Egyptian LNG coming to freshly opened Greek FSRU terminal

Greek energy investment firm Copelouzos Group has formed a strategic partnership with Egypt’s state-owned gas player, Egyptian Natural Gas Holding Company (EGAS), to transport the latter’s liquified natural gas (LNG) through the recently opened floating storage regasification unit (FSRU) terminal in Greece.

The two players are set to form a joint company focusing on marketing, supply, transportation, and regasification of Egyptian LNG. This gas will be promoted to Eastern European countries through what is said to be Greece’s first offshore LNG terminal – Alexandroupolis FSRU. The new deal is expected to turn the Southeast European country into a strategic energy hub.

The agreement was signed by Panos Moschandreou, Copelouzos Group’s Business Development Director, and EGAS’ President, Yasseen Mohamed, in the presence of the Egyptian Minister of Petroleum and Mineral Resources, Karim Badawi, and other Egyptian officials.

The partnership is said to highlight the Arab country’s strategic importance in the broader region, especially in the context of liquefaction plants in Damietta and Idku, paving the way for potential future business opportunities.

The Alexandroupolis LNG terminal started commercial operations on October 1, 2024, right on schedule. Designed, built, owned, and operated by Gastrade – a joint venture between Elmina Copelouzou, Gaslog, DEPA Commercial, Bulgartransgaz, and DESFA, each holding a 20% interest – the new terminal is expected to serve as an energy gateway for Central and Southeast Europe, contributing to energy security and source diversification.

“It took the vision of one person, fifteen years of effort and two years of intensive technical preparation so that Greece, Alexandroupolis, could acquire a cross-sectional project for the energy standing of the wider European region,” noted Gastrade’s founding shareholder, Elmina Copelouzou.

“The Alexandroupolis LNG Terminal is much more than a business project. It is a tangible proof of the possibilities we have in Greece to create European infrastructures that address the problems of our times, offering opportunities and prospects for a better and sustainable energy future.”

The terminal’s maximum regasification capacity of 5.5 billion cubic meters per year is reportedly almost fully booked until at least 2030 thanks to commitments by 14 Greek and international companies.

One of the players securing a spot at the terminal is Venture Global, which recently booked 1 million tonnes per annum (mtpa) of LNG regasification capacity for five years, starting in 2025. This will amount to approximately 25% of the total terminal capacity or around 12 cargoes annually, sourced from the United States.

Formerly an LNG carrier called GasLog Chelsea, the new FSRU underwent a 10-month conversion at Seatrium’s shipyard in Singapore. The vessel reached Greece in late 2023 and received its first LNG cargo in February 2024.

The FSRU is foreseen to be connected to Greece’s National Natural Gas Transmission System (NNGΤS) via a 28-kilometer pipeline developed by Corinth Pipeworks. Saipem recently completed its portion of subsea work related to connecting the FSRU to the transmission system, with Maritime Developments providing support in pipelaying operations.