ECONOMY

DESFA calls for bids to build new LNG storage

Natural gas grid operator DESFA invited international investors to bid for the design and construction of a third liquefied natural gas storage tank at its Revithoussa LNG terminal facility near Athens.

The tank, expected to cost as much as 115 million euros, will have capacity of 95,000 cubic meters and will increase the facility?s total LNG storage to 225,000 cubic meters, Athens-based DESFA said in a statement on Wednesday.

DESFA will begin work in the coming months to upgrade port facilities at Revithoussa so the terminal can serve LNG ships with carrying capacity of 260,000 cubic meters compared to the current limit of 135,000 cubic meters.

The upgrade is scheduled for completion in 2015. Greece plans to sell DESFA, a fully owned unit of state-run gas supplier DEPA SA, either as a separate entity or together with its parent, Energy Minister Giorgos Papaconstantinou said a month ago. [Bloomberg]