United States Ambassador to Greece, Geoffrey Pyatt, welcomed on Friday Gastrade’s adoption of the Final Investment Decision (FID) for the construction of the Alexandroupoli Independent Natural Gas System (INGS).
“A big step forward for energy security and climate SE Europe. Congratulations all around,” the envoy said in a tweet.
The FID is the last and most important milestone, before entering the project’s construction phase. Gastrade announced the news on Friday, following shareholders’ approval that all requirements for the materialization of the project have been secured, and the project is on track in line with its schedule.
The construction and operation of the Alexandroupoli Liquefied Natural Gas (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.
The Floating Storage and Regasification Unit (FSRU), with a capacity of 153,500 sq.m. of LNG, will be connected to the National Natural Gas Transmission System of Greece with a 28km-long pipeline, through which the gasified LNG will be transmitted to the markets of Greece, Bulgaria and the wider region, from Romania, Serbia and North Macedonia, as all the way to Moldova and Ukraine.
The Terminal is expected to operate by the end of 2023, with the contracted regasification capacity already reaching up to 50% of it’s technical capacity of 5.5 billion sq.m. per year. Alexandroupoli INGS is included in and financed by the Operational Program of the NSRF “Competitiveness, Entrepreneurship and Innovation 2014-2020,” with an amount of public spending of 166.7 million euros.