Page 8 - EurOil Week 10 2023

EurOil PIPELINES & TRANSPORT EurOil

Conversion work begins in Singapore

for Alexandroupolis FSRU

GREECE GREECE’S GasLog has delivered a vessel to the Independent Natural Gas System (INGS) is
Keppel shipyard in Singapore for its conversion expected to have a major impact on energy secu-
It will be Greece’s into a floating storage and regasification unit rity for Southeastern Europe, much of which has
second regasification (FSRU). When ready later this year, the vessel previously been dependent upon Russian gas
terminal. will be installed off the northern coast of Greece supplies. LNG delivered at Alexandroupolis will
near the port city of Alexandroupolis where con- be regasified and distributed throughout Greece
struction work on an LNG terminal is underway. and also to Balkan states and Eastern Europe
GasLog’s DNV-classed LNG carrier, Gaslog via the Trans-Adriatic Pipeline (TAP) and the
Chelsea, was renamed the FSRU Alexadroupoli Interconnector-Greece-Bulgaria (IGB) pipeline.
in February and delivered to Keppel last month The regasification capacity is expected to run at
where work is scheduled to be complete later this around 5.5bcm/year.
year and then moved to the northern Aegean Sea Greece has one LNG regasification terminal
for installation by the end of the year. at Revithoussa to the west of Athens. Alexan-
The vessel was originally launched in 2010 as droupolis INGS will be the country’s first FSRU.
the STX Frontier and became the Gaslong Chel- The owner and operator of the project is Ath-
sea in 2013. It has a capacity of 153,600 cubic ens-based Gastrade, with the following share-
meters and is 86,353 dwt. The FSRU will be holders: Copelouzos Group (20%); GasLog
equipped with a subsea and onshore gas trans- Cyprus Investments (20%); DEPA Commercial
mission system enabling it to transfer LNG at (20%); Bulgartransgaz (20%); DESFA (20%).
a rate of 10,000 cubic meters per hour. Work is The cost of the project is put at €360mn and
being supervised by DNV Maritime. The FSRU financing has been arranged in the form of a
will be anchored some 28 kms off the coast and grant for €592,419 for the EU’s Connecting
linked via a subsea pipeline and onshore infra- Europe Facility; a €166.7mn grant from the
structure that will connect with Greece’s national European Structural and Investment Funds;
natural gas transmission system. and three bond issues amounting to €283mn
The project, deemed the Alexandroupolis arranged by the National Bank of Greece. ™

P8 www. NEWSBASE .com Week 10 08•March•2023