Greece-based Gastrade S.A. this week announced a finalization of the sale of a 20-percent of its share capital to GasLog Ltd.’s (NYSE: GLOG), with the latter now a shareholder in Gastrade.
Gastrade is planning to install a large off-shore floating natural gas reception, temporary storage and LNG liquefaction terminal in a sea region off Alexandroupolis, in northeast Greece. The floating terminal is projected to serve as another point of entry for LNG shipments to southeastern and central Europe.
Gastrade said Gaslog’s participation in its share capital adds know-how and experience in the management and operation of tankers and floating natgas terminals, referring to a substantial factor for the development of the Alexandroupolis project.
The northern Greece LNG terminal off Alexandroupolis has reportedly attracted attention by DEPA, the state-run supplier in Greece, Bulgarian Energy Holding and other multinationals. The entire project is also included within the EU’s Project of Common Interest framework.
The floating terminal will be anchored 17.6 kilometers southwest of the port of Alexandroupolis. It will feature storage capacity of up to 170,000 square meters and the ability to supply 6.1 billion cubic meters of natural gas on a yearly basis. The unit will be connected to the mainland and the natural gas grid with a 28-kilometer underwater pipeline .
The new energy infrastructure project will allow significant LNG supplies to be forwarded to markets in Greece, Bulgaria, Romania, Serbia, Hungary and even as far away as Ukraine.
Additionally, the project is connected with the Gas Interconnector Greece-Bulgaria (IGB) Pipeline and the Trans Adriatic Pipeline (TAP) project.
Operation is projected to begin at the end of 2019.
