The participation of the Greek gas system operator (DESFA S.A.) in the shareholding of Gastrade S.A., the company that is developing the Floating Storage and Regasification Unit (FSRU) for liquefied natural gas in Alexandroupolis, has been officially ratified with the acquisition of 20% of its share capital by DESFA. DESFA is 34%-owned by the Greek State and 66% by Senfluga S.A. (composed of Enagás, Snam, Fluxys and Damco).
In November 2020, an agreement was signed between DESFA and Gastrade, in the presence of the Greek Minister of the Environment and Energy, Kostis Hatzidakis, to conclude the acquisition, which was subject to the approval of the competent Greek and/or European authorities.
Maria Rita Galli, Chief Executive Officer of DESFA, and Elmina Kopelouzou, founding shareholder and chairwoman of Gastrade’s Board of Directors, signed the share purchase agreement at Gastrade’s premises in Athens on 30 December 2021. The signing of the agreement follows the European Commission’s approval of the acquisition of joint control of Gastrade by DESFA, Elmina Kopelouzou, DEPA Commerce A.E., GasLog Cyprus Investments Ltd. and Bulgartransgaz EAD (“BTG”).
Benefits
The construction of the Alexandroupolis liquefied natural gas (LNG) terminal will actively contribute to the security, liquidity and efficiency of the country’s energy system, and will strengthen Greece’s strategic role in south-eastern Europe, as well as offer new opportunities for natural gas exports in the region. This is a Project of Common Interest, crucial and a priority for the European Union, as it will strengthen security and diversify energy supply sources and routes, fostering competition among gas suppliers and supporting the creation of a hub in the wider region of south-eastern Europe.
The FSRU will be connected to Greece’s national natural gas transmission system via a 28-km long pipeline. The terminal will be able to supply gas to markets in Greece, Bulgaria and throughout the region, from Romania, Serbia and North Macedonia to Moldova and Ukraine. It is expected to be operational in 2023. This project could also lead to further investments by DESFA in the Greek gas network to strengthen it and enable it to accommodate the terminal’s production, thus increasing security of supply in different situations.
