If it is assumed that all this is being done so that the official cabinet or relevant minister Hristov can appoint their own people there, and they do not want to fail the project, it means that a new composition of the Supervisory Board will have to be proposed. However, this procedure is slow – there must first be agreement between the shareholders. After that, a new approval must be obtained from the regulators of Greece and Bulgaria, a new General Meeting must be held and a new application must be made for registration. In any case, it is about a few weeks.
But the more important thing is that the effect of this delay will be the expiry of the terms of the ICGB’s transmission operator certificate issued in July, without the company having fulfilled the requirements for changing the corporate structure.
The certification decision, which is public, states that all conditions, terms and procedures set forth in this decision must be fulfilled by ICGB and the company must fully comply with the instructions, guidelines and decisions of the authorities. Otherwise, this certification decision loses its validity and will be considered revoked and even penalties may be imposed in accordance with national rules and legislation.
And this means that ICGB will not be able to start commercial operation of the gas connection in September and even in October. The consequence of this is not just a lack of sufficient alternative supplies, but also falling into a new default on the contract with the Azeris, which may have additional consequences.
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