January 28 (SeeNews) - The shareholders of Gastrade, the Greek company developing the floating liquefied natural gas (LNG) terminal off the city of Alexandroupolis, signed a final investment decision (FID) on the construction of the facility, Bulgarian gas transmission system operator Bulgartransgaz said on Friday.
"The FID is the last and most significant milestone before entering the project’s construction phase. The General Assembly unanimously agreed that all requirements for implementation have been secured and the project is on track in line with its schedule," state-owned Bulgartransgaz, which holds 20% interest in Gastrade, said in a statement.
The participation of the Bulgarian state as a shareholder in the project will contribute to the strengthening of the natural gas market in Southeast Europe, Vladimir Malinov, executive director of Bulgartransgaz, said in the statement.
The terminal will provide Bulgaria and its neighbours with access to alternative natural gas supplies from the US, Egypt, Qatar and other sources, ensuring competitive prices on the gas market, Malinov said, adding that growing liquidity through access to LNG will accelerate the process of decarbonization in Bulgaria. Currently, Bulgaria covers almost all of its gas needs with imports from Russia.
The other shareholders of Gastrade, with 20% interest each, are Greek companies Hellenic Gas Transmission System Operator (DESFA) and DEPA Commercial, private individual Asimina‐Eleni Copelouzou and Cyprus' GasLog.
The LNG terminal, to be built in the Aegean Sea off the coast of Greece, is expected to become operational by the end of 2023, with its contracted regasification capacity already reaching up to 50% of its technical capacity of 5.5 billion cubic meters per year, Bulgartransgaz said.
($ = 0.8978 euro)