On Monday 23 December, DEPA’s Board of Directors announced the approval of a 20% stake acquisition in GASTRADE’s equity. GASTRADE is the company currently developing the FSRU project in Alexandroupolis.
GASTRADE is developing an LNG Terminal in Northern Greece off the shore of Alexandroupolis. The Terminal comprises a FSRU with a storage capacity of up to 170,000 cubic meters of LNG and daily regasification capacity of 22.7 million bcm (8.3 billion bcm annually), that will be anchored at a distance of 10 km offshore Alexandroupolis and a 28km long pipeline system.
The Terminal project is part of the EU’s policy for Central and South-Eastern Europe (CESEC) energy connectivity to the National Gas System through the development of the Vertical Corridor. The project is also included in the EU’s list of Project of Common Interest (PCI).
The project’s total investment has been estimated at EUR 340 million. The European Commission co-funded 50% of the project’s study via the Connecting Europe Facility (CEF) programme.
Northern Greece FSRU is a major pillar of the energy strategy implemented by the Greek government and a project of great significance on national and EU level. The Terminal upgrades Greece’s geopolitical position as an energy gateway to South-eastern Europe and a regional energy hub.
In addition, this project will support DEPA’s Interconnector Greece – Bulgaria project. The IGB is a pipeline that will be able to transmit natural gas to Greece, Bulgaria, Serbia, North Macedonia, Romania, Hungary and Ukraine.
Through the participation to the equity of GASTRADE, DEPA assumes an active role to the implementation of the project. Construction is expected to be completed within 24 months, while commissioning is scheduled for the second half of 2020.
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Photo (c) Gastrade Greece
Sources:
Offshore Technology, 23 December 2019
LNG World News, 27 December 2019
Gastrade Greece, 23 December 2019
DEPA Greece, 23 December 2019