Liquefied natural gas terminal

The natural gas InterConnector Greece-Bulgaria (ICGB) announced this week the signing of an interconnection agreement with Greece's natural gas Transmission System Operator (DESFA) at the interconnection point (IP) located in Komotini in the north of the country.

The cheap Russian natural gas that enters Greece from Sidirokastro, in Central Macedonia, through the TurkStream pipeline, put liquefied natural gas loads off the market in April.

A photo taken by drone shows the transshipment procedures of the first cargo of liquefied natural gas (LNG) at the Floating Terminal in Alexandroupolis, northern Greece, 21 February 2024.

Greece's natural gas export potential will be quadrupled by the end of the decade, with new infrastructure projects such as the Alexandroupoli floating liquefied natural gas (LNG) terminal, an increase in the capacity of the Trans-Adriatic Pipeline (TAP) and the new Greece-North Macedonia pipeline that is entering the construction phase, Deputy Minister of Environment and Energy Alexandra Sdouk

Three years after the groundbreaking for the liquefied natural gas terminal in Cyprus, a project worth $289 million has been initiated. However, the work remains incomplete, causing a delay in the implementation of a medium-term solution for transporting and utilizing LNG. This delay is significant as it affects consumers seeking an alternative to the rising oil prices.

Serbian President Aleksandar Vucic (R) and Montenegro's President Jakov Milatovic (L) inspect the honour guard before their meeting in Belgrade, Serbia, on July 10, 2023. Photo: EPA-EFE/ANDREJ CUKIC

As Europe begins to recover from the shock of the energy crisis and concerns about gas shortages following Russia's invasion of Ukraine, investors are reassessing the prospect of investing in liquefied natural gas terminals.

The government has approved the construction of a floating gas and regasification unit (FSRU) off Corinth after a fast-track process, the Development Ministry said on Friday.

As demand grows for liquefied natural gas (LNG) in Europe amid the war in Ukraine, Greece has relied heavily on its sole LNG terminal off Athens, Revithoussa, to replace Russian gas imports.

"The Kremlin's economic blackmail against my country and the EU will not succeed. Today's event is proof of that.

The FSRU with a capacity of 153.500 sq.m. LNG will be connected to the national natural gas network of Greece with a 28 km long pipeline