The Public Gas Corporation of Greece (DEPA) board of trustees approved the company's participation in the Floating Storage Regasification Unit (FSRU) project at the port of Alexandroupolis, which will help transform Greece into a major energy hub for the region.
The natural gas project in Alexandroupolis - including a terminal station for liquid natural gas (LNG) - will open up the market of natural gas to more competition, and is both an EU Project of Common Interest (PCI) for a connected European energy grid and one strongly supported by the United States.
DEPA will hold a 20 pct stake in the capital share of Gastrade, responsible for building the LNG terminal station.
The northern Greece's LNG project is also related the EU's Central and South Eastern Europe energy connectivity (CESEC) works to accelerate the integration of central eastern and south eastern European gas and electricity markets, and to the IGB Project (Gas Interconnector Greece-Bulgaria) under construction, in which DEPA is also involved.
Following the board meeting, the project needs to be approved by the Greek Competition Commission, and then a Final Investment Decision (FID) to be issued. The FID is expected to be issued the third quarter of 2020 and the FSRU's operation to commence in September 2022.