ECONOMY

Gastrade says Alexandroupoli LNG terminal is on track

Gastrade says Alexandroupoli LNG terminal is on track

Gastrade said on Friday a final investment decision had been made on developing a Greek liquefied natural gas (LNG) terminal, the last step before building the project begins.

Gastrade is developing a floating LNG facility off the northern port city of Alexandroupoli, with an annual capacity of about 5 billion cubic meters of gas.

The Copelouzos family, GasLog Cyprus Investments, Greek gas utility DEPA Commercial, Greek gas grid operator DESFA and Bulgartransgaz all have stakes in the project, which is expected to start operating by the end of 2023.

Gastrade said in a statement that the shareholders have unanimously approved that all requirements for the project have been secured and it is on track.

The facility will be linked to the Greek gas grid via a 28-kilometer pipeline and carry gas on to Bulgaria and North Macedonia as part of Greece’s drive to diversify its gas resources and become an energy hub in Southeastern Europe. [Reuters]