DEPA and Gastrade ink cooperation agreement on Alexandroupolis LNG terminal project
The Chief Executive Officer of DEPA Mr. Theodoros Kitsakos and the Managing Director of Gastrade S.A. Mr. Konstantinos Spyropoulos signed yesterday, October 12, 2017 in Athens a Cooperation Agreement for the participation of DEPA to the Project of European Common Interest (PCI) «LNG Terminal in Northern Greece» which is being developed by GASTRADE in the area of Alexandroupolis, Greece, DEPA said in a press release.
The Agreement includes the next steps for the participation of DEPA to the share capital of GASTRADE and a list of common efforts of the Parties for the further commercial development of the Project.
The Project will secure new natural gas quantities for the supply of the Greek and the regional SE European markets, offering new sources and routes of natural gas supply, promoting competition to the benefit of the end consumers, enhancing the security of supply in Greece and the Balkan markets and improving the reliability and flexibility of the Greek National Natural Gas Transmission System and of the regional and trans-European gas networks.
Background
Over the past two years, DEPA and GASTRADE have conducted a series of constructive meetings in order to push forward their cooperation with regards to the Project, both at National and European levels, and to create the optimal setup for its development, construction and operation. On 09.02.2017, GASLOG Ltd, via a 100% owned affiliate, acquired 20% stake in the share capital of GASTRADE. GASLOG Ltd (NYSE: GLOG) is one of the largest international owners, operators and managers of Liquefied Natural Gas (LNG) carriers. GASLOG owns, operates and manages a fleet of 27 LNG carriers.
DEPA, with its long standing presence in the Greek natural gas market, is a modern and competitive group with dynamic presence in the energy sector. DEPA promotes the development of strategic infrastructure for the supply of natural gas from diverse sources and routes at competitive price, with an objective to establish its leading role in the markets of the wider South East European region.
GASTRADE S.A. is a Greek Utility Company which studies, designs, develops, operates and exploits natural gas infrastructures. GASTRADE develops the project of an Independent Natural Gas System (INGS) «LNG Terminal in Northern Greece» in Alexandroupolis for which all necessary licenses, in order for its construction to commence, have been obtained.
