Gastrade SA announces that the Final Investment Decision (FID) for the construction of the Independent Natural Gas System (INGS) of Alexandroupolis took place on Friday.

Obtaining the FID is the last but most important step in starting construction work. As unanimously approved by the General Meeting of Shareholders of the company, all the necessary conditions for the implementation of the project have been secured and the project is proceeding according to schedule.

The construction and operation of the Liquefied Natural Gas (LNG) Terminal of Alexandroupolis will contribute to energy security, liquidity and energy pluralism of Greece and the whole of SE Europe, strengthening the strategic role of Greece and offering alternative sources and natural resources in the area.

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The Floating Storage and Regasification Unit (FSRU), with a capacity of 153,500 sq.m. LNG, will be connected to the national natural gas network of Greece with a 28 km long pipeline, through which the gasified LNG will be transported to the markets of Greece, Bulgaria and the wider region, from Romania, Serbia and Skopje, as far as Moldova and Ukraine.

The terminal is expected to be operational by the end of 2023, with the contracted gasification capacity already reaching up to 50% of the technical capacity of 5.5 billion sq.m. per year. It is noted that INGS Alexandroupolis has been included and financed by the Operational Program of the National Strategic Reference Framework (NSRF) “Competitiveness, Entrepreneurship and Innovation 2014-2020” with the amount of public expenditure amounting to 166.7 million euros.