DESFA Becomes Partner in the FSRU Alexandroupolis

Source: 11/4/2020, Location: Europe

The CEO of DESFA, Nicla Battialana, signed an agreement for the acquisition of a 20% stake in Gastrade SA, the company that develops the project of a floating storage and regasification unit (FSRU) of liquefied natural gas (LNG) in Alexandroupolis, becoming thus one of the partners in the project, along with Mrs. Elmina Kopelouzou, Founding Shareholder and Chairwoman of the BoD, GasLog Cyprus Investments Ltd, DEPA Commercial SA and Bulgartransgaz EAD. The signing ceremony took place in the presence of the Minister of Environment and Energy of Greece, Mr. Kostis Hatzidakis.

This agreement, which is subject to the approval of the competent Greek and/or European authorities, is the result of a very thorough due diligence, on all financial, commercial, legal and regulatory aspects of the project. The construction of this facility will actively contribute to the security, liquidity and efficiency of Greece’s energy system and will strengthen the strategic role of the country in SE Europe, offering opportunities for new gas exports to the region.

The FSRU will be located 17.6 km southwest of the port of Alexandroupolis and will have an LNG storage capacity of up to 170,000 cubic meters and a natural gas sent out capacity that will exceed 5.5 billion cubic meters per year. The floating unit will be connected to the National Natural Gas System of Greece via a 28 km long pipeline, through which the regasified LNG will be transmitted to the markets of Greece, Bulgaria and the wider region, from Romania, Serbia and North Macedonia to Hungary, Moldova and Ukraine.

This is a European Project of Common Interest (PCI - EU Regulation 347/2013), a priority project of the European Union, which strengthens security of supply, diversifies sources and routes of energy supply, enhances competition and supports the establishment of a Natural Gas trading hub in the wider region of Southeastern Europe, bearing obvious benefits for all final consumers. The Terminal is expected to be operational in early 2023.

The Minister of Energy and Environment, Kostis Hatzidakis, commented: «The FSRU Alexandroupolis project strengthens Greece’s position as a natural gas transit hub for the entire Southeastern Europe. The construction of this new terminal over the next years will constitute one of the most important success stories of our energy policy. At the same time, this development illustrates –despite the difficult times we are living in- the renewed trust of international investors in our country, given that the majority of DESFA’s shares belong to companies from Italy, Belgium and Spain”.

The CEO of DESFA, Nicola Battilana, stated: "We are proud that in this particular socio-economic situation, DESFA is "present" and invests in important projects for Greece and the region. The FSRU Alexandroupolis is another important vehicle on the road of energy transition, of which DESFA is an enabler, while it will bring the country to the epicenter of energy developments. We are committed with our know-how to contribute to the successful operation of the project."

Gastrade’s Managing Director, Mr. Konstantinos Spyropoulos added: "We are happy to have DESFA as a partner in the project. Today's signing of the agreement is to the mutual benefit of both our companies and most importantly to the benefit of the consumers in SE Europe. We are looking forward to taking advantage of DESFA’s significant experience in managing and operating gas infrastructure and maximise the synergies between our Terminal and Revithoussa. We are confident that we will have a very constructive cooperation in strengthening the energy security of our region".

DESFA, having a long experience with the management of the LNG terminal in Revithoussa, through its contribution in this project, proves in practice its firm commitment and support in the development and new uses of natural gas, by continuous investments in new technologies, as well as in domestic and international energy projects.

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