The deal was signed in the presence of Greek Prime Minister Kyriakos Mitsotakis and his Bulgarian counterpart Boyko Borissov, CEO of Bulgartransgaz Vladimir Malinov and Elmina Kopelouzou, Chairman of the Gastrade SA Board of Directors, the Greek firm that is constructing the project off the shore of Alexandroupolis port.

According to an e-mailed press release released by the Greek firm, the agreement foresees the Bulgarian company's involvement in Gastrade's share capital by a percentage of 20 per cent.

Gastrade is developing an offshore Alexandroupolis LNG floating storage and regasification unit which aims to be a modern, independent energy gateway for the southeastern and central European markets.

The station will be situated 17.6 km southwest of the Alexandroupolis port and will have 170,000 cubic meters of LNG storage space and an annual supply capacity of more than 5.5 billion cubic metres, Gastrade said.

The floating unit will be connected to Greece 's National Natural Gas Grid through a 28-km-long pipeline through which, according to the press release, the regasified LNG will be distributed to the Greek, Bulgarian and wider markets.

The project, which has a budget of EUR 383 million, is funded by the European Union and aims to enhance security of supply.

"With the signing of an agreement between the shareholders, this large investment is set in motion with the ultimate goal of turning our easternmost port into a global energy hub," Mitsotakis said addressing the event, which was broadcast by Greek national broadcaster ERT.

Maritime Business World