International maritime corporation GasLog recently acquired a 20 percent stake in Greece’s Gastrade S.A., which is behind the development of a floating LNG receiving, storage and regasification unit (FSRU) offshore of Alexandroupolis.  

The acquisition was recently finalized following an announcement late last year and the subsequent requisite approvals. GasLog boasts a fleet of 27 LNG carriers and will bring its expertise in LNG carrier management and operation. It will also have material contributions to Gastrade's Alexandroupolis project, which is a European Project of Common Interest and a priority EU energy infrastructure.

Set for development almost 11 miles from the Alexandroupolis harbor, the project will benefit the Balkan region through increased energy security and boosted competition, earning it approval from the Greek and Bulgarian governments. The FSRU will have a 44.9 million gallon capacity, allowing it to feed 1.6 trillion gallons of gas into the Greek National Natural Gas Transmission System each year. The facility will be directly connected to the system via a 17-mile pipeline, which will allow it to supply Bulgaria, Romania, Serbia, former Yugoslav Republic of Macedonia and Ukraine. It will connect these LNG consumers with producers and suppliers from the U.S., Cyprus, Israel, Qatar and Algeria, among others.