Revythoussa LNG terminal upgrade ceremony likely on November 22

Gas grid operator DESFA is considering November 22 as the official launch ceremony date for an additional third storage tank installed at its now-upgraded LNG terminal on Revythoussa, an islet just off Athens, with Prime Minister Alexis Tsipras in attendance.

The LNG terminal’s third tank, a 98 million-euro investment offering a 95,000 cubic meter capacity, will boost the facility’s overall capacity to 225,000 cubic meters, promising to create new gas export potential to Balkan and southeast European markets, until now entirely dependent on Russia’s Gazprom.

The project, begun in 2011 and initially scheduled for completion at the end of 2015, is pivotal for the country’s energy security concerns. Gas utility DEPA has not needed to book an additional shipment to ensure energy supply in the event of a crisis this coming winter.

The Revythoussa LNG facility’s overall upgrade, budgeted at 147 million euros, also includes an LNG gasification capacity increase to 1,400 cubic meters of LNG per hour from 1,000. Annual capacity will reach 7 billion cubic meters, of which 2 billion is expected to cater to domestic needs and the other 5 million to the Balkans.

US officials recently visited the Revythoussa facility for information concerning its ability to absorb US gas shipments. DEPA and energy firm Cheniere, America’s leading natural gas exporter, are currently engaged in talks.