Snam’s DESFA buys 20% stake in Greek offshore LNG terminal

Greek gas grid operator DESFA, 66%-owned by a consortium led by Italy’s Snam, on Wednesday signed a deal to buy a stake in an offshore liquefied natural gas (LNG) terminal in northern Greece, DESFA said.

DESFA took a 20% stake in the consortium which is developing the Alexandroupolis LNG project, it said in a statement.

The floating terminal, dubbed a project of “common interest” by the European Commission, is expected to be operational by 2023. It will have a capacity of around 6 billion cubic metres of gas per year and will cost around 380 million euros ($445.06 million).

In Greek waters close to the Turkish border, the offshore storage and regasification unit will be able to feed gas into other pipeline systems planned in the area, including the Trans Adriatic Pipeline (TAP).

The Alexandroupolis gas project is 40% owned by Copelouzos, while DEPA, Gaslog and Bulgartransgaz each have 20%.

[Reuters]