SOFIA, January 31. / TASS /. Bulgarian natural gas transmission and storage system operator Bulgartransgaz has recognized the success of the economic test in the third phase of the open tender procedure of the Bulgartransgaz Gas Transmission System Development and Expansion Project, according to an official press release published on the company's website on Thursday.

"After positive economic test results have been achieved, Bulgartransgaz made the final investment decision on the implementation of the Gas Transmission System Development and Expansion Project, towards the Bulgarian - Serbian border, in accordance with which it will enter into binding agreements with applicants who have submitted applications," the report says. "The third phase of the market test for the gas pipeline capacity reservation was completed successfully. Three companies submitted applications for reserving gas volumes. Binding agreements will be signed with them. After the construction is completed and the gas pipeline is put into operation, other companies will be able to reserve gas pipeline capacities. This way, the European Commission’s requirements on free access [to the pipeline] and competition will be met, "said Energy Minister Temenuzhka Petkova before the deputies of the relevant commission of the National Assembly (Parliament) of the country.

The forecast investment costs will amount to 2,767,115,441 lev (about 1.4 billion euros). The funds will be invested in the construction of additional infrastructure in accordance with the plans for the development of new gas flows in the region. The bulk of the funds will go to the gas pipeline with Serbia with a length of 484 km, the construction of two compressor stations and a gas pipeline 11.5 km from the Bulgarian - Turkish border to the Stranzha compressor station. The annual Bulgartransgaz profit is projected at 360 million lev, about 180 million euros, given successful implementation of the project.