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Bulgaria Takes 20% Stake In Gastrade, Including The Alexandroupolis LNG Facility

Bulgaria takes 20% stake in Gastrade, including the Alexandroupolis LNG facility

Source: Port Authority of Alexandroupolis
Alexandroupolis, Greece (PortSEurope) January 8, 2020 – Bulgaria’s state-controlled Bulgartransgaz is to purchase a 20% stake in Gastrade which is developing a floating LNG facility off the northern-eastern Greek port of Alexandroupolis. Bulgartransgaz will end up with the same stake as DEPA, the Greek national energy company, in Gastrade which is controlled by the Greek Copelouzos group. The investment marks a further step in the
diversification of Europe’s gas supplies, with Bulgaria reducing its dependence on Russia gas and importing energy from the Gastrade is developing the LNG Terminal in Northern Greece off the shore of Alexandroupolis which will be mainly supplied liquified natural gas (LNG) from Qatar and the USA. The Terminal comprises a floating LNG storage and regasification unit (FSRU) and a 28 km pipeline system. The LNG storage capacity of the FSRU will be up to 170,000 m³ and the maximum daily regasification capacity 22.7 million m³. The FSRU will be moored 10 km offshore the city of Alexandroupolis and will be connected to the National Natural Gas Transmission System via a 28 km pipeline (24 km subsea pipeline and 4 km onshore pipeline). This is a Project of European Common Interest (PCI – EU Regulation 347/2013), i.e. a priority project for the European Union. As such this project will enhance the security of supply, diversify the energy sources and routes and support the development of competition in Greece and the wider region of Southeast Europe. This project supports and creates synergies with the Interconnector Greece – Bulgaria (IGB), another project in which DEPA participates. The IGB is a pipeline that will transmit natural gas to Greece, Bulgaria, Serbia, North Macedonia, Romania, Hungary as well as Ukraine. Under the deal, state-owned gas company Bulgartransgaz will buy 20 percent of Gastrade, part of Greek energy company Copelouzos, which is developing a floating LNG facility off the Greek city of Alexandroupolis. The LNG terminal, which will have an estimated annual capacity of about 6.1 billion cubic metres (bcm), will aim to supply gas to southeastern Europe via the Interconnector Greece-Bulgaria (IGB) natural gas pipeline. At the current bilateral Strategic Dialogue with the USA, the Bulgarian delegation commented: “In terms of natural gas, Bulgaria will continue to work towards the construction of the Greece-Bulgaria gas interconnector within the set deadlines. The United States welcomed the recent action taken by Bulgaria to acquire a 20% stake in the property and to consider reserving capacity from the floating storage and regasification platform near Alexandroupolis. We believe that the interconnector and the floating platform together will greatly enhance Bulgaria’s energy diversification, move Bulgaria significantly towards becoming a regional gas hub (hub) and contribute to significant and mutually beneficial growth in bilateral trade. We will also continue our discussions on the liberalization of the Bulgarian internal gas market, which will allow the country to benefit greatly from becoming a regional gas trading center. In the course of the progress made during the December visit of the nuclear expert team, in the near future, the United States will send a new expert team to Bulgaria to assess and assist Bulgaria to develop its gas infrastructure, as well as to consider the possibilities for the development of gas. hydropower and other renewable energy sources in order to make the country a regional energy hub (hub) and promote energy diversification in the Balkans. The Parties have agreed to ensure a fair and competitive start with regard to nuclear energy, which will guarantee security of supply and competitive prices”. Copyright (C) PortSEurope. All Rights Reserved. 2019.

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