US Linden Vitality books agency capability in Greece-Bulgaria hyperlink, Overgas deal accomplished

SOFIA (Bulgaria), October 6 (SeeNews) – US-based power improvement firm Linden Vitality mentioned that it just lately finalised its dedication to make use of 10% of the capability of the newly-commissioned Interconnector Greece-Bulgaria (IGB) pipeline below a 20-year contract.

The transfer comes after the US firm in August accomplished its agreed acquisition of fifty% of privately-held Bulgarian pure gasoline provider Overgas Inc, Linden Vitality mentioned in a press launch on Wednesday.

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The deal, seen to be paving the way in which for the events’ meant growth within the Western Balkans, was agreed in July 2021. It was made attainable after the board of Gazprom authorized the disposal of the Russian gasoline provider’s oblique and direct holding in Overgas for 15.5 million euro ($15.4 million).

“The IGB pipeline is vital to the diversification of gasoline markets in Bulgaria and all through the area. This pipeline will likely be integral to our aims with Overgas, and we’re excited to see it develop into utilised in reference to the Revithoussa terminal in Greece,” Linden Vitality founder and president Stephen Payne mentioned.

The US firm notified the transaction with Overgas to Bulgaria’s Fee for Safety of Competitors in July.

As the most important impartial pure gasoline provider and dealer on the Bulgarian market, Overgas has gained entry to the infrastructure community paving the way in which to market liberalisation and the all-important diversification of power provide in Southeastern Europe (SEE).

In Might, the Bulgarian firm signed a memorandum of understanding with Albanian state-owned pure gasoline provider Albgaz aiming to scale back the area’s dependence on Russia. Overgas has taken an energetic function within the deliberate liquefied pure gasoline (LNG) floating terminal in Vlora, Albania.

“All present market gamers are eagerly awaiting the longer term connection of IGB with DESFA’s pipeline system and the longer term LNG terminal of Alexandroupolis,” Payne added.

The three billion cubic metres per 12 months Greece-Bulgaria gasoline hyperlink connects the nationwide gasoline transmission networks operated by Greek firm DESFA and Bulgaria’s Bulgartransgaz.

Based in 2013, Linden Vitality has power initiatives in Europe, South Asia and Africa.

($ = 1.009 euro)