GasLog completes its participation in the Alexandroupolis LNG Project

Following a previous announcement on December 22, 2016, the Greek Company Gastrade S.A. today announces that, following the fulfilment of all conditions and approvals required it has finalized the agreement for the acquisition by GasLog Ltd (NYSE: GLOG) of a 20% stake in its share capital and GasLog is as of today a shareholder of Gastrade. Gaslog Ltd is one of the largest international maritime corporations which builds, owns and operates a fleet of 27 LNG carriers.

Gastrade develops offshore the town of Alexandroupolis in Northern Greece a floating LNG receiving, storage and regasification unit (FSRU) which will create a new natural gas gateway to the markets of southeastern and central Europe.

With its participation in Gastrade, GasLog Ltd brings experience and knowhow in the management and operation of LNG carriers and FSRUs and will materially contribute in the development of the Alexandroupolis Project. 

The northern Greece LNG terminal in Alexandroupolis has attracted interest from the Greek gas company DEPA, the Bulgarian Energy Holding and from a number of other large scale international companies.

It is a European Project of Common Interest (PCI – EC Regulation 347/2013), that is a priority EU energy infrastructure Project, which is also consistently been backed by the Greek and the Bulgarian Governments. The Project enhances the security of supply and promotes competition in the region.

The Project will be developed 17.6 km southwest of Alexandroupolis harbor and will have an LNG storage capacity of 170,000 m3 and the ability to feed the system with 6.1 billion m3 of gas per year. The floating unit will be connected to the Greek National Natural Gas Transmission System through a 28 km pipeline which will allow to transport the regasified LNG to the markets of Greece and the wider region, in particular Bulgaria, Romania, Serbia, FYROM, Hungary all the way to Ukraine.

The Project works in synergy with the Interconnector Greece-Bulgaria (IGB) and TAP. To this extent it has attracted also the interest of major LNG producers and suppliers, both new and existing, such as the U.S., Cyprus, Israel, Qatar, Algeria and of large international LNG traders.  

Commercial operations of the Project are due to commence by end of 2019.

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