(Read the full article on report.az)

A consortium of major energy companies of Greece has announced the amount of funds that will be invested in the large-scale hydrogen project White Dragon, Report informs, referring to Greek media outlets.

Motor Oil Hellas SA, Terna Energy SA, as well as the Trans-Adriatic Pipeline AG consortium, created to transport natural gas produced in the Azerbaijani sector of the Caspian Sea to European countries by pipeline, are participating in the White Dragon project.

The project of the installation for the production of environmentally friendly hydrogen will cost 8 billion euros.

If approved by the European and Greek authorities, the project will move from planning research and development in 2022 to the final design stages by 2029.

Greece wants to build gas storage capacity as it prepares to phase out coal-fired generation by 2030, replacing some of the retired capacity with gas stations. The country is also set to become a regional gas supply hub with the launch of the Trans-Adriatic Gas Pipeline (TAP), supplying Azerbaijani gas to Europe and a potential gas link with Bulgaria.