Seatrium to deliver FSRU to Greece's Alexandroupolis LNG import terminal

Singapore-based Seatrium announced Nov. 27 the delivery of a floating storage and regasification unit to be deployed at the LNG import terminal at Alexandroupolis in Greece.

In a statement, Seatrium said the FSRU had completed its near shore testing works and had set sail for Greece for final commissioning of the regasification system.

"We are pleased to contribute towards Greece's energy future with the delivery of the first FSRU for the country through the Alexandroupolis Independent Natural Gas System (INGS) project," Chris Ong, CEO of Seatrium, said.

"This project marks a significant milestone for Seatrium, affirming our position as a global player with industry-leading engineering expertise in the gas value chain."

Terminal developer Gastrade took the final investment decision for the planned 5.5 Bcm/year terminal in January 2022.

Gastrade is co-owned by five shareholders with equal 20% stakes -- LNG shipper GasLog, Bulgaria's state-owned Bulgartransgaz, founding shareholder Elmina Copelouzou, Greek gas grid operator DESFA, and Greek gas importer DEPA.

As the first FSRU for Greece, the project will help to support the expanding role that LNG can play in Southeastern Europe.

The FSRU will be deployed in waters some 17 km southwest of the Port of Alexandroupolis, northern Greece, and will have an overall delivery capacity of 5.5 Bcm/year, with a peak send out of 22 million cu m/d.

Gastrade has also launched a tender for the supply of a commissioning cargo for the Alexandroupolis LNG import terminal.

A company spokesperson told S&P Global Commodity Insights Nov. 8 that the project was almost complete and operations would begin in the first quarter of 2024.

European spot LNG prices have risen since the then.

Platts, part of S&P Global Commodity Insights, assessed the DES Mediterranean marker at $14.323/MMBtu on Nov. 24, 75.3 cents/MMBtu higher than the levels seen on Nov. 8.