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EC Approves Extension of Funds for Natural Gas Hub in Bulgaria

EC Approves Extension of Funds for Natural Gas Hub in Bulgaria

EC Approves Extension of Funds for Natural Gas Hub in Bulgaria

Brussels, February 17 (BTA Correspondent Nickolay Jeliazkov) - The European Commission and Member Countries Friday agreed on the proposal to invest 444 million euros in key European energy infrastructure projects, including the one known as Balkan Gas Hub in Bulgaria.

The EC approved the spending of up to 920,500 euros for a study into the possibility for a gas distribution hub in Bulgaria. The money will be received by Bulgartransgas EAD, which may also receive up to 182,000 euros to clarify the needs of updating the gas transmission system around Vulchi Dol, Varna region (on the black Sea).

The 18 electricity, smart grids and gas projects selected to receive funding will contribute to achieving the Energy Union's goals by connecting European energy networks, increasing security of energy supply, and contributing to the sustainable development by integrating renewable energy sources across the EU.

Of the 18 projects, seven are in the electricity sector (EU support of 176 million euros), ten in the gas sector (EU support of 228 million euros) and one for smart grid (EU support of 40 million euros). Five of all these projects are related to construction activities worth 350 million euros and 13 are for surveys worth a total of 94 million euros.

Source: Sofia