In the yet to be finalised deal, a GasLog subsidiary has entered into an agreement to buy a 20% shareholding in the Asimina-Eleni Copelouzou-owned Gastrade, which is licensed to develop an independent natural gas system offshore Alexandroupolis in northern Greece. Gastrade has been working on the FSRU project for several years and the new facility would comprise an FSRU in combination with other fixed infrastructure.
GasLog currently operates 22 VLGCs and has five on order. Company, ceo, Paul Wogan said the development is a “strategically important energy import project for the region”. He said GasLog had ordered long-lead items for the conversion of one of its LNG carriers into a regasification unit, and the latest move “demonstrates the ongoing development of the company¹s FSRU strategy”.
Gastrade is in discussions with several additional potential investors, including Greece state owned gas company DEPA, and Bulgarian Energy Ministry's holding company Bulgarian Energy Holding (BEH). GasLog said other large-scale international companies have expressed an intention to participate in the ownership and development of the terminal and a number of companies have also expressed interest in supplying LNG to the project.
Backed by the Greek and Bulgarian governments, the FSRU project is designated a priority EU energy infrastructure project, and is set to serve several European countries, highly dependent on pipeline gas.
A partly EU-funded grant front-end engineering and design study is due to start soon with Gastrade set to take a final investment decision on the project by the end of next year and the FSRU is scheduled to be operational by end of 2019.
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