Elpedison plans new Greek FSRU project

Elpedison, a power firm owned by Greece’s Hellenic Petroleum and Italy’s Edison, has revealed plans to install a floating storage and regasification unit (FSRU) off Thessaloniki.

The company said in a statement on Monday it has submitted an application to Greece’s Regulatory Authority for Energy (RAE) for an independent natural gas system (INGS) license.

According to Elpedison, the new project named Thessaloniki FSRU would consist of a 170,000-cbm FSRU in Thermaikos Gulf off Thessaloniki.

Subject to approvals and FID, the firm expects the FSRU-based terminal with up to 20 million cubic meters gas per day to start operations in 2025.

The FSRU would connect to onshore and underwater pipelines with Elpedison’s power plants in Thessaloniki, one existing and one under design, as well as with the existing pipelines in the area, the company said.

LNG bunkering

The construction of the FSRU project would strengthen the security of supply, allowing expanded access to the gas markets and contributing to the decongestion of the national gas transmission system, Elpedison said.

At the same time, the terminal would be a point of supply for ships with LNG fuel in the port of Thessaloniki, it said.

Elpedison added the operation of the FSRU would give the company greater flexibility in the activity of imports and management of natural gas, especially in peak periods.

It is also a means to increase commercial opportunities in Greece and abroad as well as to optimize the management and operation of power plants.

“In particular, it will enable the supply chain to operate more efficiently by seizing market opportunities, including flexibility in cargo management and in the optimization of LNG storage, contributing to the overall increase of moving gas volumes and, ultimately, to the country’s security of supply,” the firm said.

Five Greek FSRUs

Should the project materialize, this could be the fifth FSRU in Greece, adding to DESFA’s import terminal located on the island of Revithoussa.

Earlier this year, Gastrade’s shareholders Copelouzou, DESFA, DEPA, GasLog, and Bulgartransgaz took a final divestment decision on the first FSRU-based import project in Greece.

Gastrade is also planning to install a second FSRU offshore Alexandroupolis, while Dioriga Gas, a unit of Motor Oil, is looking to develop another FSRU-based import project in Greece’s Gulf of Corinth.

Greece’s Mediterranean Gas, the developer of an FSRU-based import project which includes ExxonMobil, has also received approval for its planned development in the port of Volos.

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