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Released December 05, 2018 | GALWAY, IRELAND
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Written by Martin Lynch, European News Editor for Industrial Info (Galway, Ireland)--Greece has advanced its plans to become a key gas hub for southeastern Europe by inaugurating a new large liquefied natural gas (LNG) tank at its only LNG regasification terminal, at Revithoussa, an islet in the Gulf of Megara, west of Athens.
The European Commission (EC) welcomed the commissioning for which it contributed 40 million euros ($45.3 million), part of a much larger investment in rescuing and revamping the country's economy and industry. The terminal's overhaul happened in two stages, starting with the construction of a combined heat and power (CHP) plant followed by the addition a third storage tank, associated expansion of the marine facilities to accommodate bigger tankers and new technology to boost gasification capacity. It is owned by DESFA, operator of Greece's gas grid.
The new tank has a capacity of 95,000 cubic metres (m3) of gas, bringing the terminals total capacity to 225,000 m3, up from 130,000 m3. The gasification rate also has been boosted by 40% to 1,400 m3 per hour from 1,000 m3 per hour.
"Thanks to this Cohesion Policy project, citizens are saving money in energy bills and Greece confirms its position as an entrance gate for natural gas supply within a secure and interconnected European energy market," said European Regional Policy Commissioner Corina Creţu.
Greece's Energy Minister Giorgos Stathakis told New Europe: "Today's project is of strategic importance because it is essential the largest entrance gate of LNG in the Balkans and with the Balkan interconnections it's transformed into a essential entry point with an export capacity of approximately two-thirds of the natural gas that will be supplied to this terminal. Therefore, for us it's the most important project that advances the diversification of natural gas sources."
The project complements other developments in the region, including the Trans Adriatic Pipeline (TAP), the Interconnector Greece Bulgaria (IGB) and a planned pipeline between Bulgaria and Romania.
He added: "Clearly the interconnections between the Balkan countries and the strengthening of projects create a better environment for diversification. Nobody is talking about the complete replacement of today's gas sources that originate from Russia. But they create a more balanced environment in natural gas that allows for part of the market to come from other sources."
This summer, Industrial Info reported that three European energy companies had signed contracts on a 535 million-euro ($626 million) deal to privatise DESFA. The consortium of Italian utility Snam (Milan, Italy), Fluxys (Brussels, Belgium) and Spanish grid operator Enagás (Madrid, Spain) will control 66% of DESFA. The majority stake sale in DESFA was mandated as part of Greece's international financial bailout, which is worth an estimated 86 billion euro ($100 billion). DESFA owns and operates a high-pressure transport network of about 1,500 kilometres (km), as well as the LNG regasification terminal at Revithoussa. It transports gas from the Greek-Bulgarian and Greek-Turkish borders. For additional information, see July 30, 2018, article - European Consortium Signs $626 Million Deal to Privatise Greek Gas Grid.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Our European headquarters are located in Galway, Ireland. Follow IIR Europe on: Facebook - Twitter - LinkedIn For more information on our European coverage send inquiries to info@industrialinfo.eu or visit us online at Industrial Info Europe.
The European Commission (EC) welcomed the commissioning for which it contributed 40 million euros ($45.3 million), part of a much larger investment in rescuing and revamping the country's economy and industry. The terminal's overhaul happened in two stages, starting with the construction of a combined heat and power (CHP) plant followed by the addition a third storage tank, associated expansion of the marine facilities to accommodate bigger tankers and new technology to boost gasification capacity. It is owned by DESFA, operator of Greece's gas grid.
The new tank has a capacity of 95,000 cubic metres (m3) of gas, bringing the terminals total capacity to 225,000 m3, up from 130,000 m3. The gasification rate also has been boosted by 40% to 1,400 m3 per hour from 1,000 m3 per hour.
"Thanks to this Cohesion Policy project, citizens are saving money in energy bills and Greece confirms its position as an entrance gate for natural gas supply within a secure and interconnected European energy market," said European Regional Policy Commissioner Corina Creţu.
Greece's Energy Minister Giorgos Stathakis told New Europe: "Today's project is of strategic importance because it is essential the largest entrance gate of LNG in the Balkans and with the Balkan interconnections it's transformed into a essential entry point with an export capacity of approximately two-thirds of the natural gas that will be supplied to this terminal. Therefore, for us it's the most important project that advances the diversification of natural gas sources."
The project complements other developments in the region, including the Trans Adriatic Pipeline (TAP), the Interconnector Greece Bulgaria (IGB) and a planned pipeline between Bulgaria and Romania.
He added: "Clearly the interconnections between the Balkan countries and the strengthening of projects create a better environment for diversification. Nobody is talking about the complete replacement of today's gas sources that originate from Russia. But they create a more balanced environment in natural gas that allows for part of the market to come from other sources."
This summer, Industrial Info reported that three European energy companies had signed contracts on a 535 million-euro ($626 million) deal to privatise DESFA. The consortium of Italian utility Snam (Milan, Italy), Fluxys (Brussels, Belgium) and Spanish grid operator Enagás (Madrid, Spain) will control 66% of DESFA. The majority stake sale in DESFA was mandated as part of Greece's international financial bailout, which is worth an estimated 86 billion euro ($100 billion). DESFA owns and operates a high-pressure transport network of about 1,500 kilometres (km), as well as the LNG regasification terminal at Revithoussa. It transports gas from the Greek-Bulgarian and Greek-Turkish borders. For additional information, see July 30, 2018, article - European Consortium Signs $626 Million Deal to Privatise Greek Gas Grid.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Our European headquarters are located in Galway, Ireland. Follow IIR Europe on: Facebook - Twitter - LinkedIn For more information on our European coverage send inquiries to info@industrialinfo.eu or visit us online at Industrial Info Europe.
