Report: Bulgaria eyeing 25 pct stake in LNG project off Greece

Report Bulgaria eyeing 25 pct stake in LNG project off Greece

In order to reduce the reliance on Russian gas, Bulgaria is eyeing a 25 percent stake in the LNG terminal project proposed for the northern coast of Greece.

The floating LNG project, with an estimated cost of €380 million (approximately US$425 million), will be linked to a gas pipeline to be built by Greece and Bulgaria, Temenuzhka Petkova, Bulgarian energy minister said following a meeting with her greek counterpart Panos Skourletis, Reuters reports.

BEH, Bulgarian state-run company, and Gastrade of Greece created a team that will present a proposal for the project by the end of the month.

With the review of the proposal, Bulgarian government will weigh the possibilities for its participation in the project.

The facility is planned to have an annual capacity of 6.1 billion cubic meters and will be located some 18 kilometers off the port of Alexandroupolis.

Gastrade business development manager, Konstantinos Sifnaios, said the company does not necessarily has to hold the majority stake in the project, according to the report.

Houston-based Cheniere Energy is one of the companies interested in taking a stake in the project.

The final investment decision is expected by the middle of 2017 with commercial operations to begin in the second half of 2019.

 

LNG World News Staff

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