After modeling the pricing formula in the present contract with Gazprom Export, it is clear that Russian gas is second in terms of affordability after Azerbaijani gas, Bulgarian Energy Minister Rosen Hristov told a working meeting where the progress of the Interconnector Greece-Bulgaria (IGB) was being looked into, Azernews reports.

He also noted that the progress of construction of the IGB, which will supply Azerbaijani gas to Bulgaria, is in line with the work schedule presented a few days ago.

Azerbaijan and Bulgaria agreed to supply 1 billion cubic meters of gas per year through the Interconnector Greece-Bulgaria. However, because the IGB was still under construction, Azerbaijani gas was delivered to Bulgaria via the Kulata-Sidirokastro interconnection point.

The IGB gas pipeline connects to the Greek national gas transmission system in Komotini and the Bulgarian national gas transmission system in Stara Zagora. The pipeline's length is 182 km, with a capacity of up to 3bn cubic meters per year in the direction from Greece to Bulgaria. The pipeline is designed to increase its capacity up to 5 bcm/y depending on market interest and the capacities of neighboring gas transmission systems.

The opening ceremony of the Interconnector Greece-Bulgaria was held in Komotini on July 8.