EIB to finance LNG bunkering ship of DEPA

Public Gas Corporation’s (DEPA) plans to expand the use of liquefied natural gas (LNG) in shipping are proceeding with the support of the European Investment Bank.

DEPA on Tuesday announced the signing of a funding agreement amounting to 20 million euros for the construction of an LNG bunkering vessel that will have Piraeus as its home port. This will be a ship with a capacity of 3,000 cubic meters of LNG, the first of its kind in Greece and the Eastern Mediterranean, which will collect gas quantities from the reserves at Revythousa island and refuel ships not only in Piraeus but also other Greek ports and elsewhere in the broader region, actively supporting the transition of shipping to more environmentally friendly fuel as the new, stricter international regulations dictate.

The deal was signed on Tuesday by DEPA chief executive officer Konstantinos Xifaras and EIB Vice President Andrew McDowell, in the presence of DEPA President Ioannis Papadopoulos, who stated, “This is a green investment that opens the way for cleaner and more competitive maritime transport in the Eastern Mediterranean, contributing toward the reduction of the country’s environmental footprint.”