Gastrade, the Greek company developing the floating liquefied natural gas (LNG) terminal off the city of Alexandroupolis, said on Thursday that the deal for participation of Bulgarian gas transmission system operator Bulgartransgaz with 20% in its share capital was completed, following the approval by the Bulgarian competition authority.
The participation of state-owned Bulgartransgaz in Gastrade is a solid proof of the regional profile of the project and it constitutes a catalyst for the integration of Southeast European gas markets, securing energy liquidity and pluralism throughout the region, Gastrade said in an e-mailed statement.
Earlier this month, Bulgaria's competition authority granted approval to Bulgartransgaz to exercise joint control of Gastrade together with Greece's DEPA Commercial, GasLog Cyprus Investments and private individual Asimina-Eleni Kopelouzou. Under the terms of the transaction, Bulgartransgaz was acquiring the 20% stake from Asimina-Eleni Kopelouzou, owner of 60% interest in Gastrade.
The regulator's decision can be challenged by interested parties before Sofia Region Administrative Court by January 29.
The LNG terminal in Alexandroupolis is planned to comprise an LNG floating storage and regasification unit which will be a new, independent energy gateway for the markets of Southeastern and Central Europe. The station will have an LNG storage capacity of 170,000 cubic meters and a natural gas supply capacity that will exceed 5.5 billion cubic meters per year. The floating unit will be connected to Greece's national natural gas system 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 LNG terminal project is expected to commence operations in 2023.