Bulgaria Takes 20% Stake in Greek LNG Terminal

The Alexandroupolis INGS Floating Unit
The Alexandroupolis INGS Floating Unit

SOFIA (Reuters) — Bulgaria's state gas company Bulgartransgaz has finalised a deal to take 20% of Greek company Gastrade, which is developing a floating LNG facility off the city of Alexandroupolis, Gastrade said on Thursday.

The LNG terminal, which will have an estimated annual capacity of about 5.5 billion cubic metres (bcm), will aim to supply gas to southeastern Europe via the Interconnector Greece-Bulgaria (IGB) pipeline.

The deal is part of Bulgaria's strategy to diversify and to decrease its dependence on Russian gas. The deal has been approved by Bulgaria's competition regulator.

Greek gas utility DEPA and GasLog also hold 20% stakes in the LNG facility which is expected to begin operating in 2023.

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