ICGB

What ICGB does

ICGB AD is a Sofia-based joint stock company operating the Gas Interconnector Greece-Bulgaria (IGB), a 182.6 km natural gas transmission pipeline (151 km in Bulgaria, 31 km in Greece; pipe diameter DN800 / 32") connecting Komotini, Greece to Stara Zagora, Bulgaria. Incorporated in 2011 as a 50-50 joint venture between Bulgarian Energy Holding (BEH) EAD and IGI Poseidon S.A. (itself a 50-50 venture between Greek DEPA International Projects and Italian Edison S.p.A.), the company commenced commercial operations on October 1, 2022 after a €253 million build co-financed by an EIB loan, EEPR and OPIC grants, and shareholder equity. Technical capacity is 3 bcm/y, expandable to 5 bcm/y via compressor station construction, and the pipeline currently delivers over 50% of Bulgaria's domestic gas consumption while serving as a key artery of the Southern Gas Corridor and the new Vertical Gas Corridor to Ukraine and Moldova.

The company's core business is selling natural gas transmission capacity to registered shippers, traders, and utilities through regulated auctions on the PRISMA platform (at the Komotini interconnection with TAP and DESFA) and the Regional Booking Platform / Balkan Gas Hub (at Stara Zagora with Bulgartransgaz and at Kardzhali). Its product set includes forward firm capacity, forward interruptible capacity, interruptible reverse flow capacity, and — launched in December 2025 — Route 2 and Route 3 cross-border products that bundle IGB capacity with the Alexandroupolis FSRU LNG terminal and TAP pipeline to enable deliveries into Ukraine and Moldova, with up to 46% tariff discounts. Tariffs are quoted in EUR per kWh per gas day per runtime and differ materially between entry points (Komotini, ~0.103 EUR annual) and exit points (Stara Zagora/Kardzhali, ~0.503 EUR annual), supplemented by registration fees and Virtual Trading Point usage charges.

ICGB is certified as an Independent Transmission Operator with 25-year exemptions from third-party access regulation and tariff regulation, holds a 35-year Bulgarian transmission license and a Greek independent natural gas system license, has Project of Common Interest status under the EU's CESEC initiative, and is a member of ENTSOG. The company serves 35+ network users including AXPO Bulgaria, BULGARGAZ, DEPA Commercial, Edison, Romgaz, MYTILINEOS, OMV PETROM, Vitol, Trafigura, RWE Supply & Trading, MET Energy Trading, Gastrade, and Energocom. With capacity expansion to 5 bcm/y in progress and Routes 2/3 now live, ICGB is positioning as a critical hub connecting Caspian and LNG supplies to Southeast and Eastern European markets.

Name

ICGB

Legal name

ICGB AD

Website

https://icgb.eu

Company type

Private

Founded year

2011

Operating status

Operating

Headcount range

51–100 employees

Short description

ICGB AD operates the 182.6 km Greece-Bulgaria natural gas interconnector (IGB), selling transmission capacity to 35+ shippers via PRISMA and RBP auction platforms. The pipeline supplies over 50% of Bulgaria's gas consumption and links the Southern Gas Corridor to Balkan and Eastern European markets.

Ownership category

akta.pro rank

Product category

Natural Gas Transmission

NAICS

Pipeline Transportation of Natural Gas (4862)

SIC

Natural Gas Transmission (4922), Natural Gas Transmisison & Distribution (4923)

akta.pro primary industry

Natural Gas Transmission Interconnects & Hub Services (Market Centers) (TLAGACAG)

akta.pro secondary industries

Custody Transfer & Large-Volume/Industrial Metering Services (EUAJAKAI), Station Engineering & Capacity Planning (PRS/Regulator Stations, City Gate) (EUAJAEAI), Citygate/Hub Optimization & Supply Dispatch (Daily Supply Stack) (EUAJAGAG)

Keywords

• Natural gas transmission
• Gas pipeline operations
• Cross-border interconnector
• Transmission system operator
• Gas capacity products

Headquarters

HQ city

Sofia

HQ country

Bulgaria

HQ region

Europe

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Infrastructure, Operations, Personnel, Technology or R&D, Others

