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DEFSA acquires share capital from Gastrade S.A.

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Hydrocarbon Engineering,

The Greek company Gastrade S.A. has signed an agreement for the acquisition of 20% of its share capital by DESFA S.A., owner and operator of the national natural gas transmission system of Greece. The acquisition will lead to DEFSA’s involvement in the offshore Alexandroupolis LNG Terminal in Greece.

DEFSA acquires share capital from Gastrade S.A.

The agreement was signed in Athens by Mrs Elmina Kopelouzou, Founding Shareholder and Chairman of the Board of Directors of Gastrade, and Mr Nicola Battilana, CEO of DESFA, in the presence of Mr K. Hatzidakis, the Minister of Environment and Energy for Greece. The new shareholder agreement was also signed by the existing shareholders.

Gastrade is developing the LNG floating storage and regasification unit (FSRU) offshore Alexandroupolis in Greece, which will be a new, independent energy gateway for the markets of Southeastern and Central Europe.

The FSRU will be located 17.6 km southwest of the port of Alexandroupolis and will have an LNG storage capacity of 170 000 m3 and a natural gas supply capacity that will exceed 5.5 billion m3/y. The floating unit will be connected to the national natural gas system of Greece via a 28 km long pipeline, through which the regasified LNG will be transmitted to the markets of Greece, Bulgaria and the wider region, from Romania, Serbia and North Macedonia to Hungary, Moldova and Ukraine.

This is a European Project of Common Interest (PCI) under EU Regulation 347/2013, a priority project of the European Union which aims to strengthen security of supply, diversify sources and routes of energy supply, enhance competition and support the establishment of a natural gas trading hub in the wider region of Southeastern Europe.

The project supports the other existing or planned key gas infrastructure projects in the region such as the Greece-Bulgaria interconnector (IGB), TAP, the Bulgaria-Serbia interconnector (IBS), the Greece-North Macedonia interconnector, the Kavala underground gas storage and the Revithoussa LNG Terminal.

DESFA’s presence in the project will provide Gastrade with additional expertise in operating the new terminal and will have a key role in the penetration of LNG in the region as well as the enhancement of energy liquidity and the optimisation of gas supply in Greece and Southeastern Europe, offering to these markets increased energy diversification and flexibility.

Mr Konstantinos Spyropoulos, Gastrade’s Managing Director, stated: “We are happy to have DESFA as a partner in the project. Today's signing of the agreement is to the mutual benefit of both our companies and most importantly to the benefit of the consumers in Southeastern Europe. We are looking forward to taking advantage of DESFA’s great experience in managing and operating gas infrastructure and to maximise the synergies between our terminal and Revithoussa. We are sure that we will have a very constructive cooperation in strengthening the energy independence of our region”.

Mr Nicola Battilana, DESFA’s CEO, underlined: “We are proud that in this particular socio-economic situation, DESFA is present and invests in important projects for Greece and the region. The FSRU Alexandroupolis is another important vehicle on the road of energy transition, of which DESFA is an enabler”.

The LNG terminal in Alexandroupolis is expected to be operational in early 2023.

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