Sofia, Bulgaria, July 8, 2021 / PRNewswire / – Linden Energy, a US energy development company, today announced that it has signed an agreement to acquire 50% of Overgas Inc. AD, Bulgaria‘s first independent and most experienced gas trader and largest privately owned gas company in the country.
In connection with the 3 Seas Initiative organized in Sofia, Bulgaria, Linden Energy and Overgas Inc. AD have signed an agreement whereby Linden acquires 50% of Overgas Inc. AD. With Linden’s previous commitment to use 10% of the pipeline capacity of the Greece-Bulgaria (IGB) interconnector, this agreement consolidates Linden’s investment portfolio in Bulgaria and will support new growth in gas network development in the region.
“The Linden team is very pleased to continue our work in Bulgaria and the Balkans, and I believe Overgas is the perfect partner to expand from a leader in the Bulgarian gas market to a leader in the entire Balkan region, “said Stephen Payne, President of Linden Energy. “In addition to our investment, Linden will take an active role in supporting Overgas’ efforts to diversify the energy market in Bulgaria adding other natural gas sources, one possibility is US LNG, “continued Mr. Payne.
Svetoslav Ivanov, Executive Director of Overgas Inc. AD, said, “The 3 Seas Initiative aims to develop the infrastructure in the territories of the participating states that includes the development of energy infrastructure, including gas. As Linden Energy is part of the Overgas companies Joining the group, it has the ambition to help implement Overgas Inc. AD’s ideas for developing markets in the Western Balkans countries by securing the political and financial support required for these projects in the Western Balkans region and gasification of the urbanized areas in the Western Balkans.
With today’s agreement, Linden acquires a 50 percent stake in Overgas Inc. AD, Bulgaria largest privately owned gas trading company. The shares were previously owned by Of Russia Gazprom and Overgas were in. bought back December 2020.
About Linden Energy
Linden Energy is a US-based, internationally oriented energy development company. Founded in 2013 by 2013 Stephen Payne, Linden has projects under consideration Europe, Eastern Europe, and South asia. Linden’s founder, Stephen Payne, has many years of experience in the international energy sector, having negotiated over 27 MTPAs in LNG sales, was instrumental in developing several large LNG export projects in. involved The United States, and several major international pipelines. Linden Energy has been a 10% capacity owner of the Gas Interconnector Greece-Bulgaria (IGB) pipeline since 2016.
About the Overgas Group
Overgas was founded in 1992 and is the largest Bulgarian private company in the natural gas sector and a leader in the development and provision of infrastructure services, particularly in the field of gasification. The main activities of the Overgas Group encompass the entire chain of research and development, supply, distribution and sale of natural gas at both wholesale and retail level. Overgas Inc. AD is the largest independent natural gas supplier and trader in the market. It is the first to gain access to the infrastructure network that paves the way for market opening. Overgas Mrezhi AD is part of the Overgas Group, Bulgaria largest gas supply company currently serving over 81,000 end customers. The distributor currently has over 2,500 km of pipeline inside Bulgaria with plans for rapid expansion in the near future.
Linden Energy website: www.Linden.Energie
Overgas website: www.overgas.bg
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SOURCE Linden energy