Greece's New LNG Terminal Boosts Europe's Gas Supply Diversification
(Reuters) — A new floating liquefied natural gas (LNG) storage and regasification unit (FSRU) started commercial operation off Greece's northeastern coast on Tuesday with the aim of diversifying supply of imported LNG to Europe.
Greece has supplied large quantities of imported gas to Bulgaria and further north via a regasification terminal near Athens since Russia's invasion of Ukraine in 2022.
The new unit, moored off the northern port of Alexandroupolis and linked to the Greek gas grid through a 28km pipeline, aims to supply gas to eight countries, including Bulgaria, Romania, Serbia, Hungary and Ukraine, project developer Gastrade said in a statement.
The facility, with a capacity to regasify a maximum of 5.5 billion cubic meters (bcm) of LNG annually, complements a joint initiative by Greece and those countries to facilitate gas flows.
"The project contributes to the energy security and diversification of energy supply resources and routes in southeastern and central Europe ... making (Greece) an energy gateway for more than nine countries," Gastrade said.
A total of 14 Greek and foreign companies have booked almost all of the Alexandroupolis terminal's capacity until 2030 at least, it added.
U.S. developer Venture Global LNG last month announced a five-year deal with Gastrade to regasify up to 1 million metric tons of LNG in Greece, beginning next year.
Gaslog and Bulgaria's Bulgartransgaz, along with Greece's largest gas supplier DEPA and gas grid operator DESFA, hold a stake in the terminal.
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