Alexandroupolis, Greece (Ports Europe) May 9, 2023 – The Russian invasion of Ukraine has led to upheavals in gas markets. European Union (EU) countries have reduced natural gas usage by 17.7% in the eight months to March 2023, according to Eurostat. Also, importing liquefied natural gas (LNG) is identified as a way to diversify the suppliers and routes the EU is using to obtain natural gas.
The LNG strategy led to a plan, under implementation, for the construction of floating liquefied natural gas storage and gasification stations (FSRU) on many coastlines around Europe.
Greece is no exception, but these plans might be revisited. Questions are being asked about whether there is the required demand to justify the planned investment.
A Floating Storage and Regasification Unit (FSRU) is a ship used to store liquefied natural gas (LNG). It offers countries a way to import LNG. The ship can be moored to a docking facility or out at sea. It is less expensive and can be deployed faster than an onshore solution for gas imports.
Planned Greek FRSUs
DIORIGA GAS FSRU is a project developed by Motor Oil Group, located at about 70 km away from Athens, in the area Agioi Theodori of the Regional District of Corinth. It consists of an liquefied natural gas (LNG) Floating Storage and Regasification Unit (FSRU) to be connected to the National Natural Gas Transmission System (NNGTS) aiming to supply gas to consumers in Greece and regional countries. The final decision on whether to proceed has been delayed to the second half of the year.
Mediterranean Gas S.A. is a Greek energy utility company behind the FSRU-based Volos Port Authority project Argo. The company was set up with the primary purpose to build, develop, operate, and manage in particular LNG and Natural Gas Systems, including the Argo project. Argo would be located in Volos, about 330 km north of Athens.
Thirdly, Elpedison, owned by Greece’s Hellenic Petroleum and Italy’s Edison, has plans to install a 170,000-cbm FSRU in Thermaikos Gulf, Thessaloniki.
DESFA operates the Revithoussa LNG Terminal, located on the islet of Revithoussa, in the Gulf of Pachi at Megara, 45 km west of Athens.
Finally, Gastrade plan for an FSRU in Alexandroupolis is going ahead, but plans for a second FSRU are not so firm.
Conclusively, if all these plans came to fruition, the market may start seeing a surplus of LNG, especially as other EU countries have similar plans.
More Ports Europe news about South European FRSUs
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