Greece ratifies IGB pipeline agreement, EastMed Forum foundation treaty

The Greece-Bulgaria cooperation agreement on the Interconnector Greece-Bulgaria (IGB) natural gas pipeline project and the foundation treaty of the EastMed Gas Forum (EMGF) were ratified in the Greek Parliament on Tuesday.

The full titles of the agreements in the Environment & Energy Ministry bill are "Ratification of the Intergovernmental Agreement between the Hellenic Republic and the Republic of Bulgaria on the Greece-Bulgaria Interconnection Pipeline (IGB Project)" and "Ratification of the Statute (Establishment) of the Eastern Mediterranean Gas Forum (EMGF)."

The Greece-Bulgaria agreement includes mutual commitments for the construction of the gas pipeline and for the transportation of gas after the project has been completed.

Particulars concerning the taxation status of the project and the distribution of profits are also included.