Gastrade kicks-off works on the Alexandroupolis FSRU project

Alexandroupolis forms a new gateway to energy security and autonomy for Greece and SE Europe through the FSRU project with Gastrade.

The Final Investment Decision (FID) for the construction of the Independent Natural Gas System (INGS) of Alexandroupolis took place by the shareholders of Gastrade SA in February. The FID is the last and most important milestone, before entering the project’s construction phase.

Concept

The “Kickoff” for the realization of the Floating Storage and Regasification Unit (FSRU) of Liquefied Natural Gas (LNG) in Alexandroupolis by Gastrade SA was formally given in a special ceremony. Particularly, took place in the old Storage House of the Alexandroupolis Port Customs on Tuesday, May 3, 2022. The Prime Minister of Greece, Kyriakos Mitsotakis, and the Prime Minister of Bulgaria, Kiril Petkov, co-signed the special symbolic plaque; for the commencement of the realization of the project. Therefore, playing a key role not only in the energy security and independence of Greece, but for the entire Southeastern Europe. Hence, contributing decisively to the smooth energy transition and energy pluralism of this extremely sensitive region.

Consequently, this project will berth the first FSRU in Greece while adding up as the second LNG import facility.

Features

The FSRU, with a capacity of 153,500 c.m. of LNG, will connect to the National Natural Gas Transmission System (NNGΤS) of Greece with a 28 km long pipeline. Consequently through this, the gasified LNG will arrive in the markets of Greece, Bulgaria, and the wider region (Romania, Serbia, North Macedonia etc.). In the meantime, holding with the prospect of supplying Ukraine, as well.

Moreover, the Alexandroupolis FSRU project will expectedly operate by the end of 2023. The contracted regasification capacity reaching already up to 60% of its technical capacity of 5.5 billion c.m. per year. Note that, the Independent Natural Gas System (INGS) of Alexandroupolis receives financial support from the Operational Program of the NSRF. Specifically, “Competitiveness, Entrepreneurship and Innovation 2014-2020” (EPAnEK), with an amount of public spending of 166.7 million Euros.

Further Developments

Gastrade has also submitted to the Regulatory Authority for Energy (RAE) an application; for a new Independent Natural Gas System (INGS) License, for the project “Thrace INGS”. Note that it will also consist of a Floating Storage and Regasification Unit (FSRU). Its development will commence near the first FSRU at the Sea of Thrace, offshore Alexandroupolis.

Different Takes

“The energy map is changing. We are now entering the final stage of implementation of the FSRU Alexandroupolis… In a period of high volatility in the geopolitical and energy landscape, with this project, Greece shows Europe that it can respond with firm strategic steps to the uncertainty of the times and, through growth, and offer solutions from which everyone can benefit. FSRU Alexandroupolis opens a new energy gateway for Greece and Southeastern Europe, which at a critical moment comes to meet an urgent national and European need. From the acritic city of Alexandroupolis that has embraced this project so much, we make Greece an energy reference point in the region, contributing to energy security and the diversification of supply sources, with benefits for millions of citizens in many different countries”.

Ms. Elmina Copelouzou, Founding Shareholder and Chairwoman of the Board of Directors of Gastrade

“With these two projects, we are contributing to the creation of a real regional energy hub in the region that will strengthen the economy, security and cooperation.”

Mr. Konstantinos Sifnaios, the Vice President and CEO of Gastrade

“The Alexandroupolis FSRU comes to establish Greece as a country with a leading role in regional energy developments, decisively strengthening, amidst a challenging international landscape, the energy security of Greece and the wider region.”

Mrs. Maria Rita Galli, CEO of DESFA S.A

Source: Gastrade

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