• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 2 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 6 days The United States produced more crude oil than any nation, at any time.
  • 2 hours Could Someone Give Me Insights on the Future of Renewable Energy?
  • 7 days How Far Have We Really Gotten With Alternative Energy
  • 11 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 10 days James Corbett Interviews Irina Slav of OILPRICE.COM - "Burn, Hollywood, Burn!" - The Corbett Report
  • 10 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
Could AI Spark a Boom in Natural Gas Demand?

Could AI Spark a Boom in Natural Gas Demand?

The burgeoning power demands of…

LNG Bunkering Sales Off to a Strong Start in 2024

LNG Bunkering Sales Off to a Strong Start in 2024

LNG maintains its dominance as…

Conflicts Could Put West Africa's Oil Supply At Risk

Conflicts Could Put West Africa's Oil Supply At Risk

Potential spillover of conflicts to…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

Greece And Bulgaria Plan New LNG Terminal To Cut Russian Gas Reliance

  • Greece and Bulgaria started the construction of a new LNG import terminal.
  • The novel LNG terminal near Alexandroupolis is aimed at diversifying supply and cutting reliance on Russian gas imports.
  • Last week, Gazprom stopped gas deliveries to Poland and Bulgaria.
Greece LNG

The leaders of Bulgaria and Greece launched on Tuesday the construction of an LNG import terminal near the northern Greek port of Alexandroupolis, aimed at diversifying supply to southeast Europe and cutting its heavy reliance on Russian gas.   

The LNG terminal, expected to start operations towards the end of next year, would triple Greece’s regasification capacity, Greek Prime Kyriakos Mitsotakis said at the ceremony attended by the prime ministers of Bulgaria and North Macedonia, the president of Serbia, and the President of the European Council, Charles Michel. 

Last week, Gazprom stopped gas deliveries to Poland and Bulgaria, saying supply was cut off “due to absence of payments in rubles.” 

In Bulgaria's case, Bulgaria is required to pay in U.S. dollars for Russian gas under its contract with Gazprom, and Russia's demand for payment in rubles is a breach of that contract and adds risks to the buyer, Bulgarian Energy Minister Alexander Nikolov said last week.

“It is clear that in the current war in Ukraine, Russia uses natural gas as a political and economic weapon,” Nikolov added, noting that Bulgaria will not negotiate under pressure. 

Bulgarian Prime Minister Kiril Petkov said last week that he had discussed the situation with his Greek counterpart Mitsotakis and that Bulgaria and Greece would continue to work with its neighbor towards energy security and diversification, which is of strategic importance to both countries and the region. Bulgaria and Greece are confident that the Interconnector Greece-Bulgaria (IGB), a pipeline to diversify gas supply away from Russia, will be completed on time this summer, Petkov added. 

At today’s ceremony, Petkov said that the Kremlin’s economic blackmail would fail following the united response of the EU to the halt of Russian gas deliveries to two of its member states. 

“United, we can counter the Russian invasion of Ukraine and the unprecedented pressure from Russia via the stoppage of gas deliveries,” Petkov said. The LNG terminal is not only an energy but also a geopolitical project that will change the energy map of the entire region, Bulgaria’s PM said. 

Charles Michel, for his part, commented on Twitter:

“We will end our dependence on Russian fossil fuels. This new #LNG terminal is a geopolitical investment. It will help free South East Europe from the weaponisation of gas supply by #Russia.” 

ADVERTISEMENT

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News