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Bulgaria interested in taking stake in a floating LNG terminal

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LNG Industry,

According to Reuters, the Bulgarian energy minister has said that the country could take up to a 25% stake in a project to construct a €380 million floating LNG terminal, located off the coast of Northern Greece.

The terminal will connect to a gas pipeline to be built by Bulgaria and Greece, and will help Bulgaria to reduce its reliance on Russian gas supplies.

BEH – the Bulgarian state-run energy holding company – has reportedly created a taskforce with Greece’s Gastrade, which is planning to construct the facility, to consider joint participation. Reuters claims that this team is scheduled to present a proposal by the end of October 2016.

The terminal is expected to have a capacity of 6.1 billion m3/yr. It will aim to provide Southeastern Europe with gas through the Interconnector Greece-Bulgaria (IGB) pipeline, which both nations signed the final investment agreement for last year. Reuters claims that binding bids for the pipeline are expected to be made by the end of October 2016.

Reportedly, Konstantinos Sifnaios, a business development manager at Gastrade, said that the company will not necessarily hold a majority stake in the project, adding that company would be keen on involving the major Greek and Bulgarian market players.

Sifnaios went on to say that a final decision on the terminal’s investment structure is expected to be made around mid-2017, with plans for it to be operational in 2H19.

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