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10 I Companies & Markets bne June 2022
coming from Russian sources and our countries will have a role in the new energy map," Mitsotakis said, according to a government statement.
"Moscow's recent blackmail with gas makes not only co-operation necessary but urgent," he added.
For his part, Petkov said that this is a historic day for Bulgaria and Greece, during which an important step is taken for the energy independence of the two countries.
Russia’s Gazprom decided to stop delivering natural gas
to Bulgaria as of April 27 after Sofia refused to amend the existing contract. Bulgaria is highly dependent on Russia as the source of almost all its gas imports. North Macedonia is receiving gas via Bulgaria.
When Moscow closed the tap for Bulgaria, Greece became the sole supplier of gas to this country. 40% of Bulgaria's gas needs are met by LNG from Greek terminal Revithoussa and 60% by Russian gas sold by Greek public gas company DEPA, according to the article.
The Alexandroupolis project has been declared a project of special interest for natural gas by the European Union.
"We will end our dependence on Russian fossil fuels. This new LNG terminal is a geopolitical investment. It will help free Southeast Europe from the weaponisation of gas supply by Russia," Michel said in a tweet.
“This is a historic event for the countries in the region in
the field of energy. This is a project for long-term energy independence and for a stable and continuous supply of LNG
in an extremely critical time,” North Macedonia’s Kovacevski said, according to the government's statement.
North Macedonia participates in this project with an agreement to reserve a certain capacity for liquefied gas from the new Greek terminal.
“Alexandroupolis terminal opens the possibility for the supply of gas from several different sources, such as from the United States and the Middle East countries” Kovacevski said.
Vucic, meanwhile, underlined that "at first I was quite skeptical, I was wondering if such a thing could happen, but now I want to say that I am grateful, because with this project we will be able to secure significant quantities of gas.”
Unlike the other countries set to benefit from the project, Serbia has not imposed sanctions on Russia over its invasion of Ukraine, and Serbia is expected to sign a new long-term gas supply contract with Russia in the near future.
The natural gas that will arrive in the Alexandroupolis terminal by ships from various sources will be re-gasified, and will enter the national system and from there be sent through the interconnectors to Bulgaria, North Macedonia, Serbia and Romania, according to Kathimerini.
The project is being implemented by the Greek company Gastrade, which envisages the project completion in 2023.
However the company, at the request of the Greek government, is making efforts to accelerate the process of completion by at least six months.
Profits of Romanian gas, nuclear companies surge on high energy prices
Iulian Ernst in Bucharest
Two state-controlled energy companies in Romania – Romgaz and Nuclearelectrica – boasted record profits in the first quarter of this year helped by the high natural gas and electricity prices.
Romgaz sold 17% less gas in Q1 this year compared to the same period of 2021 and its production decreased by 0.3% y/y, but the company, a producer and supplier of natural gas controlled by the Romanian state, reported record financial results in the first three months of
the year amid unprecedented price increases in the energy market.
The strong results were in line with expectations. The net consolidated profit of Romgaz Group increased by 111% y/y to RON980mn (€196mn ) in the first quarter of the year, according to the financial results sent to investors.
The consolidated net profit per share was RON2.5, for a price of RON 43.25 per share on May 13.
The company's turnover amounted to RON3.93bln, 196% more compared to the first three months of 2021.
Nuclearelectrica, which operates Romania’s nuclear plant located at Cernavoda, announced that its net profit rose to
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