Greek company Gastrade S.A. has finalized selling 20 percent of its share capital to GasLog Ltd.

Gastrade plans to build an offshore floating natural-gas collection and storage facility in the sea near Alexandroupolis in northeast Greece. The terminal will serve as a new entry point for liquid natural gas (LNG) ships from Southeast and Central Europe.

Gastrade officials said Gaslog's knowledge and experience with floating terminals will greatly help in the building of this project.

The floating terminal will be able to store up to 1.8 million square feet and can potentially supply 215.4 billion cubic feet of natural gas annually. It will connect to natural-gas framework on the mainland via an underwater pipeline.

The project will serve as a connection point to send LNG to Greece, Bulgaria, Romania, Serbia, Hungary and Ukraine.

The site could be operational by the end of 2019.