Development of the Alexandroupoli FSRU, in Greece’s northeast, a project promising to boost energy security and widen energy source diversification in Greece and the wider Balkan region, is scheduled to officially commence on May 3.

The Alexandroupoli FSRU, to be developed and operated by Gastrade, a project-specific consortium established by the Copelouzos group, has become particularly crucial given the energy market challenges faced by the EU following Russia’s invasion of Ukraine and the ongoing war.

The Alexandroupoli FSRU promises to initially offer a new gas transmission corridor to Greece and Bulgaria, and, at a latter stage, to Romania and North Macedonia, helping all these countries reduce their reliance on Russian natural gas.

Completion of the project’s second stage, expected in 2024, promises to double the unit’s capacity and enable natural gas transportation as far as Ukraine.

The Gastrade consortium is comprised of five partners, founding member Elmina Copelouzos of the Copelouzos group, Gaslog Cyprus Investments Ltd, DEPA Commercial, Bulgartransgaz, and DESFA, Greece’s gas grid operator, each holding 20 percent stakes.

All five partners have agreed to offer 2 percent each so that North Macedonia can enter the consortium with a 10 percent stake.

Prime Minister Kyriakos Mitsotakis and his Bulgarian counterpart Kiril Petkov will attend next week’s ceremony marking the start of work on the project.