GasLog acquired 20% share in independent natural gas system project offshore Alexandroupolis in Northern Greece. The project, which includes utilizing a floating storage and regasification unit (FSRU) along with other fixed infrastructure, is managed and operated by local company Gastrade. The natural gas system off Alexandroupolis will provide a new route and a vital source of gas deliveries diversification to many European countries, including Bulgaria, Romania and Serbia, which currently are highly dependent on Gazprom and Naftogaz, which ensure deliveries to South East and Central Europe. Moreover, the project will enhance security of supply in the region, it will promote competition and pricing flexibility.
“I am delighted that GasLog has been invited to join Gastrade. This is a strategically important energy import project for the region. The FSRU will be used as a gateway for LNG imports into Southern Europe, where there is a growing demand and a need to diversify existing gas supply”, said the CEO of GasLog, Paul Wogan.
The project is under development, but Gastrade targets to take final investment decision by the end of 2017, while the FSRU is scheduled to be operational by end of 2019. The company is currently negotiation with potential investors in the region, including Bulgarian Energy Holding and Greek state-owner gas corporation.
“We are very pleased to have GasLog involved in the project. Their long, successful track record in the maritime and in particular in the LNG sector, coupled with their leading innovation initiatives, make them an excellent partner to take the project forward”, said the Chairman and Managing Director of Gastrade, Konstantinos Spyropoulos. “We look forward to working with GasLog to bring this project to commercial operation”, added he.
GasLog is an international owner, operator and manager of LNG carriers. GasLog’s fully-owned fleet includes 18 LNG carriers (including 13 ships in operation and 5 LNG carriers on order) and GasLog has four LNG carriers operating under its technical management for third parties. GasLog Partners LP, a master limited partnership formed by GasLog, owns a further nine LNG carriers.