Wednesday, May 22, 2024
 
 

Bulgaria to acquire 20% of Alexandroupolis LNG project in Greece

GASTRADE

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The Council of Ministers of the Bulgarian Government has approved the participation of Bulgaria’s state gas transmission company, Bulgartransgaz, by a percentage of 20% in the share capital of Gastrade, which is developing the EU-backed LNG Terminal in Northern Greece off the shore of Alexandroupolis, Gastrade said.
The terms of the agreement were signed on 8 January by the Founding Shareholder and Chairman of the Board of Directors of Gastrade Elmina Copelouzou and Bulgartransgaz Executive Vladimir Malinov, in the presence of Bulgaria’s Energy Minister Temenuzhka Petkova.
According to Gastrade, the Terminal comprises a floating LNG storage and regasification unit (FSRU) and a 28 kilometre pipeline system. The LNG storage capacity of the FSRU will be up to 170,000 cubic metres and the maximum daily regasification capacity 22.7 million cubic metres. The FSRU will be moored 10 kilometres offshore the city of Alexandroupolis and will be connected to the National Natural Gas Transmission System via a 28 kilometre pipeline – 24 kilometres subsea pipeline and 4 kilometre onshore pipeline.
This is a Project of European Common Interest (PCI) of the European Union, aiming to enhance the security of supply, diversify the energy sources and routes and support the development of competition in Greece and the wider region of Southeast Europe as well as in the establishment of a Natural Gas Hub in the region.
This project supports and creates great synergies with the Interconnector Greece – Bulgaria (IGB), a project where Bulgarian Energy Holding and the Public Gas Corporation of Greece (DEPA) participate. DEPA has already signed its participation in the share capital of GASTRADE with also 20%.
The IGB is a pipeline that will transmit natural gas from Greece to Bulgaria and onwards to Serbia, North Macedonia, Romania, Hungary as well as Ukraine.
The decision of the Council of Ministers moves within the frame of the updated Energy Strategy of Bulgaria securing access to Liquified Natural Gas via the Alexandroupolis LNG terminal.
Gastrade Managing Director Konstantinos Spyropoulos hailed Bulgartransgaz’s participation in the development of the Alexandoupolis LNG project. “The project will enrich the sources and routes of energy supply to Bulgaria reducing the energy cost for the Bulgarian consumers. The experience and the size of Bulgartransgaz will contribute to the successful operation of the project,” he said.
The LNG Terminal in Northern Greece is expected to start operations in 2022.

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Co-founder / Director of Energy & Climate Policy and Security at NE Global Media

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