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Greece is becoming Europe’s gas corridor and can almost quadruple its capacity to export gas to neighboring countries in the coming years thanks to new infrastructure being developed, Maria Rita Galli, CEO of the country’s gas network operator DESFA, said on Wednesday.
After the war in Ukraine, Greece more than halved its imports of Russian gas this year, instead increasing shipments of liquefied natural gas (LNG), mostly from the United States and Egypt, to its sole LPG plant at Revitousa near Athens.
The terminal, which the government called “indispensable”, also helped export gas to neighboring countries, including Bulgaria, which was cut off from Russian supplies earlier this year after it refused to pay in rubles.
To further reduce its reliance on Russian gas, Greece is hoping to build at least two more floating storage and regasification units (FSRUs) that could be operational by 2024.
Earlier this year, it also launched a new pipeline to transport gas to Bulgaria.
“This creates the conditions for Greece to almost quadruple its export capacity to neighboring countries between now and 2025,” Gali said during the World LNG Summit in Athens, adding that Europe needs “flexible solutions and a flexible LNG market.”
Security of supply is the biggest challenge facing Europe, she said, along with decarbonisation.
Speaking before Gali, Prime Minister Kyriakos Mitsotakis said Greece could have up to four new LNG terminals in operation in the coming years.
He added that Europe needs to find a new energy “balance” after gas price spikes earlier this year and that Russian gas cannot be eliminated without investing in new gas production. [Reuters]
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