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GasLog subsidiary to acquire 20% shareholding in Gastrade

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LNG Industry,


GasLog Ltd has announced that its wholly-owned subsidiary has entered into a sale and purchase agreement (SPA) to acquire a 20% shareholding in Gastrade S.A.

Gastrade is licensed to develop an independent natural gas system offshore Alexandroupolis in Northern Greece utilising a floating storage regasification unit (FSRU) along with other fixed infrastructure. The company is wholly owned by Asimina-Eleni Copelouzou, and has has been involved in this FSRU project’s development for a number of years.

The FSRU would provide a new route and a vital source of gas diversification to a number of European countries that are currently dependent on pipeline gas in South East and Central Europe. In addition to improving the region’s security of supply, it will also promote competition and pricing flexibility. The EU and the Governments of Greece and Bulgaria have given their backing to the project, which has even been assigned the status of an EU Project of Common Interest (PCI) that is further designated as priority EU energy infrastructure project. The front-end engineering and design (FEED) study is scheduled to begin in early 2017, and is expected to be part-funded by an EU grant.

Gastrade is aiming to make a final investment decision (FID) by the end of 2017, with the FSRU scheduled for operation by the end of 2019.

The Chief Executive of GasLog Ltd, Paul Wogan, said: “I am delighted that GasLog has been invited to join Gastrade. This is a strategically important energy import project for the region. The FSRU will be used as a gateway for LNG imports into Southern Europe, where there is a growing demand and a need to diversify existing gas supply.

“This announcement, alongside GasLog's ordering of long-lead items, demonstrates the ongoing development of the company's FSRU strategy."

The Chairman and Managing Director of Gastrade, Konstantinos Spyropoulos, added: “We are very pleased to have GasLog involved in the project. Their long, successful track record in the maritime and in particular in the LNG sector, coupled with their leading innovation initiatives, make them an excellent partner to take the project forward. We look forward to working with GasLog to bring this project to commercial operation."

Read the article online at: https://www.lngindustry.com/floating-lng/22122016/gaslog-subsidiary-to-acquire-20-shareholding-in-gastrade/


 

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