February 1 (BTA) - Bulgarian Energy Minister Alexander Nikolov expects the Gas Interconnector Bulgaria - Serbia (IBS) to be completed by October 2023 at the latest. Nikolov said this during a ceremony marking the start of construction of the Serbian stretch of the pipeline in Dimitrovgrad, Southeastern Serbia, on Tuesday, quoted by his Ministry in a press release.

Once completed, the gas interconnector will ease Bulgaria's access to the European gas market, the Minister said. It will make various gas sources accessible to Serbia and other countries in the region over the Southern Gas Corridor and from the LNG terminal in Alexandroupolis. "The construction of interconnectors like the one with Serbia is expected to provide the region with alternative natural gas sources," Nikolov added.

The ceremony, held under the auspices of Serbian Prime Minister Ana Brnabic, was attended by Serbian Deputy Prime Minister and Mining and Energy Minister Zorana Mihajlovic, Bulgartransgaz EAD Executive Director Vladimir Malinov, and Bulgaria's Ambassador in Belgrade Petko Doykov.

"Lower prices and security of supply in the region are among the most important long-term results of the interconnector," Nikolov said. "The current high volatility of energy prices requires targeted and effective measures which, if combined with active cooperation and further integration of the region's energy markets, would enable us to respond to the challenges. The IBS project is an example of how the sustained partnership between Bulgaria and Serbia and the European Commission can benefit both countries and the entire region."

The 170-km IBS reverse-flow pipeline will link the Bulgarian and the Serbian natural gas transmission networks, running from Novi Iskar (a suburb of the Bulgarian capital Sofia), with Nis, Southeastern Serbia. The Bulgarian section is 62 km long. The construction will be carried out under an EU project of common interest entitled "Rehabilitation, Modernization and Expansion of the Bulgarian Transmission System".

The facility will be capable of carrying 5.5 million cu m of gas daily (1.8 billion cu m annually). The annual capacity will eventually be increased to 2.4 billion cu m.

Earlier on Tuesday, Serbian PM Ana Brnabic was quoted by the Tanjug News Agency as confirming that the natural gas interconnector between Serbia and Bulgaria would be completed by October 2023 and that it would ensure more secure natural gas supplies both in Serbia and the region.