Gastrade SA has signed an agreement for the acquisition of 20% of its share capital by the Bulgarian company Bulgartransgaz EAD (BTG), which is the operator of the National Natural Gas System of Bulgaria.

Gastrade is developing the LNG floating storage and regasification unit (FSRU) offshore Alexandroupolis, which will be a new, independent energy gateway for the markets of Southeastern and Central Europe.

The station will be located 17.6 km southwest of the port of Alexandroupolis and will have an LNG storage capacity of 170,000 m3 and a natural gas supply capacity that will exceed 5.5 billion m3/yr.

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.

The project supports and completes the Greece-Bulgaria interconnector (IGB) involving Bulgarian Energy Holding, the parent company of Bulgartransgaz, and DEPA, through which natural gas will be channeled from the LNG Terminal in Alexandroupolis to Bulgaria and from there to the other markets of Southeast Europe.

Gastrade’s CEO, Konstantinos Spyropoulos, said: “Today’s signing of the agreement is the conclusion of our long-standing discussions at all levels of the Bulgarian energy administration. The participation of Bulgartransgaz in the project is of particular importance as it demonstrates the regional profile of the project and its importance for the markets of Southeast Europe.

“It is also a significant international investment in our country and we are proud to be part to it. We are well acquainted with our new partners and we are confident that we will enjoy an excellent cooperation in promoting energy development in our region.”

The LNG Terminal in Alexandroupolis is expected to be operational in early 2023. The agreement is subject to the approval of the competent authorities.

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26th August 2020