GasLog Becomes Co-Owner in Gastrade
LNG tanker fleet operator GasLog finalised a deal for a 20% stake in Greece’s private energy player Gastrade, which plans to develop a floating LNG import terminal at Alexandroupolis in northern Greece, the companies announced February 9.
Gaslog, which announced its intention of buying the stake two months ago, brings its experience and know-how in the operation of LNG carriers and floating storage and regasification units (FSRU) and will materially contribute in developing the Alexandroupolis FSRU project, said Gastrade. The final investment decision is scheduled for this year; the terminal is planned to become operational by end-2019.
Greece plans to become a regional gas hub by expanding the existing Desfa-run LNG import terminal at Revithoussa, near Athens, and developing the Alexandroupolis LNG project.
The Alexandroupolis FSRU is included on a list of European projects of common interest (PCIs). It will be located southwest of Alexandroupolis harbor and will have an LNG storage capacity of 170,000 m3 and have a regasification capacity of 6.1bn m3/yr.
The planned Alexandroupolis floating import terminal is marked in red, along with the IGB and TAP pipeline projects. The existing Revithoussa LNG import terminal is not marked (Map credit: Entsog)
It will be connected to the national gas grid through a 28 km pipeline which will allow to transport the regasified LNG to access not only the Greek market, but also Bulgaria, Romania, Serbia, FYROM (Macedonia), Hungary and potentially even Ukraine, Gastrade said.
The project is designed to work in tandem with the planned Greece-Bulgaria gas interconnector (IGB) to bring gas from Azerbaijan to southeastern Europe via the Southern gas corridor. However Gastrade added that the FSRU will also enable gas to be flowed into other gas transmission systems planned in the region, such as the Trans Adriatic Pipeline (TAP).