site.btaPMs Borissov, Mitsotakis Attend Ceremony for Entry of Bulgartransgaz in Alexandroupolis Liquefied Gas Terminal

 August 24 (BTA) - In the presence of Prime Ministers
Boyko Borissov of Bulgaria and Kyriakos Mitsotakis of Greece and
 the two countries' energy ministers, Temenouzhka Petkova and
Kostis Hatzidakis, Bulgaria's Bulgartransgaz and Gastrade S.A.
signed an agreement here on Monday, under which the Bulgarian
state-owned gas network operator acquires a 20 per cent
shareholding in Gastrade, which is the project company for the
Alexandroupolis liquefied natural gas (LNG) terminal, the
Bulgarian Government Information Service reported.

Another agreement was signed between Gastrade, Bulgartransgaz
and the rest of the shareholders: the Greek state-owned company
DEPA Commercial S.A. and Gaslog Cyprus Investments Ltd., which
is one of the largest international owners of LNG tankers.

Borissov said during the ceremony that Greece and Bulgaria now
become a key energy hub with a major role in energy
diversification in the region. "With the investments we made in
Bulgaria, with the huge support from the European Union, the
European Commission, with peace, dialogue, friendship and
strategic partnership with our colleagues in Greece, we are
acquiring now ownership in the terminal," the Bulgarian head of
government said.
   
The agreements finalize the process, after the Bulgarian
Government approved Bulgartransgaz's purchase of a minority
stake in the proposed LNG terminal off the coast of
Alexandroupolis in Northern Greece. This facility will be the
second LNG terminal in the region after the one at Revithoussa,
Greece, to which Bulgaria also has access. It has a planned
capacity to regasify and pump into Greece's gas transmission
network 6.1 billion cu m per year, and its storage capacity is
170,000 cu m of liquefied gas.
 
The new LNG terminal is due to go into commercial operation
before the end of 2022, and Bulgargaz has already reserved gas
for ten years ahead.

The project is part of the comprehensive concept for a Balkan
Gas Hub, which will provide the infrastructure needed to link
the natural gas markets of Central and Eastern Europe. It has
been designated by the European Commission as a project of
common interest for the Member States.
 
In an apparent reference to ongoing protests against his
Government back home, Borissov said that "when there is a change
 of course, it is always hard and there are always riots,
revolutions and resentment". "At the same time, Bulgaria has
joined the Banking Union and the euro zone waiting room, and
Greek investors and companies will now have their investments
guaranteed in the future," he added.

Later in the day, Borissov held a working meeting with
Mitsotakis in Athens. The guest stressed the need of the timely
completion of the Greece-Bulgaria Gas Interconnector so that it
could be used for the supply of natural gas from Azerbaijan and
liquefied gas from different sources. Meanwhile, the
construction of Balkan Stream will also allow Serbia, Hungary
and Austria to achieve energy diversification, in addition to
Bulgaria.

The Bulgarian PM also raised the issue of easing cross-border
traffic between Bulgaria and Greece in pandemic conditions. As
he put it, the reopening of as many as possible border crossings
 is important not only for the two countries but also for
communications within the EU. Borissov also said he would like
to see a speedy construction of the Rudozem-Xanthi Border
Checkpoint, which will be beneficial for the development of the
border area, will additionally ease traffic and, on the whole,
benefits the advancement of bilateral trade and tourist
exchanges. RI, NV/LN, LG