The European Commission has approved the allocation of €33 million to finance construction of the (Interconnector Greece-Bulgaria-IGB) designed to transport Azerbaijani gas to Bulgaria, Report informs citing the official website of the Commission.
According to the information on the website, €33 million of EU funds will finance the construction of a 182-km cross-border gas interconnector between Komotini, Greece, and Stara Zagora, Bulgaria.
"The pipeline is a European Project of Common Interest, contributing to the objectives of the Energy Union. The two countries' gas systems will be linked for the first time, diversifying energy sources in the region and increasing energy security. With more competition on the gas market, consumers will enjoy lower prices," the statement posted on the website reads.
Notably, IGB is designed to export natural gas produced as part of Second phase of Azerbaijan's Shahdeniz gas and condensate field and to be transported via the Southern Gas Corridor. The interconnector will be connected to the Trans-Adriatic Pipeline (TAP). Bulgaria will be supplied with 1B cubic meters of Azerbaijani gas through IGB.