DESFA officially becomes part of Greek FSRU project

Greece’s gas grid and Revithoussa terminal operator, DESFA, officially became a shareholder in Gastrade’s planned FSRU-based import project in Alexandroupolis, following the signing of a share transfer agreement on Thursday.

DESFA’s CEO Maria Rita Galli and Elmina Copelouzou, founding shareholder and chairman of Gastrade’s board, signed the agreement at the Gastrade office in Athens, according to a DESFA statement.

DESFA said last year it had purchased a 20 percent stake in Gastrade from Copelouzous but the deal was subject to regulatory approvals.

This new agreement follows the recent approval by the European Commission, DESFA said.

The Commission cleared the acquisition of joint control of Gastrade by DESFA, Copelouzou, DEPA, GasLog and Bulgartransgaz.

“With the signing of today’s agreement, DESFA becomes officially part of Gastrade and of a project that will contribute significantly to energy security and to the upgrading of Greece’s role in regional energy developments,” Galli said.

“DESFA’s long experience in the management of the LNG terminal of Revithoussa makes it a valuable partner with top know-how and is a proof of its constant commitment to the development of natural gas infrastructure,” she said.

Gastrade plans to launch the project in 2023

Earlier this year, the Commission also approved a Greek support measure for the construction of the FSRU-based import terminal in Alexandroupolis.

Under this deal, Gastrade will get 166.7 million euros ($188.8 million) from Greece via the European Structural and Investment Funds.

The LNG import project’s 170,000-cbm FSRU will sit 17.6 kilometers offshore the town of Alexandroupolis in Northeastern Greece.

Furthermore, the 5.5 bcm per year vessel, provided by GasLog, will supply the fuel to several markets in the region.

This includes Greece, Bulgaria and the wider region, from Romania, Serbia and North Macedonia to Moldova and Ukraine.

Gastrade aims to launch the LNG terminal in Alexandroupolis in 2023, but it still has to take a final investment decision.

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