(Read the full article on report.az)

The European Commission has approved, under EU State aid rules, a €166.7 million Greek support measure for the construction of a new liquid natural gas (“LNG”) terminal in Alexandroupolis, Greece, Report informs, citing Greek media.

The project will contribute to the security and diversification of energy supplies in Greece and, more generally, in Southeast Europe, without unduly distorting competition.

Executive Vice-President Margrethe Vestager, in charge of competition policy, said: “The new LNG terminal in Alexandroupolis will improve gas supply and infrastructure not only in Greece but in the whole South-Eastern European region. This will contribute to achieving the EU’s goals in terms of security and diversification of energy supply. The Greek support measure limits the aid to what is necessary to make the project happen, and sufficient safeguards will be in place to ensure that potential competition distortions are minimized.”

Greece notified the Commission of its plans to support the construction of a new LNG terminal in Alexandroupolis, consisting of a Floating Storage Regasification Unit (“FSRU”) for the reception, storage, and regasification of LNG (complemented by permanent offshore installations, such as mooring system and risers), as well as a system of a sub-sea and an onshore gas transmission pipeline which will connect the FSRU to the National Natural Gas System of Greece (“NNGS”).