The Final Investment Decision (FID) for construction of the Independent Natural Gas System (INGS) of Alexandroupolis was taken yesterday by the shareholders of Gastrade S.A. Bulgartransgaz EAD owns 20% of the share capital of Gastrade. The FID is the last and most significant milestone, before entering the project’s construction phase. The General Assembly unanimously agreed that all requirements for project implementation have been secured and the project is on track in line with its schedule.
The construction of the liquefied natural gas Terminal near Alexandroupolis, Greece, aims to provide new gas quantities in order to supply the regional markets in Southeast Europe. Companies from the United States, Qatar, Israel, etc. are expected to be the main gas suppliers to the Terminal near Alexandroupolis. Thus, the project will contribute to gas supply sources and routes' diversification, as well as to promoting competition to the benefit of end-customers.
The Terminal is expected to operate by the end of 2023, with its contracted regasification capacity already reaching up to 50% of its technical capacity of 5.5 billion cubic meters per year. The project is also included for funding by the Operational Program of Greece "Competitiveness, Entrepreneurship and Innovation 2014-2020" (EPAnEK), with an amount of public spending of 166.7 million Euros. The Floating Storage and Regasification Unit (FSRU) will be connected to the National Natural Gas Transmission System of Greece by a 28 km pipeline, through which the regasified LNG will be transported to the markets of Greece, Bulgaria and the wider region, from Romania, Serbia and North Macedonia, all the way to Moldova and Ukraine.
The Executive Director of the Bulgarian gas transmission operator Bulgartransgaz EAD, Mr. Vladimir Malinov also emphasized on the importance of the decision. "The unanimous final investment decision-making by all shareholders is a key moment in proceeding with the actual construction of the liquefied natural gas Terminal in Alexandroupolis, Greece." This was stated by Mr. Malinov during the General meeting of shareholders held in Athens. "The participation of the Bulgarian state through Bulgartransgaz EAD, as a shareholder in the project, will contribute to strengthening natural gas market in the region of Southeast Europe. Access to alternative natural gas supplies, also from the United States, Egypt, Qatar and others, to Bulgaria and the neighbouring countries, will ensure competitive prices in natural gas market. The growing liquidity through access to liquefied natural gas will accelerate the process of decarbonization in Bulgaria," added Mr. Malinov.
The General Meeting of Shareholders was also attended by the Founding Shareholder and Chairperson of the Board of Directors of Gastrade, Ms. Elmina Copelouzou, the Vice President and Managing Director of Gastrade Mr. Konstantinos Sifnaios, the representative of Gaslog Cyprus Investments Ltd, Mr. Paolo Enoizi, the Chairman of the Board of Directors of DEPA Commercial S.A, Mr. Ioannis Papadopoulos and the CEO, Mr. Konstantinos Xifaras, as well as the CEO of DESFA S.A, Mrs. Maria Rita Galli.