Athens, 25 October 2023 (MIA) - State-owned natural gas transmission company NOMAGAS from North Macedonia and counterpart DESFA from Greece have reached a final investment decision on the interconnector between the two countries, and the construction is expected to begin at the onset of 2024, said DESFA CEO Maria Rita Galli, MIA reports from Athens.

"Yesterday, we reached a final investment decision with our partner NOMAGAS and the project is now officially ready. We will start with the construction at the start of next year," Galli told an Economist conference in the Greek capital.

Last month, NOMAGAS and DESFA signed an agreement over supervision of the construction, whereas financing of the supervision and administrative support has been secured by the Western Balkans Investment Framework (WBIF), through an investment grant agreement signed with the European Investment Bank (EIB) worth EUR 2.47 million.

The 123km-long gas interconnector is set to start from Greece's Nea Messimvria and lead to Gevgelija and Negotino, linking the countries' gas transmission systems. The initial annual capacity is projected at 1.5 billion m3, with a possibility for its enlargement to 3 billion m3, along with specifications for hydrogen transport.

The project is scheduled for completion in mid-2025.