Revenue model

1. Transmission Tariff Revenue: ICGB charges tariffs for natural gas transmission capacity bookings. Tariffs are in EUR/kWh/Gas Day/Runtime and vary by product type (firm/interruptible), flow direction, and booking period (annual/quarterly/monthly/daily). Entry at Komotini to TAP: 0.102935 EUR/kWh annual; Exit at Stara Zagora to Bulgartransgaz: 0.502565 EUR/kWh annual
2. Registration Fee and VTP Usage Fee: Network users pay registration fees and fees for Virtual Trading Point (VTP) usage in addition to transportation tariffs

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels4 records

Core offering

ICGB AD owns and operates the 182.6 km Gas Interconnector Greece-Bulgaria (IGB), a natural gas transmission pipeline connecting Komotini, Greece to Stara Zagora, Bulgaria with technical capacity of 3 bcm/y (expandable to 5 bcm/y). The company sells natural gas transmission capacity products — Forward Firm Capacity, Forward Interruptible Capacity, Interruptible Reverse Capacity, and Route 2/Route 3 cross-border products — to registered network users (gas shippers, traders, and suppliers) via auctions on the PRISMA and RBP booking platforms, charging tariffs in EUR/kWh/Gas Day/Runtime.

Product overview

ICGB AD operates the Gas Interconnector Greece-Bulgaria (IGB), a 182.6 km natural gas transmission pipeline connecting Komotini, Greece to Stara Zagora, Bulgaria. The company offers a portfolio of capacity products including forward firm capacity, forward interruptible capacity, and interruptible reverse capacity in yearly, quarterly, monthly, and daily formats. Recently expanded with Route 2 and Route 3 under the Vertical Gas Corridor initiative to enable gas deliveries to Ukraine and Moldova. The IGB pipeline has a technical capacity of 3 bcm/y with expansion potential to 5 bcm/y. Network users access services through PRISMA and RBP booking platforms, with Virtual Trading Point operations on Balkan Gas Hub.

Differentiator

Problem solved

Functional benefit

Products and services

• Forward Firm Capacity Firm capacity products allowing registered network users to reserve transportation capacity with guaranteed delivery, available in yearly, quarterly, monthly, and daily products at Komotini (TAP/DESFA) and Stara Zagora/Kardzhali (Bulgartransgaz) interconnection points. Forward flow from Greece to Bulgaria.
• Forward Interruptible Capacity Interruptible capacity offered after forward firm capacity is allocated, available at interconnection points in yearly, quarterly, monthly, and daily products with lower priority than firm capacity. Enables flexible transmission at lower tariffs for the forward flow from Greece to Bulgaria.
• Interruptible Reverse Capacity Virtual reverse flow capacity from Bulgaria to Greece, enabling bidirectional gas transportation with products available in yearly, quarterly, monthly, and daily formats. Supports flexible market operations and balancing.
• Route 2 (Vertical Gas Corridor) New cross-border natural gas capacity product enabling deliveries from Northern Greece to Ukraine via existing infrastructure including the Alexandroupolis FSRU LNG terminal and TAP pipeline, with up to 46% tariff discounts to support Ukraine winter storage injection and energy security.
• Route 3 (Vertical Gas Corridor) Cross-border natural gas capacity product linking LNG terminals and pipeline systems to Ukraine and Moldova, providing diversified gas supply sources with competitive discounted tariffs under the Vertical Gas Corridor initiative.
• Virtual Trading Point (VTP) Virtual trading platform positioned and managed on Balkan Gas Hub for trade notifications, secondary market trading, and balancing services, enabling registered network users to trade gas quantities and manage positions on the IGB pipeline system.

Quantifiable outcome

• Cumulative 39.8+ million MWh transported since October 2022
• +3 more outcomes

Named customers14 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration3 records

Feature4 records

Partnerships

Nine partnerships are on record, tiered core.

