Top officials of DEPA, the Public Gas Corporation, and Gastrade signed a Cooperation Agreement in Athens today for DEPA’s involvement in the prospective LNG terminal planned for  Alexandroupoli, northeastern Greece, a project being developed by Gastrade.

The project has been classified as a Project of Common Interest (PCI), facilitating EU funding.

The cooperation agreement, making DEPA’s involvement official, was signed by Theodoros Kitsakos, chief executive officer at DEPA, and Konstantinos Spyropoulos, Gastrade’s managing director. It includes the next steps to be taken for DEPA’s participation in Gastrade’s share capital, as well as a list of common efforts required by both parties to make progress with the project’s commercial development.

The Alexandroupoli LNG terminal promises to secure new natural gas supply quantities for the Greek and regional southeast European markets; offer new gas sources and routes; promote competition to the benefit of consumers; enhance supply security in Greece and the Balkan markets; and improve the reliability and flexibility of the Greek National Natural Gas Transmission System and of the regional and trans-European gas networks.

Over the past two years, DEPA and Gastrade have held a series of constructive meetings, staged to push forward their cooperation with regards to the project, both at national and European levels, and to create the optimal set-up for its development, construction and operation.

DEPA, backed by an extensive Greek gas market presence, is a modern and competitive group with dynamic presence in the energy sector. The corporation promotes the development of strategic infrastructure for the supply of natural gas from diverse sources and routes at competitive prices, with an objective to establish its leading role in the markets of the wider southeast European region.

Gastrade, a Greek utility company that studies, designs, develops, operates and exploits natural gas infrastructures, has obtained all necessary licenses for the Alexandroupoli LNG project,  enabling construction to commence.

Last February, Gaslog, one of the largest international owners, operators and managers of LNG carriers, acquired a 20% stake in the share capital of Gastrade via a 100% owned affiliate. Gaslog owns, operates and manages a fleet of 27 LNG carriers.