Page 6 - FSUOGM Week 28 2021

FSUOGM COMMENTARY FSUOGM

Linden eyes LNG exports

to Bulgaria

Linden is investing in Overgas to establish a channel for US LNG supplies into Bulgaria

BULGARIA US-BASED Linden Energy has struck a deal to an active role in supporting Overgas’ efforts to
buy a stake in Bulgarian gas trader Overgas, fol- diversify the energy market in Bulgaria by add-
WHAT: lowing a recent divestment by Russia’s Gazprom. ing other sources of natural gas, one possibility
US-based Linden is set to Linden said its investment would help Bul- being US LNG.”
buy a stake in Bulgarian garia diversify its energy mix, potentially via Overgas was formed by Gazprom and Bul-
gas trader Overgas. the import of US LNG. The company said it garian businessman Sasho Dontchev backed in
intended to reserve 10% of the capacity of the 1995, and Russian gas was supplied to Bulgaria
WHY: Interconnector Greece-Bulgaria (IGB), due through the venture until the end of 2015. The
Linden sees potential for online next year. The 3bn cubic metre (bcm) per Bulgarian authorities pushed at the time for Gaz-
US exports into Bulgaria. year pipeline will enable Bulgaria to access LNG prom to enter into a direct gas supply contract
coming ashore at Greek regasification terminals, with state company Bulgargaz and as of 2016,
WHAT NEXT: as well as supplies traversing Greece along the Bulgargaz remained the sole Bulgarian recipient
The US has traditionally Trans-Adriatic Pipeline (TAP). of Russian gas.
supported its LNG “I believe that Overgas is the perfect partner Following the halt of supplies, Overgas chal-
industry in Europe, but to expand from a leader in the Bulgarian gas lenged the ending of its contract with Gazprom
Biden has shied away market to a leader across the Balkan region,” in 2015, filing a lawsuit against the Russian com-
from actively promoting Linden President Stephen Payne commented. pany with the International Court of Arbitration
its interests. “In addition to our investment, Linden will take of the International Chamber of Commerce, as

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