A floating storage and regasification unit (FSRU) to be constructed off Alexandroupolis, Greece will become a new energy gateway for the wider Mediterranean, in addition to helping increase energy security for the country.

With a capacity of 153,000 cm of liquefied natural gas (LNG), the project will also strengthen Greece’s role as an energy hub for Southeastern Europe, helping to mitigate a volatile natural gas market. 

In a deal signed earlier this month, the Prime Minister of Greece, Kyriakos Mitsotakis, and Prime Minister of Bulgaria, Kiril Petkov, realised the commencement of the project. 

Expected to begin operations by the end of 2023, the FSRU will be connected to the National Natural Gas Transmission System of Greece by a 28 km long pipeline, through which gasified LNG will be transported to Greece, Bulgaria, and other countries in SE Europe. 

Source: Gastrade

Revealing that Gastrade is now entering the final stage of implementation of the FSRU, Elmina Copelouzou, Chairwoman, Board of Directors, Gastrade, said, “The energy map is changing. In a period of high volatility in the geopolitical and energy landscape, with this project, Greece shows Europe that it can respond with firm strategic steps to the uncertainty of the times.” 

Sanctions imposed on Russia following its invasion of Ukraine has heightened concern over energy supply across the EU. 

By establishing a hub for the storage, regasification, and transport of LNG in SE Europe, Greece can enable a self-sustainable energy nexus. 

Building upon its first FSRU, Gastrade has applied for a new Independent Natural Gas System (INGS) License for the Thrace INGS project, consisting of a FSRU to be developed nearby at the Sea of Thrace, offshore Alexandroupolis. 

“Alexandroupolis is the gateway and Bulgaria is the connecting link of the supply chain that this project comes to supply, on the way to Serbia and Romania,” commented Konstantinos Sifnaios, Vice President and CEO, Gastrade. 

“The second FSRU, which was licensed by RAE last Thursday, allows for the further extension of this chain to Moldova and Ukraine.” 

“With these two projects, we are contributing to the creation of a real regional energy hub in the region that will strengthen the economy, security, and cooperation.”