Greek LNG developer Gastrade’s shareholders have taken the Final Investment Decision (FID) to build the Alexandroupolis Independent Natural Gas System (INGS), which includes an FSRU.
The decision was unanimously approved after all the requirements for the project’s materialisation were secured and the project was on track in line with its schedule.
A 153,500 cu m capacity FSRU will be connected to the Greek national natural gas transmission system via a 28 km long pipeline, through which the regasified LNG will be shipped to Greece, Bulgaria and to Romania, Serbia and North Macedonia, and on to Moldova and Ukraine.
The Terminal is expected to be operational by the end of 2023. The contracted regasification capacity has already reached 50% of it’s technical capacity of 5.5 bill cu m per year.
Founding Shareholder and Chairperson of the Gastrade Board, Elmina Copelouzou, said: “The Final Investment Decision opens a new, important chapter in the energy security of the country and southeastern Europe. We are particularly happy that Gastrade has undertaken a critical project that is a priority for the European Union. Alexandroupolis INGS will be adding to the security of the energy supply, diversifying the energy routes and contributing to the development of competition to the benefit of the final consumers.”
Konstantinos Sifnaios, Gastrade’s Vice President and Managing Director, added "A strategic project for the region is now reaching the stage of implementation. We are really proud of this achievement and confident that Gastrade's human resources coupled, with the knowhow and support of its shareholders, will make the vision for a new, innovative energy entry gate in our country, a reality.”
GasLog Cyprus Investments’ and GasLog Partners CEO, Paolo Enoizi, commented: “GasLog invested and supported the work from the very beginning and we are especially delighted that we reached today’s outcome. This work matters greatly to us since GasLog not only participates in the shareholders’ composition of Gastrade, but also, following the successful completion of the relevant competitive procedure, GasLog will be undertaking the conversion of one of our fleet vessels to an FSRU, which will subsequently be transferred to Gastrade at the end of 2023.
“Furthermore, GasLog will be undertaking the operation and maintenance FSRU, ensuring via its expertise the supply of high level of services to the users of the station.
This pluralistic role of our company to this work provides us with a special motive for its success, and we are looking forward to secure a new, contemporary and adequately functioning entrance portal of LNG for Greece and southeast Europe,” he said.
The construction and operation of the Alexandroupolis LNG terminal will contribute to the energy security, liquidity and diversification of the country and the entire southeastern Europe region, strengthening the strategic role of Greece and offering alternative sources and routes for the supply of natural gas in the area, Gastrade claimed.
