Two Balkan natural gas and utility companies, Albania's Albgaz and Bulgaria's Overgas, have signed an accord to cooperate on projects to diversify supplies in the region at an event attended by former US Secretary of State Mike Pompeo.
Pompeo attended as the Chairman of US company Linden Energy’s Advisory Board. Linden has agreed to take a 50 percent stake in Overgas subject to regulatory approval.
The accord outlined the parameters of the planned Albanian-Bulgarian cooperation to secure natural gas from non-Russian sources via commercially viable projects driven by the private sector.
“We are excited to begin working with a fellow regional gas company such as Albgaz. The signing of this agreement is a first step in regional cooperation to diversify gas supply to the Balkans,” said Svetoslav Ivanov, Executive Director of Overgas.
The agreement was signed in the Albanian capital Tirana and representatives of each company attended along with Albanian Prime Minister Edi Rama.
Linden Energy was represented by Stephen Payne, the company's President and company founder and by former Secretary of State Pompeo.
The US company in July 2021 signed an agreement to acquire 50 percent of Overgas, the independent Bulgarian gas trading company and Bulgaria’s largest privately-owned gas firm.
Linden Energy is focusing on energy project development and was founded in 2013 by Payne.
LNG record
“Payne has a history in the international energy sector as he has negotiated over 27 million tonnes per annum of LNG sales, was instrumental in the development of several large LNG export projects in the US and several major international pipelines,” said the statement on the signing event.
It noted that Linden has other projects under consideration in Eastern Europe and South Asia.
Linden Energy is additionally a 10 percent capacity holder in the Gas Interconnector Greece-Bulgaria (IGB) pipeline.
“As one of the only US companies involved in the Balkans gas trade, Linden Energy is excited to take this first step as part of Overgas in partnership with Albgaz,” stated Payne.
Secretary Pompeo said that at a time of great uncertainty in the European energy market he was proud to be a part of a team that is addressing this issue head-on.
“The Balkan region is one of the most vulnerable in terms of the lack of energy diversity and the signing of this accord is a strong step in the right direction,” Pompeo declared.
