Greek DEPA to acquire 20% stake in GASTRADE’s equity

Greek DEPA to acquire 20% stake in GASTRADE’s equity

BAKU, Azerbaijan, Dec. 27

By Leman Zeynalova - Trend:

Greek natural gas supply company DEPA’s Board of Directors approved the acquisition of a 20 percent stake in GASTRADE’s equity, which is the company developing the Floating Storage Regasification Unit (FSRU) project in Alexandroupolis, Trend reports citing DEPA.

The typical conclusion of the transaction for the participation of DEPA to the equity of GASTRADE is subject to the approval of the Hellenic Competition Committee. According to the project’s timeframe, the Final Investment Decision is expected to be taken during the 3rd quarter of 2020 and it is expected to start operation in September 2022.

Prior to the conclusion of the agreement, DEPA proceeded with the update of the detailed Financial, Tax, Legal and Regulatory Due Diligence as well as to the Fair Value Valuation of Gastrade.

Through the participation to the equity of GASTRADE, DEPA assumes an active role to the implementation of the project.

“Northern Greece FSRU is a major pillar of the energy strategy implemented by the Greek government and a project of great significance on national and EU level. The project is part of European Union’s policy for Central and South Eastern Europe (CESEC) energy connectivity to the National Natural Gas System, through the development of the Vertical Corridor, and is included in the updated list of Projects of Common Interest (PCI),” said the company.

“The Terminal significantly upgrades Greece’s geopolitical position as an energy gateway to South-eastern Europe and a regional energy hub. This project is supplementary to the IGB pipeline, interconnecting the Greek market with the markets of Central Europe and Ukraine, thus contributing decisively to the diversification of supply sources and energy security of both Greece and Europe.”

The Terminal consists of i) the FSRU (Floating Storage Regasification Unit) with a storage capacity of up to 170,000 bcm of LNG and daily regasification capacity of 22.7 million bcm (8.3 billion bcm annually), that will be anchored at a distance of 10 km offshore Alexandroupolis and ii) a 28km long pipeline system (a 24km subsea pipeline and a 4km onshore pipeline).

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