Gov’t approves construction of FSRU off Corinth

Gov’t approves construction of FSRU off Corinth

The government has approved the construction of a floating gas and regasification unit (FSRU) off Corinth after a fast-track process, the Development Ministry said on Friday.

As demand grows for liquefied natural gas (LNG) in Europe amid the war in Ukraine, Greece has relied heavily on its sole LNG terminal off Athens, Revithoussa, to replace Russian gas imports.

Bulgaria also used the facility last year to secure LNG after Moscow cut Russian pipeline gas supplies to the country. Seeking to become a key transit route for gas destined for Europe, Greece has been more eager to build new LNG terminals that could be operational by 2025.

The new gas terminal will be developed by Motor Oil off its oil refinery in Corinth, near Athens, at a cost of 340 million euros.

It will have a maximum storage capacity of up to 210,000 cubic meters of gas, which will be either regasified and exported through Greece’s gas grid or sold as LNG via vessels and trucks.

Motor Oil had pushed the deadline for interested parties to submit binding offers for booking capacity at the terminal back to January 25, citing increased market interest. [Reuters]

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