Shareholders Adopt Final Investment Decision on Construction of LNG Terminal in Alexandroupolis

NW 12:14:31 28-01-2022

Shareholders Adopt Final Investment Decision
on Construction of LNG Terminal
in Alexandroupolis

Athens, January 28 (BTA) - The Final Investment Decision (FID) on the construction of the Alexandroupolis Independent Natural Gas System (INGS) was taken on Thursday by the shareholders of Gastrade S.A., Bulgartansgas EAD said in a press release on Friday. The FID is the last and most important milestone, before entering the project's construction phase.

Bulgartransgas holds a 20 per cent stake in Gastrade.

The Shareholders General Meeting in Athens unanimously approved that all requirements for the implementation of the project have been secured, and the project is on track in line with its schedule.

The Floating Storage and Regasification Unit (FSRU) will be connected to the National Natural Gas Transmission System of Greece by a 28 km long pipeline over which the gasified LNG will be transmitted to the markets of Greece, Bulgaria, Romania, Serbia, North Macedonia, Moldova and Ukraine.

The Terminal is expected to operate by the end of 2023, with the contracted regasification capacity already reaching up to 50 per cent of itТs technical capacity of 5.5 billion cu m. per year.

At the Shareholders Meeting, Bulgartransgaz CEO Vladimir Malinov noted that the unanimous final investment decision-making by all shareholders is a key moment in proceeding with the actual construction of the liquefied natural gas terminal in Alexandroupolis, Greece." "The participation of the Bulgarian State through Bulgartransgaz EAD, as a shareholder in the project, will contribute to strengthening the natural gas market in Southeast Europe. Access to alternative natural gas supplies, also from the United States, Egypt, Qatar and others, to Bulgaria and the neighbouring countries will ensure competitive prices in natural gas market. The growing liquidity through access to liquefied natural gas will accelerate the process of decarbonization in Bulgaria," Malinov added, quoted in the press release. PP/LG