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Alexandroupolis FSRU project
We have acted as legal advisors of GasLog Ltd.’ wholly owned subsidiary relating to an agreement to acquire 20% in Gastrade S.A. Closing of the acquisition is subject to the satisfaction of certain conditions set out in the transaction documents. GasLog, being an international owner, operator and manager of LNG carriers, will also provide operations and maintenance ("O&M") services for the FSRU through an O&M agreement.
Gastrade S.A. is licensed to develop an independent natural gas system offshore Alexandroupolis in Northern Greece utilizing a floating storage and regasification unit ("FSRU") along with other fixed infrastructure. This FSRU project would provide a new route and a vital source of gas diversification to a number of European countries that are currently highly dependent on pipeline gas in South East and Central Europe, thus enhancing security of supply in the region, as well as, promoting competition and pricing flexibility. The project has the backing of the Greek and the Bulgarian Governments as well as the support of the EU and has been assigned the status of an EU Project of Common Interest ("PCI"), that is further designated as a priority EU energy infrastructure project. The front-end engineering and design ("FEED") study is expected to be part-funded by an EU grant, and is scheduled to commence in early 2017. Gaslog has also been advised in this transaction by Ince & Co (London).