Gastrade Submitted to the RAE Application for New INGS License

Source: 3/1/2022, Location: Europe

Gastrade announces that it submitted to the Regulatory Authority for Energy of Greece (RAE) an application for a new Independent Natural Gas System (INGS) license. The new project, “Thrace INGS”, will consist of a Floating Storage & Regasification Unit and will be developed at the Sea of Thrace, offshore Alexandroupolis.

The FSRU will have a storage capacity of 170,000 cbm of LNG and will be able to deliver up to a maximum of 22. 7 million cubic meters per day or 5.5 bcm of natural gas per year. The project will also include an offshore and onshore pipeline system that will connect the FSRU to the existing onshore gas transmission pipelines in the area.

The project will enhance energy security and diversification of gas supply sources and routes in Greece and the entire region of Southeastern Europe and will materially reduce any risk for supply interruption.

Gastrade is the first company in Greece that obtained an INGS license for the “Alexandroupolis LNG Terminal” for which the Final Investment Decision was recently adopted and is now in its implementation phase with a plan to be in operation late next year. The project has been included in the Operational Program of the NSRF "Competitiveness, Entrepreneurship and Innovation 2014-2020".

Gastrade’s existing shareholders are the Founding Shareholder, Mrs. Elmina Copelouzou, GasLog Cyprus Investments Ltd, DEPA Commercial SA, Bulgartransgaz EAD and DESFA SA each with 20%.

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