GLNG: Gastrade reaches FID on Alexandroupolis LNG

Greece’s Gastrade announced on January 28 that it had made a final investment decision (FID) on the Alexandroupolis LNG import terminal.
The floating LNG (FLNG) project, off the coast of Alexandroupolis, will have the capacity to import up to 5.5bn cubic metres per year of gas. It will be Greece’s second LNG import terminal.
The floating storage and regasification unit (FSRU) is anticipated to enter service by the end of 2023 and around half of its regasification capacity has already been contracted. The facility will be linked to the Greek gas transmission system via a 28-km pipeline. Once the gas reaches the system, it can be shipped on to markets beyond Greece, including Bulgaria, which is a participant in Alexandroupolis LNG through gas transmission operator Bulgartransgaz.
Along with Bulgartransgaz, Cypriot LNG carrier operator GasLog and Greek gas companies DESFA and DEPA Commercial are also participants in the Alexandroupolis project. In late November, the European Commission approved the purchase of interests in the LNG project by these companies, as well as by Greek businesswoman Asimina-Eleni Copelouzou, clearing these investments of competition concerns.
In its statement, Gastrade noted that gas from the project would be able to reach the wider region, including Romania, Serbia and North Macedonia, as well as Moldova and Ukraine. The comments come amid heightened fears over potential disruption of Russian gas supply to Europe amid escalating tensions between Russia and Ukraine.