BUSINESS

Socar keeps an eye on DESFA investment projects

By Chryssa Liaggou

Socar is closely monitoring the implementation of the investment program of Greece’s natural gas transmission network operator (DESFA) that the Azeri state energy company will soon control after agreeing to buy a 66 percent stake in it.

Senior Socar officials arrived in Athens this week and asked for a full update on the course of the project to upgrade the storage facilities on Revythousa island, the Megalopoli natural gas pipeline in the Peloponnese, and the two-way flow installation at the Sidirokastro station on the border with Bulgaria.

DESFA announced on Tuesday that the construction of a third tank on Revythousa will increase its liquefied natural gas (LNG) storage capacity by 73 percent, from 130,000 to 225,000 cubic meters, allowing for more users to import and store gas quantities. It will also increase the temporary storage time for LNG beyond the current 18 days.

The construction of the third tank forms part of the investment program for the Revythousa station which has a total budget of 156.25 million euros. The program will allow for the mooring of larger LNG carriers on the island.

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