Gastrade, the consortium established by the Copelouzos group for the development and operation of the Alexandroupoli FSRU, a floating LNG terminal planned for Greece’s northeast, has reached a decision to also install an additional FSRU unit at the location, expected to be completed in 2025, as a follow-up to the first terminal, set for completion in 2023.

The consortium’s decision for an additional FSRU in Alexandroupoli had been in the making from as far back as last summer, when the energy crisis was at its early stages, but was accelerated by the long-term turmoil now seen in relations between the west and Russia following the latter’s invasion of Ukraine last week.

Russia’s invasion of Ukraine has further highlighted the need for Europe to reduce its dependence on Russian gas as soon as possible. A completely new reality now appears to be in the making.

Southeastern Europe’s gas needs to result from Europe’s reduced energy dependence on Russia, through strategic diversification, has increased the prospect of Greece’s northeast becoming an energy hub that would facilitate gas exports in all directions, including to 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.