Greece turning into gas hub

Greece turning into gas hub

Greece will add two more liquefied natural gas terminals for storage and gasification, thereby strengthening its gas supply security and obtaining a strong role in transit by making the most of its strategic location and its new corridors for the supply of Europe and the Balkans.

Greek energy groups want to make the most of the opportunity of gas being the bridge fuel on the way to clean energy, and of Balkan countries’ need to diversify their sources and not be so reliant on Gazprom. They have therefore designed and are promoting infrastructure for their entry into the Greek LNG system. The fuel will use Greece’s pipelines (the Trans Adriatic Pipeline, the Interconnector Greece-Bulgaria and its connectors, and the plan for the interconnection with North Macedonia) to reach the neighboring countries and reduce their dependence on Turkey, which besides hosting pipelines has also invested in LNG infrastructure, making it a hub for Southeast Europe.

Therefore, besides Revythousa Island, off the coast of Attica, Greece is likely to obtain terminals near Corinth and Alexandroupoli too.

The LNG terminal project at Alexandroupoli is close to the sealing of the investment decision. Budgeted at 363.7 million euros, the project consists of a floating platform for the reception, temporary storage and gasification of LNG, and an underwater and land pipeline for the fuel to reach the national transmission system. The project is being developed by Copelouzos Group’s Gastrade with the participation of Gaslog Investment, DEPA Commercial, gas grid operator DESFA, and Bulgartransgaz EAD.

Another gate of entry for natural gas into Greece will be the unit that refinery group Motor Oil is preparing at its facilities near Corinth. This will be an investment topping €300 million and bearing the name Dioryga Gas.

The unit will have a storage capacity of 210,000 cubic meters, and a gasification capacity of 132,000 MWhs per day, with the average annual demand estimated at 2.5 billion cubic meters. Its completion will increase the Greek gas system’s storage capacity by 80%, boosting Greece’s supply security.

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