PRIVATIZATION

Commission OKs grant for LNG terminal

commission-oks-grant-for-lng-terminal

The European Commission has approved the Greek support of 166.7 million euros for building a new liquefied gas terminal at Alexandroupoli, in northeastern Greece, based on the European Union regulations regarding state subsidies.

Brussels said the project is set to contribute toward the security and diversification of energy supply in Greece and generally in Southeastern Europe, without unduly distorting competition.

Executive Commission Vice President Margrethe Vestager, who is in charge of competition policy, said that the new terminal in Thrace “will contribute to the achievement of the EU’s goals in terms of security and diversification of energy supply. The Greek support measure limits the aid to what is necessary to make the project happen and sufficient safeguards will be in place to ensure that potential competition distortions are minimized.”

The project will be financed by the Greek state using European Structural and Investment Funds, notably funds directly controlled and managed by Greece under the 2014-20 Partnership Agreement for the Development Framework (ESPA). The support will take the form of a direct grant to Gastrade SA.