Bulgartransgaz and Gastrade join hands for the Alexandroupolis FSRU project
The Greek company Gastrade signed an agreement for the acquisition of 20% of its share capital by the Bulgarian company Bulgartransgaz EAD, operator of the National Natural Gas System of Bulgaria, DEPA said in its news release.
The agreement was signed on August 24 in Athens by the Founding Shareholder & Chairman of the Board of Directors of Gastrade, Mrs. Elmina Kopelouzou and the CEO of Bulgartransgaz, Mr. Vladimir Malinov in the presence of the Prime Ministers of the Hellenic Republic and the Republic of Bulgaria, Mr. Kyriakos Mitsotakis and Mr. Boyko Borissov.
The new Shareholder Agreement of the Company was also signed today by the existing shareholders Mrs. Elmina Kopelouzou, GasLog Cyprus Investments Ltd, DEPA Commercial SA, the Company and the new shareholder.
GasLog was represented by the CEO of the company, Mr. Paul Wogan and DEPA Commercial by the Chairman of the Board, Mr. Ioannis Papadopoulos and the CEO Mr. Konstantinos Xifaras.
Gastrade is developing the LNG floating storage and regasification unit (FSRU) offshore Alexandroupolis, which will be a new, independent energy gateway for the markets of Southeastern and Central Europe.
The participation in the project of Bulgartransgaz, the public company that manages and develops the natural gas network and infrastructure in the neighboring country, falls within Bulgaria’s updated energy strategy and its decision to gain direct access to LNG through the Alexandroupolis terminal.
At the same time, it is a proof of the strategic role of the project in Southeast Europe and will have a key role in the penetration of LNG in the region, as well as in enhancing energy liquidity in the its markets.
The FSRU terminal project is being developed by Gastrade S.A. In February 2017 one of the biggest international companies, owner of a fleet of LNG carriers – Gas Log Ltd. acquired 20% of Gastrade S.A. In December 2019, 20% in the project company was acquired also by the Greek state company DEPA S.A. On March 24, 2020, Gastrade S.A. successfully completed the binding phase of the market test for booking of capacity and services in the floating terminal. Considering the total binding commitments of up to 15 years, reaching 2.6 bcm/year, the test results are higher than those for other similar facilities in recent times. The commercial operation of the facility is planned commence by the end of 2022.
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.