TAIPED, Greece’s privatization fund, is seeking to reignite investor interest in “South Kavala”, an almost depleted natural gas field in the Aegean Sea’s north, through inclusion in the European Commission’s project-supporting PCI list, as a prospective underground natural gas storage facility (UGS) that would now also be equipped to store hydrogen.

This move by TAIPED comes following a recently-expired tender’s failure to attract binding bids for the UGS’ development and operation over a 50-year period.

According to sources, the privatization fund submitted its PCI application to Brussels last week, in an effort to keep this UGS project alive. PCI listings promise financial support for EU projects of common interest.

TAIPED, through this latest initiative, aims to rekindle the interest of investors, especially domestic and international business groups moving to develop projects for production and transmission of hydrogen.

Industry experts believe a new “South Kavala” tender could be launched next year if the facility secures a PCI listing.

The just-ended tender, which failed to attract binding bids from two final-round qualifiers, Energean and a partnership that brought together gas grid operator DESFA and construction company GEK Terna, was launched in June, 2020 and expired last month, on March 31.