Europe is betting on liquefied natural gas (LNG) to reduce its energy dependence on Russia. But what is this product that has the advantage of being able to be transported by ship from one part of the world to another and can it really work wonders?
September-October 2022 Greek Business File, Issue No 139
Cover story / ENERGY CRISIS: THE GREEK RESPONSE
by Theodora Iliadi
Unlike pipelined natural gas, LNG allows for great flexibility of transportation and supply from any producing country. Sources are diversified: the three major exporters are Australia, Qatar and the United States. In total, about twenty countries of very different profiles export LNG, among them Papua New Guinea, Trinidad and Tobago and Russia.
With two more LNG storage and gasification terminals, in addition to the one in Revithoussa, Greece is strengthening its natural gas supply security and entering the transit game dynamically, taking advantage of its strategic position and new corridors to supply Europe and the Balkans.
Alexandroupolis and Korinthos FSRU
For starters, there is the project of the Alexandroupolis FSRU (Floating Storage Regasification Unit), a floating LNG terminal that will provide 5.5 billion cubic metres (bcm) of natural gas annually when completed. The terminal is expected to be operational in December 2023. The Alexandroupolis FSRU will:
• be a new energy gateway for Greece Balkans-Southeast Europe
• enhance energy security and independence
• offer diversification of natural gas supply sources & routes
• strengthen regional cooperation.
Another natural gas gateway will be the FSRU constructed by Dioriga Gas S.A. of the Motor Oil Group at its refinery facilities in Agioi Theodoroi in Korinthos, an investment that will exceed €300 million. The FSRU has been included in DESFA’s 10-year development plan (2021-2030) and will be connected to the national natural gas system through an onshore pipeline. Motor Oil’s goal is to start construction by the end of the year and for it to be operational in the last quarter of 2023.
The full article is published in the September-October 2022 Greek Business File, here.