GasLog signs agreement for an FSRU project in Greece with Gastrade
GasLog has entered into a sale and purchase agreement to acquire a 20% shareholding in Gastrade S.A. Gastrade is licensed to develop an independent natural gas system offshore Alexandroupolis in Northern Greece utilizing a floating storage and regasification unit along with other fixed infrastructure. Gastrade is a private limited company, incorporated in Greece and wholly owned by Asimina-Eleni Copelouzou. Closing of the SPA acquisition is subject to the satisfaction of certain closing conditions. GasLog, as well as being a shareholder, will provide operations and maintenance services for the FSRU through an O&M agreement. Gastrade is currently in discussions with a number of additional potential investors. This FSRU project would provide a new route and a vital source of gas diversification to a number of European countries that are currently highly dependent on pipeline gas in South East and Central Europe. The project has the backing of the Greek and the Bulgarian Governments as well as the support of the EU. Gastrade targets to take final investment decision by the end of 2017 with the FSRU scheduled to be operational by end of 2019.