Bulgaria invests in project to reduce dependence on Russian gas

Bulgaria’s state gas company Bulgartransgaz has finalized a deal to take 20% of Greek company Gastrade, which is developing a floating LNG facility off the city of Alexandroupolis, Report informs, citing Reuters.

The deal is part of Bulgaria’s strategy to diversify and to decrease its dependence on Russian gas. Bulgaria’s competition regulator has approved the agreement.

The LNG terminal, which will have an estimated annual capacity of about 5.5 billion cubic meters (bcm), will aim to supply gas to southeastern Europe via the Interconnector Greece-Bulgaria (IGB) pipeline.

Greek gas utility DEPA and GasLog also hold 20% stakes in the LNG facility, which is expected to begin operating in 2023.