November 28, 2023 [Upstream]- Singapore-headquartered offshore engineering supplier Seatrium has delivered the floating storage and regasification vessel to be deployed in Greece as part of the country’s gas supply diversification strategy.

The Alexandroupolis FSRU was delivered on Monday to GasLog, one of the shareholders of the floating terminal that is due to come into operation towards the end of this year.

The Alexandroupolis Independent Natural Gas System (INGS) project, off the coast of the port of Alexandroupolis in the Thracian Sea near the border with Turkey, in northern Greece, will link the FSRU at sea to the gas grid on the mainland, delivering gas to the local market and to neighbouring export destinations.

The project is led by Gastrade, a special purpose company set up to develop the facility, which is participated by Greek gas grid operator DESFA, gas supplier Depa Commercial, Bulgaria’s grid operator BulgarTransGaz, GasLog and Elmina Copelouzou, Gastrade’s founding shareholder.

All parties have a 20% stake each in the venture.

The FSRU has a regasification capacity of 5.5 billion cubic metres per annum, and can store 153,500 cubic metres of LNG.

The vessel, recently reflagged to the Hellenic Register, is the first FSRU conversion under the Greek flag for operation in the area, Seatrium said.

“This project marks a significant milestone for Seatrium, affirming our position as a global player with industry-leading engineering expertise in the gas value chain,” Seatrium chief executive Chris Ong said.

Gastrade said the INGS project was essential to secure new supplies of natural gas to the Greek and regional market, contributing to the energy security of the Balkan region.

Last month, the European Commission approved €106 million ($116 million) in funding for the project under state aid rules.

Last year, Greek Prime Minister Kyriakos Mitsotakis said the country could add up to four new LNG import terminals over the next few years to boost the energy security of Greece and its neighbours in the Mediterranean region.

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