Linden Energy Continues its Efforts to Diversify Gas Supply in Eastern Europe

SOFIA, Bulgaria, Oct. 5, 2022 /PRNewswire/ -- Linden Energy has recently finalized its participation as a 20-year, 10 percent capacity holder in the Interconnector Greece-Bulgaria (IGB). The pipeline began commercial operations this past Saturday, October 1.

The commencement of IGB's commercial operations was marked at its inauguration ceremony in Sofia, Bulgaria and attended by multiple heads of state, including EU President Ursula Von Der Leyen, Bulgarian President Radev, and special guest Azerbaijani President Aliyev and other participating government officials. Former US Ambassador to Azerbaijan and Linden Advisory Board Member Matthew Bryza represented Linden Energy at the IGB inauguration ceremony, joined by Svetoslav Ivanov, Overgas CEO and Linden Energy's Bulgarian partner.

Regarding his attendance, Matthew Bryza said, "IGB's inauguration marked the culmination of two decades of thinking, planning, and execution of a strategically important project to help US Allies and friends bolster their energy security by diversifying their supplies of natural gas. While the volumes of gas that will transit IGB are not enormous, they are highly significant to create commercially attractive options for the private sector to help governments satisfy vital economic needs for their citizens."

In July 2021, at the 3 Seas Initiative in Sofia, Linden Energy announced the acquisition of 50 percent of Bulgaria's largest private natural gas company, Overgas Inc. AD, an acquisition that the parties finalized in August 2022. Even before this execution, the two companies had started developing and implementing their strategy for gas supply diversification in the Balkan region. Overgas took an active part in the planned FSRU terminal in Vlora, Albania, which is important for the Southeastern European gas markets.

"The IGB pipeline is key to the diversification of gas markets in Bulgaria and throughout the region. This pipeline will be integral to our objectives with Overgas, and we are excited to see it become utilized in connection with the Revithoussa terminal in Greece. All current market players are eagerly awaiting the future connection of ICGB with the DESFA's pipeline system and the future LNG terminal of Alexandroupolis," said Stephen Payne, President of Linden Energy.

Linden Energy is a US-based, internationally focused energy development company. Founded in 2013 by Stephen Payne, Linden Energy has energy projects in Europe, Eastern Europe, South Asia, and Africa.

Linden Energy Website: www.Linden.Energy

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SOURCE Linden Energy