• Trans Adriatic Pipeline AG (TAP)coreTechnology or IntegrationAdjacent transmission system operator at interconnection point Komotini (EIC CODE: 21Z000000000472E). TAP is integrated with IGB for forward flow from Greece to Bulgaria. Part of Southern Gas Corridor connecting to TANAP.
• DESFA S.A.coreTechnology or IntegrationGreek National Natural Gas System Operator at interconnection point Komotini (EIC CODE: 21Z0000000005398). Manages NNGTS interconnection with IGB. Currently has physical constraints limiting capacity offerings pending NNGTS reinforcement.
• Bulgartransgaz EADcoreTechnology or IntegrationBulgarian transmission system operator at interconnection point Stara Zagora (EIC CODE: 58Z-IP-00034-STZ). Collaborates with ICGB on incremental capacity processes and joint demand assessment reports.
• PRISMA PlatformcoreTechnology or IntegrationCapacity booking platform used for auctions at interconnection points with TAP and DESFA systems. ICGB signed contracts with PRISMA Platform in January 2022 for marketing capacity in the IGB pipeline.
• RBP (Regional Booking Platform)coreTechnology or IntegrationCapacity booking platform used for auctions at interconnection point Stara Zagora with Bulgartransgaz and exit point at Kardzhali. Routes 1, 2, and 3 offered on RBP platform from December 2025.
• Natural Gas System Operators of Romania, Moldova, and UkrainecoreStrategic or Co-development PartnerCooperative partnerships with gas system operators from Romania, Moldova, and Ukraine to launch Route 2 and Route 3 capacity products for enhanced regional energy security and Ukraine support. Part of Vertical Gas Corridor initiative.
• TANAP (Trans Anatolian Natural Gas Pipeline)coreStrategic or Co-development PartnerStrategic synergy partner in Southern Gas Corridor development. IGB connects with TAP which links to TANAP, enabling access to Caspian region gas reserves through the broader corridor infrastructure.
• Alexandroupolis FSRU TerminalcoreStrategic or Co-development PartnerLNG terminal near Alexandroupolis, Greece. Routes 2 and 3 enable deliveries from this LNG terminal via IGB pipeline to Bulgaria and beyond. Terminal implementation expected to boost IGB capacity potential to 5 bcm/y.
• Balkan Gas Hub EADcoreTechnology or IntegrationVTP of ICGB is positioned and managed on Balkan Gas Hub. Used for initial gas filling auctions and ongoing trade notifications and balancing.

Scale indicators6 records

Recent moves9 records

Expansion highlights5 records

Direct peers

• Bulgartransgaz EAD: Bulgarian national gas transmission system operator that connects with IGB at Stara Zagora. Bulgarstransgaz operates the upstream domestic gas network that IGB feeds, and they jointly conduct incremental capacity processes and demand assessments.
• TANAP (Trans Anatolian Natural Gas Pipeline): Trans-Anatolian pipeline running across Turkey and feeding gas into TAP, forming the upstream portion of the Southern Gas Corridor. Operates on similar regulated transmission economics and connects to IGB's supply source via TAP.
• DESFA S.A. Greek national natural gas system operator interconnecting with IGB at Komotini. Operates the NNGTS that feeds gas into IGB for onward transport to Bulgaria, with similar regulated TSO economics and EU third-party access framework.
• Trans Adriatic Pipeline (TAP) AG: TAP operates the 878 km cross-border natural gas pipeline from the Greece-Turkey border to Italy, interconnecting directly with IGB at Komotini. Both are regulated transmission system operators moving gas along the Southern Gas Corridor under similar EU frameworks.
• DEPA International Projects S.A. Greek state-linked gas infrastructure developer and indirect 25% ultimate shareholder of ICGB via IGI Poseidon. Develops and operates interconnections linking Greece with neighboring countries, sharing ICGB's regulated cross-border pipeline business model.

Emerging players

• GASTRADE S.A. Developer of the Alexandroupolis FSRU LNG terminal in Greece, which is a critical supply node enabling Routes 2/3 through IGB. Shares the same Southern Gas Corridor ecosystem and customer base of LNG and gas traders moving gas into Southeast Europe.

Broad incumbents

• Nord Stream AG: Operator of large-scale offshore natural gas transmission pipelines in Europe. Comparable business model as a long-haul cross-border gas pipeline operator under EU regulatory oversight, though serving different geographic routes and political contexts.
• Snam S.p.A. Italy's largest natural gas TSO operating Europe's second-largest pipeline network. Comparable as a regulated European gas transmission operator with similar EU third-party access framework and revenue model, though at much larger scale and breadth.
• Fluxys Belgium SA: Belgian independent gas TSO operating transmission, storage, and LNG terminals in Northwest Europe. Comparable as a regulated independent gas transmission operator with similar EU framework, market-based capacity auctions, and cross-border interconnection model.

Regional players

• PE SRBIJAGAS: Serbian state-owned natural gas transmission and supply company operating the Serbian gas network adjacent to Bulgaria. Comparable in its role as a national/regional gas TSO within the Southeast European gas ecosystem feeding off IGB-supplied volumes.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/icgb-ad

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about ICGB