• 4 minutes "Natural Gas Trading Picks Up Considerably Amid High Volatility" by Charles Kennedy - ...And is U.S. NatGas Futures dramatically overbought at the $6.35 range?
  • 8 minutes How Far Have We Really Gotten With Alternative Energy
  • 12 minutes  What Russia has reached over three months diplomatic and military pressure on West ?
  • 18 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 2 days Revisiting: "The U.S. Grid Isn’t Ready For A Major Shift To Renewables" from March 2021 by Irina Slav at OILPRICE
  • 5 days How cheap Chinese tires might explain Russia's 'stalled' 40-mile-long military convoy in Ukraine
  • 3 hours What China is Learning from Russia's War in Ukraine and its Consequences
  • 21 hours Failure To Implement Russian Oil Ban Could Send Oil Crashing To $65
  • 3 days Natural Gas is the Cleanest and most Likely Source of Energy to Fuel the World.
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.

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.” 

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