ICGB head hopes for Azerbaijan's support in case of termination of Russian gas transit through Ukraine

The CEO of ICGB, the operator of the Greece-Bulgaria Interconnector (IGB), Theodor Georgieva, underscored the critical role of Azerbaijan and other gas suppliers to the European Union in the event of a potential cessation of Russian gas deliveries through Ukraine, speaking to journalists on the sidelines of COP29 in Baku.

“The likelihood of Russian gas transit to Europe through Ukraine ending in January 2025 elevates the importance of the Vertical Gas Corridor,” Georgieva stated.

Georgieva noted that ICGB is currently working to increase the IGB pipeline's capacity to 5 billion cubic meters per year, leveraging its connection to the Vertical Gas Corridor, which originates in Greece.

“We are currently focused on expanding IGB because it connects not only with TAP (the Southern Gas Corridor segment) but also integrates into the Vertical Gas Corridor. Since October 1, 2024, the Alexandroupolis LNG terminal has become operational. From this standpoint, we see substantial potential to expand IGB from 3 to 5 billion cubic meters per year. Furthermore, the risk of Russian gas transit through Ukraine ending this year highlights the importance of the Vertical Gas Corridor alongside the Southern Gas Corridor,” Georgieva said.

However, Georgieva lamented the lack of financial support from the European Union, citing the EU’s policy of not subsidizing hydrocarbon projects.

“These are some of the obstacles we face, but I believe that together with other partners in the Vertical Gas Corridor, we can overcome them,” she remarked.

Georgieva also emphasized Azerbaijan’s vital role in diversifying Bulgaria’s energy sources.

“Azerbaijan is a very reliable partner. Initially, since 2020, it covered up to 30% of Bulgaria’s gas demand, and now it accounts for more, given the decline in domestic consumption. Of the less than 3 billion cubic meters of annual gas demand in Bulgaria, 1 billion cubic meters are supplied by Azerbaijan at a very competitive price. We are very pleased to have such a reliable partner,” she added.