Companies and agencies from Greece, Italy, and Cyprus, including DEPA, Greece’s Public Gas Corporation, have formed a consortium with the aim of examining standards, legal initiatives, and infrastructure needed for the use of LNG in the shipping sector. The project is a candidate for EU financing.

Officials at DEPA noted that the adoption of LNG in the sector is of crucial importance for financial and environmental reasons. Economic developments have created the need for lower consumption of carbon-based fuels, while markets are being liberated and conditions are becoming increasingly sophisticated, DEPA officials explained.

Sector companies need to adapt to new market conditions, while fuel competitiveness and technology are pivotal issues, the DEPA officials noted. Several thousand vessels will have switched to LNG by around 2020, according to international forecasts, the DEPA officials said.

DEPA is striving to modernize and move ahead in line with the developments to be prepared for the next generation of investments, the company officials noted.

LNG is an environmentally friendly fuel, does not require further processing, and offers the lowest operational costs compared to alternatives such as scrubbers and mazut.

Compared to mazut and diesel, LNG emits 100 percent less sulfur dioxide, 15-25 percent less carbon dioxide, and 90 percent less Nitrogen oxides.