GEORGIOS SATLAS

Representatives of ICGB AD (Bulgaria), Bulgartransgaz EAD (Bulgaria), DESFA S.A. (Greece), Gastrade S.A. (Greece), FGSZ LTD (Hungary) and SNTGN TRANSGAZ S.A. (Romania) signed the renewal of the Memorandum of Understanding on the implementation of the Vertical Gas Corridor. The meeting took place in Athens, Greece.

Procedures for commissioning the Greece-Bulgaria interconnector on October 1 are progressing according to schedule. The implementation of the project is in the final stage of realization and administrative procedures for issuing the relevant licenses for exploitation and right of use are running in parallel in both countries.

The finishing works required for the introduction of the intersystem gas connection Greece-Bulgaria are progressing according to the set schedule.

The interconnector with Greece is already successfully connected to the national and transit gas transmission network, as well as to neighboring transmission operators, ensuring the physical transmission of gas. The connection of the infrastructure of the two independent transmission operators for Bulgaria - ICGB and Bulgartransgaz - was carried out near Stara Zagora in the period August 16-17. The process is completed with three gold welds.

ICGB introduces a new management model in response to the requirements to transform the project company into an independent transmission operator. After the General Meeting of Shareholders (BEH and IGI Poseidon) was held, a new Statute of the company was adopted. The changes are part of ICGB's obligations under the company's certification by the national energy regulators of Greece and Bulgaria, which was announced earlier in July.