Greece-Bulgaria pipeline begins operations to spice up non-Russian gasoline flows By Reuters

SOFIA (Reuters) – Greece and Bulgaria began industrial operation of a long-delayed gasoline pipeline on Saturday which is able to assist lower southeast Europe’s dependence on Russian gasoline and increase vitality safety.

The 182-km pipeline will present a reduction to Bulgaria, which has been struggling to safe gasoline provides at inexpensive costs for the reason that finish of April, when Russia’s Gazprom (MCX:.MM) minimize off deliveries over Sofia’s refusal to pay in roubles.

Russia has decreased its gasoline deliveries to Europe after the West imposed sanctions on Moscow over its invasion of Ukraine, leaving European Union nations scrambling to safe different provides amid surging costs.

“This pipeline is a sport changer. It is a sport changer for Bulgaria and for Europe’s vitality safety. And it means freedom. It means freedom from dependency on Russian gasoline,” European Fee President Ursula von der Leyen mentioned throughout an inauguration ceremony in Sofia attended by the leaders of Bulgaria, Greece, Azerbaijan, Romania, Serbia and North Macedonia.

“Each right here in Bulgaria and throughout Europe individuals are feeling the results of Russia’s battle. However because of tasks like this, Europe may have sufficient gasoline for the winter,” she mentioned.

The Interconnector Greece-Bulgaria (IGB) pipeline will transport 1 billion cubic meters (bcm) of Azeri gasoline to Bulgaria.

With an preliminary capability of three bcm per yr and plans to later elevate this to five bcm, the pipeline might present non-Russian gasoline to neighbouring Serbia, North Macedonia, Romania and additional to Moldova and Ukraine.

It should carry gasoline from the northern Greek metropolis of Komotini to Stara Zagora in Bulgaria. IGB is linked to a different pipeline, a part of Southern Fuel Hall that carries Azeri gasoline to Europe.

On Friday, gasoline operators in Bulgaria, Romania, Hungary and Slovakia proposed to move elevated Azeri shipments by their networks to central Europe.

The 240 million euro ($235.18 million) pipeline is managed by a three way partnership between Bulgarian state vitality firm BEH, Greek gasoline utility DEPA and Italy’s Edison.

($1 = 1.0205 euros)