• Natural Gas News

    Desfa Takes 20% Stake in Greek LNG Project

Summary

The project's investors hope to bring the terminal online in early 2023, although a final investment decision is yet to be taken.

by: Joe Murphy

Posted in:

Liquefied Natural Gas (LNG), Premium, Corporate, Contracts and tenders, News By Country, Greece

Desfa Takes 20% Stake in Greek LNG Project

Greek gas grid operator Desfa has agreed to take a 20% stake in an LNG import project southwest of Alexandroupolis, it announced on November 4.

Desfa, which is two-thirds operated by a international consortium led by Italy's Snam, said it would buy 20% of the project's operator Gastrade. Earlier Bulgaria's grid operator also agreed to buy a 20% interest. Gastrade's other shareholders are 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 expects the terminal to go online in early 2023, although it is yet to take a final investment decision. The terminal will have a a 5.5bn m3/year regasification capacity.

The EU project of common interest will help establish Greece as a hub for gas flows in southeast Europe, serving customers in Greece, Bulgaria and the wider region, including Romania, Serbia, North Macedonia, Hungary, Moldova and Ukraine, according to Gastrade.

"The FSRU Alexandroupolis project strengthens Greece’s position as a natural gas transit hub for the entire southeastern Europe," Greek energy minister Kostis Hatzidakis said in a statement. "The construction of this new terminal over the next years will constitute one of the most important success stories of our energy policy."