Negotiations aiming for the entry of two extra stakeholders into an existing three-member consortium planning to develop a floating LNG terminal (FSRU) in Alexandroupoli, northeastern Greece, have reached an advanced stage.

BEH (Bulgarian Energy Holdings) and an unnamed US company are the two new firms currently negotiating their involment in the project.

The Alexandroupoli project plan was initiated by Gastrade, a member of the Copelouzos group, before Gaslog, an international LNG carrier operator headed by Peter Livanos, and, most recently, DEPA, the Public Gas Corporation, also joined in.

The current talks are headed towards an agreement that would provide all five stakeholders with equal shares, 20 percent each, in the venture.

The Alexandroupoli LNG terminal was the focus of attention at a recent Economist conference. Greece’s energy minister Giorgos Stathakis disclosed, at the event, that talks were underway for the addition of a new US stakeholder. Kate Marie Byrnes, Deputy Chief of Mission at the US Embassy in Greece, described the prospective Alexandroupoli FSRU as a priviledged LNG entry point, including for American LNG.

The Alexandroupoli project’s development would facilitate US gas supply to the wider Balkan region and help reduce Russia’s dominance.

Project officials are looking to have the Alexandroupoli LNG relisted as a Project of Common Interest (PCI), which would enable EU funding and support the facility’s development. The EU generally backs projects promising energy diversification.

An existing LNG terminal operates on Revythoussa, an islet just off Athens. A third tank is being added to this facility to increase its capacity.