Another major step taken towards implementation of Balkan gas hub concept
BAKU, Azerbaijan, Jan.10
By Leman Zeynalova – Trend:
Another major step was taken towards implementation of Balkan gas hub concept with the decision to involve Bulgaria’s Bulgartransgaz EAD in the implementation of Liquefied Gas Terminal near Alexandroupolis, Northern Greece, Trend reports citing Bulgartransgaz.
Bulgartransgaz EAD concluded a Preliminary contract for sale and purchase of 20 percent of Gastrade S.A. share capital, the project company, which will implement the Liquefied Gas Terminal near Alexandroupolis, Northern Greece.
Bulgartransgaz EAD participation in the project for a new LNG terminal in Greece is enshrined in the updated 2020 Energy Strategy of Bulgaria "For reliable, efficient and cleaner energy" and was approved by a decision of the Council of Ministers adopted at Jan.8 meeting. The decision also approved Bulgartransgaz EAD investment costs to be incurred in construction of the facility according to its shareholding.
“This is another significant step towards implementation of the overall Balkan gas hub concept, which envisages, by construction and development of the necessary gas transmission infrastructure, to connect the natural gas markets of the Member States in Central and Eastern Europe. The concept implementation is necessary to establish a transparent, liquid and reliable natural gas market not only in Bulgaria but also in the region,” said the message.
The LNG terminal project in Alexandroupolis, as part of the Balkan Gas Hub, is in synergy with other infrastructure projects in the region, such as the Interconnector Greece-Bulgaria (IGB).
These projects, along with Bulgartransgaz EAD existing infrastructure, will improve the access of Bulgaria and the countries in the region to liquefied natural gas. Major LNG suppliers to Alexandroupolis terminal are expected to be companies from the USA, Qatar and others. In addition to diversification of sources, project implementation will foster competition between the various natural gas suppliers in the region, as well as between participants in the Balkan Gas Hub platform, where transactions by a number of trading companies are already being made.
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