US Linden Energy acquires half of Overgas shares

The American company Linden Energy bought 50 percent of the shares of the Bulgarian company Overgas. This was announced by Stephen Payne, President of Linden Strategy, who together with the Executive Director of Overgas - Svetoslav Ivanov signed the document. The news was announced during an energy panel that was part of the Three Seas Initiative presidential forum.

We are currently very happy to officially announce our cooperation. We are already working together on several projects that we will develop, including the development of gas supplies in the Western Balkans, Payne explained. We are currently happy to be able to cooperate with the largest private gas company in Bulgaria.

Overgas and Linden are expected to jointly invest in a project to build an LNG terminal in Albania. Investments in gas interconnectors with the Western Balkans are also planned. Serious investments will be made in the construction of a new gas distribution network in Bulgaria and in the Balkan countries, it became clear during the announcement of the deal.

We will invest our efforts in this endeavor and we believe that it will support competition and the gas sector both in Bulgaria and in the Balkans, said Svetoslav Ivanov. He added that losses in primary energy remain a serious problem in Bulgaria. More details on the deal are expected soon.

Linden Energy was founded in 2013 by Stephen Payne and has successfully worked on projects in Europe and South Asia, participating in the construction of large international gas pipelines and in the field of liquefied natural gas exports. Since 2016, Linden Energy has owned 10 percent of the capacity of the Greece-Bulgaria gas interconnector.