GasLog to participate in the Alexandroupolis LNG Project

22 December, 2016

The Greek Company Gastrade S.A. today announces that it has entered into an agreement for the acquisition by GasLog Ltd (NYSE: GLOG) of a 20% stake in its share capital. 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.
Paul Wogan, Chief Executive Officer of GasLog Ltd., commented, “I am delighted that GasLog has been invited to join Gastrade. This is a strategic energy import project for the region. The FSRU will be used as a gateway for LNG imports into Southern Europe, where there is a growing demand and a strategic need to diversify existing gas supply.

This announcement, alongside GasLog’s ordering of long-lead items, demonstrates the ongoing development of the company’s FSRU strategy.”
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.

Konstantinos Spyropoulos, Chairman and Managing Director of Gastrade also added, “We are delighted to have GasLog as our shareholder in the Company. Their long, successful track record in the maritime and in particular in the LNG sector, coupled with their leading innovation initiatives, make them an excellent partner to take the Project forward. We look forward to working with GasLog to bring this project to commercial operation.”
The agreement is subject to the approval of the competent authorities.