ICGB introduces a new business model as an independent natural gas transmission operator

By Orientation

The company that will commercially operate the gas interconnector with Greece is introducing a two-tier management model – a key requirement for the certification received from the two national energy regulators to take effect, Orientation reports.

ICGB introduces a new management model in response to the requirements of transforming the project company into an independent transport operator. After a general meeting of the company’s shareholders (BEH and IGI Poseidon), a new company statute was also adopted. The changes are part of ICGB’s obligations under the company’s certification by the national energy regulators of Greece and Bulgaria, which was announced earlier in July.

At the General Assembly, a new leader of the Greek side was elected and the members of the two newly created structures – the Management Board and the Supervisory Board of the company – were approved. The newly elected members of the company’s two Boards of Directors were nominated for regulatory approval in March 2022 as part of ICGB’s certification process as an independent transmission operator.

The company continues to be represented by two senior executives – Teodora Georgieva remains the representative on the Bulgarian side and Georgios Satlas becomes the managing director on the Greek side. Satlas, a mechanical engineer (NTUA) with an MBA, has several years of management experience in the financial sector, having dealt with a very wide range of principals in the fields of investment and property management. He was a senior executive of the Greek sovereign wealth fund, as well as subsidiaries of the four Greek systemic banks. “I join the IGB project at an extremely dynamic, but also very key stage in its development in turbulent times for the European energy sector. It will be the most high-tech gas pipeline in Bulgaria and, at the same time, a completely new project route for the import of natural gas to South Eastern Europe, offering new solutions and energy flexibility for the region Thanks to the IGB, Greece and Bulgaria will position themselves in a completely new way on the gas map of the region, and I’m honored to be a part of this process,” said Satlas.

A key requirement for senior executives is that, for a period prior to taking office, they have not been part of a vertically integrated company linked to one of ICGB’s shareholders. The former general manager of the Greek side, Konstantinos Karayannakos, is part of the team of the Greek company DEPA Commercial SA, which necessitates the change on the Greek side. “The implementation of the Greece-Bulgaria gas interconnector is an extremely important part of the overall European energy strategy for the region and is among the main priorities of both national governments. Working on this project is a serious professional challenge, but also a success story, and I would like to thank the entire ICGB team for the efforts we have made together to bring this project to fruition,” said Karayannakos. The ICGB team would like to thank Konstantinos Karayannakos for his efforts and the results achieved so far.

Georgieva and Satlas are also members of the ICGB Board of Directors, which consists of a total of 4 members. The other two shareholder-appointed representatives are Tanko Stanilov and Giuseppe Macri. Stanilov has more than 10 years of experience as a regional manager at “Toplivo Gaz” EOOD. Macri joins the ICGB board after working for the Trans Adriatic Gas Pipeline (TAP), where he served as Director of Business Operations.

Veselin Petrov, Panagiotis Rizos, Angel Yankov, Momchil Vanov, Fabio Santambrogio and Georgios Polychroniou have been elected members of the company’s new supervisory board. The nominations were made on a parity basis by the shareholders – BEH and IGI Poseidon.

The changes have entered into force and have already been published in the commercial register.

Follow us on twitter @AzerNewsAz

Comments are closed.