Greek Prime Minister Kyriakos Mitsotakis on Tuesday visited a construction site for the eastern extension of a ring road near the extreme northeast city of Alexandroupolis, with the highway connecting with the east-west Egnatia tollway and the city’s port.
Mitsotakis referred to a very significant project for the entire region, while pledging that construction will be completed by the end of 2023.
The Greek prime minister travelled to the border city to attend an afternoon ceremony for the start of work to build the Alexandroupolis Independent Natural Gas System (INGS) project.
The latter is billed as a cutting-edge strategic energy project that includes an offshore floating unit for the reception, storage and re-gasification of LNG, and linked with a subsea and onshore gas transmission pipeline through which natural gas is imported into Greece’s national system (NNGS) and onwards to final consumers.
The leaders of Bulgaria, North Macedonia and Serbia will also be on hand for the ceremony.
According the company Gastrade, the floating unit will be permanently anchored at a fixed location at a distance of 17.6 kilometers southwest from the port of Alexandroupolis and 10 kilometers from the nearest opposite shore, which is the coastal village of Makri.
The swivel at the mooring turret will allow the floating unit to rotate by 360 degrees, in line with the direction of the sea currents and waves.
The Mitsotakis government has showcased the project – conceived nearly a decade ago – as boosting energy security for Greece and its neighbors in southeast Europe, given its alternate route, which bypasses Turkey, and its independence of Russian gas.
Latest News
Eurobank: Prem Watsa ‘s Fairfax Reducing Stake to 33%
Bank sources: Placement of 2.2% of Greek lender's shares by Watsa aims to meet regulatory condition of minority ownership below 33%
Rare Earth Mineral Exploration in Greece on the Rise
The Ministry of Environment and Energy has pledged to impose strict obligations on the contractor to ensure environmental protection
New 11-Month High for Greece with 35M Tourist Arrivals in 2024
Inbound travelers to Greece boosted tourism-related revenues to 21.27 billion euros in the Jan.-Nov. 2024 period.
ECOFIN Approves Revisions to Greece’s Recovery Plan
Greek Finance Minister Kostis Hatzidakis said the decision will kickstart recovery fund absorption set to reach 64%.
Trends Shifting Among Foreigners Buying Holiday Houses in Greece
The primary reason for the shift in the trend is the saturation of popular destinations and the potential buyers’ desire for more privacy
Greek Public Debt at €370.865bln at End of Q3 2024: ELSTAT
It was slightly down from €371.483bln in Q3 2023, according to the quarterly non-financial accounts of the General Government
WEF Report Says 70% Greek Workers Need Retraining by 2030
The report, entitled “The Future of Jobs 2025”, says that a global shift in the workplace will result in the loss of 92 million jobs
National Bank of Greece Finances First Energy Storage Project in Country
The total financing for the project amounts to €41.9 million
Energy Giant Chevron Expresses Interest in Drilling in Greece
In line with this effort, the Hellenic Hydrocarbon Resources Management and Energy Resources Company (HEREMA) is submitting the Strategic Environmental Impact Study today
UBS ‘Bullish’ on Greek Banks
UBS highlights the positive trends in loans and savings and the financing cost, stressing corporate credit expansion acts as the driving force for the banking sector’s profit margins