Bulgartransgaz EAD

11/30/2023 | Press release | Distributed by Public on 11/30/2023 06:42

Bulgartransgaz EAD considers the possibility to invest in a second LNG terminal in Greece

The Bulgarian gas transmission operator Bulgartransgaz EAD will analyse all opportunities to invest in a second LNG terminal in Greece. Vladimir Malinov, Executive Director of Bulgartransgaz EAD announced this during his participation in the 23rd World LNG Summit & Awards held in Athens.

Each year, representatives of leading international gas companies attend the forum hosted by the Greek Ministry of Environment and Energy where opportunities for the LNG market development are being discussed. Bulgartransgaz is a 20% shareholder in the LNG terminal under construction in Alexandroupolis. The key infrastructure is expected to be commissioned in the beginning of 2024.

The Floating Storage Regasification Unit (FSRU) has left Keppel Corporation's shipyard in Singapore and is expected to arrive in Alexandroupolis in mid-December. The news was announced by the U.S. Ambassador in Greese H.E. George Tsunis and confirmed by Mr. Malinov being a member of the Board of Directors of the project company Gastrade S.A.

In his words, LNG has a crucial role and its share in the energy mix is expected to continue to grow. In this regard, the gas transmission operators along the Vertical Gas Corridor are developing incremental capacity projects to meet the increased interest in transporting natural gas from south to north. "Connecting the gas transmission networks of Greece, Bulgaria, Romania and Hungary and providing a technical capability for bi-directional natural gas transmission will enable the transport of additional LNG quantities to be increased in the most efficient way," Malinov added.

"In order to fully meet the needs of the market, we expect to complete the expansion of the underground gas storage facility in Chiren by the end of 2024. The synergy of the Vertical Gas Corridor projects, the Alexandroupolis terminal and the Chiren UGS expansion will provide the necessary conditions for supplying larger volumes of LNG not only to the Greek and Bulgarian markets, but also to the entire region, including Serbia, North Macedonia, Ukraine and Moldova," Malinov said.