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    Bulgaria Pens Deal for Stake in Greek LNG Terminal

Summary

The project's developers aim to take a final investment decision in the third quarter.

by: Joseph Murphy

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Natural Gas & LNG News, Europe, Liquefied Natural Gas (LNG), Premium, Corporate, Mergers & Acquisitions, Import/Export, Infrastructure, News By Country, Bulgaria, Greece

Bulgaria Pens Deal for Stake in Greek LNG Terminal

Bulgaria's state gas grid operator Bulgartransgaz has signed a shareholder agreement to take a 20% stake in Gastrade, a company developing an LNG import terminal in northern Greece, Gastrade said on August 24.

The agreement, which builds on a preliminary deal announced in January, is expected to help Bulgaria access some of the Alexandroupolis terminal's capacity, which exceeds 5.5bn m3/yr. It will be able to receive supplies via a new 3bn m3/yr gas link with Greece due on stream later this year.

Bulgarian gas firm Bulgargaz said it would take part in a bidding process for the terminal's capacity concluded in May, in which offers were received for 2.6bn m3/yr of regasification.

Gastrade's other shareholders include Greek energy group Copelouzos, the country's main gas supplier Depa Commercial and Monaco-based LNG carrier owner GasLog.

The Alexandroupolis terminal will comprise a floating storage and regasification unit stationed off Greece's coast, connected to the national grid via a 28-km pipeline, and 170,000 m3 of storage capacity. Gastrade aims to take a final investment decision on the EU project of common interest in the third quarter of 2020, and launch operations two years later.

In a statement, Gastrade described the project as an "energy gateway" for the markets of southeastern and central Europe. It will be able to serve not only Greece and Bulgaria with gas but also Hungary, Moldova, North Macedonia, Romania, Serbia and Ukraine, the company said.