijan via the interconnector with Greece (IGB) on October 1, said Bulgaria’s former energy minister Alexander Nikolov, Trend reports. He told Bulgarian media that construction phase of IGB project has been completed and the Greek regulatory authority has issued the certification. “After completing the documentation, the entire volume of contracted Azerbaijani gas should be transported at the agreed price from October 1. The good news is that the prices for Bulgarian consumers should decrease significantly, by around 11 percent,” said the former minister. The IGB project is of key importance for increasing security of supply and for ensuring diversification of natural gas sources for Bulgaria and the region of Southeast Europe. At the regional level, IGB will provide access to the gas transmission network for Bulgarian municipalities and regions that didn’t have an option for connectivity. The interconnector with Greece is an entirely new route for the transmission of natural gas to Europe and will give Bulgaria and the region access to supplies from new sources. The project will connect the country with the Southern Gas Corridor and has excellent synergy with other major energy projects such as TAP, TANAP, EastMed and the LNG terminal at Alexandroupolis. --- Follow the author on Twitter: @Lyaman_Zeyn