Bulgaria’s state-owned gas network operator Bulgartransgaz said on August 24 it has completed the acquisition of a 20% interest in Gastrade, the company developing a floating liquefied natural gas (LNG) terminal off Greece's northern coastal city of Alexandroupolis.

The move is part of Bulgaria's long-term energy strategy to diversify its gas supply sources and routes and will also support the development of the Balkan gas hub project. 

“The participation in the project for the construction of a liquefied natural gas near Alexandroupolis is of strategic importance for the diversification and security of the energy deliveries in Bulgaria and in the region. The terminal will be the second LNG facility in the region, along with the one in Revitusa, Greece, to which Bulgaria will have access,” Bulgartransgaz said in a statement.

The LNG terminal in Alexandroupolis should become operational at the beginning of 2023.

Bulgaria currently serves as a transit route for Russian gas, but it has the potential to become a major trading centre thanks to a raft of new gas transport projects. A pipeline from Greece is due to start operations next year, allowing Bulgaria to receive gas from Greek LNG terminals. It will also be able to tap supplies from Azerbaijan once the Trans-Adriatic Pipeline (TAP) running through Greece and Albania to Italy is finished. Bulgaria is also helping Russia extend the TurkStream pipeline through its territory and on to Central Europe.