Agreement between DEPA Emporia and French TotalEnergies to provide liquefied natural gas (LNG) This was announced by the Ministry of Ecology and Energy, noting that this is a decisive step to ensure energy supply in the event of a reduction or cessation of natural gas supplies from Russia.

“Thanks to this strategic agreement, the national goal set by the Government for the energy supply of the country and its gradual independence from Russian natural gas is being achieved. The agreement is being implemented in view of the difficult energy winter for the whole of Europe, not only because of the international price rally, but also because of fears of interruptions in electricity and heating in almost the entire continent,” the Foreign Ministry emphasizes. .

The agreement provides for the supply of LNG by two gas carriers per month with a total load corresponding to 10 TWh over the next five months, i.e. from November 2022 to March 2023.

Greece will purchase LNG at a different reference price than the TTF hub price (currently the reference price for Europe), which is very volatile, while retaining the option not to receive shipments, if deemed unnecessary, subject to a cancellation fee.

“This agreement establishes the coordinated actions of the government through the Ministry of Environment and Energy and DEPA Trade to protect the country’s energy. Considering that more than 70% of the natural gas imported to Greece is used in the electricity industry, its uninterrupted supply, ensured by a number of agreements, guarantees a stable coverage of the country’s energy needs even with a reduction in supplies from Russia,” the Ministry of Foreign Affairs said in a statement.

It is noted that already in the first half of 2022, Greece’s dependence on Russian natural gas has significantly decreased, as its share in natural gas imports reached 34% (compared to 45% in the same period last year). At the same time, imports of liquefied natural gas (an increase of 50% year on year) increased significantly. LNG imports from Revitusa account for 44% of total natural gas imports compared to 31% last year.

Following the signing of the agreement, Kostas Skrekas, Minister of the Environment and Energy, made the following statement: “The DEPA Emporias-TotalEnergies agreement for the supply of liquefied natural gas between November 2022 and March 2023 is a decisive step for the energy security of our country. It provides an additional 10 TWh of energy in winter, making Greece one of the safest energy countries in Europe. The government will continue its efforts to ensure uninterrupted energy supply throughout the country during the acute energy crisis that has affected all of Europe.”

DEPA Emporias Managing Director Konstantinos Hyfaras said: “Since the beginning of the energy crisis and using its strategic planning, DEPA Emporias, in close cooperation with the government and the responsible minister, Mr. Skrekas, has been moving forward. with steps and agreements, such as France’s TotalEnergies, that ensure the country’s uninterrupted energy supply.”

Source: RES-IPE