DEPA secures participation in Alexandroupolis FSRU project

Greek state-run DEPA inked an agreement with the compatriot utility Gastrade to participate in the LNG terminal project in Northern Greece.

The agreement includes the next steps for the participation of DEPA to the share capital of Gastrade and a list of common efforts of the parties for the further commercial development of the FSRU project in the area of Alexandroupolis, Greece.

The project will secure new natural gas quantities for the supply of the Greek and the regional South-East European markets, offering new sources and routes of natural gas supply, promoting competition to the benefit of the end consumers, enhancing the security of supply in Greece and the Balkan markets and improving the reliability and flexibility of the Greek National Natural Gas Transmission System and of the regional and trans-European gas networks, DEPA said.

Over the past two years, DEPA and Gastrade have conducted a series of meetings in order to push forward their cooperation with regards to the project, both at national and European levels, and to create the optimal setup for its development, construction and operation.

In February this year, the Monaco-based owner, operator and manager of LNG carriers, GasLog, acquired a 20 percent stake in Gastrade.

With the acquisition, GasLog, as well as being a shareholder, will provide operations and maintenance services for the FSRU.

The floating storage and regasification unit will have a 170,000 cubic meter storage capacity and will be capable of regasifying 400 cubic meters of LNG per hour.

In August, GasLog’s CEO, Paul Wogan, said the FEED study for the Alexandroupolis FSRU project, should be completed later in the third quarter, with Gastrade expected to take a final investment decision in early 2018.

LNG World News Staff