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    Spain's Molgas backs Greek LNG supplier

Summary

Blue Grid said the investment would help it expand in the LNG and bio-LNG supply market of southeast Europe and the east Mediterranean region.

by: NGW

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Spain's Molgas backs Greek LNG supplier

 Spain's Molgas has invested in Greek small-scale LNG supplier Blue Grid, the latter company announced on March 30.

Blue Grid delivers LNG to the industrial, road transport and marine transport sectors.  The investment by Molgas, the size of which was not disclosed, will enable Blue Grid to expand faster in the LNG and bio-LNG supply market in southeast Europe and the east Mediterranean region, the company said.

The investment comes ahead of the anticipated launch of a truck-loading facility at Greece's Revithoussa LNG terminal this summer. A small-scale LNG reloading jetty is also under construction there, and is due online by the end of 2023. Blue Grid intends to have an LNG bunkering vessel available once the jetty is ready.

"We are proud to have Molgas on-board, and view this investment as a vote of confidence in the work that we have been doing in the region over the past years," Blue Grid CEO Sofoklis Papanikolaou commented. 

"The Southeastern European region is the next frontier for small-scale LNG and alternative fuels, and Blue Grid is perfectly positioned to capture this market," Molgas CEO Fernando Sarasola added.

Molgas supplies over 6 TWh of LNG annually in Europe to more than 200 industrial customers, 34 LNG refuelling stations and a number of marine customers in eight countries. Last year it acquired Gasnor, the Norwegian downstream LNG business of Shell.