Greek, Chinese firms keen on underground fuel storage in Kavala

58




Three events have expressed curiosity for the concession of the use, improvement and operation of an underground pure fuel storage facility (UGS) within the almost depleted South Kavala pure fuel reservoir, the Hellenic Republic Asset Development Fund (HRADF) stated on October 19.
The three events are in alphabetical order: China Machinery Engineering Company (CMEC) – Maison Group, Greek nationwide pure fuel transmission operator DESFA – Gek Terna enterprise group in Greece and Greece’s Energean Oil & Gas.
The UGS South Kavala is meant to function an power infrastructure that can improve the safety of provide within the Greek market in addition to in Southeastern Europe guaranteeing fuel provide to finish customers and facilitating the security-of-supply obligations of energy producers and pure fuel suppliers.
“The investment for the underground natural gas storage of Kavala is important for the energy security of the country,” Greece’s Environment and Energy Minister Kostis Hatzidakis stated. “Its realisation, in addition to any development benefit for the region, will contribute to the emergence of Greece as an international energy hub. The Ministry of Environment and Energy will closely monitor the progress of the relevant tender in order to complete it as soon as possible,” he stated.
HRADF stated its advisors will consider the expressions of curiosity from the three teams and undergo the Fund’s Board of Directors their advice relating to the candidates that qualify for the binding provides part.
The almost depleted pure fuel subject “South Kavala” is situated within the southwestern a part of the Prinos-Kavala basin, in 52 meters of water depth within the North Aegean Sea, about 6 kilometres off the west coast of Thassos.

The length of the concession settlement will likely be as much as 50 years following the licensing of the united statesin South Kavala. The conversion of the pure fuel subject “South Kavala” right into a UGS will likely be carried out by the concessionaire inside a binding interval to be decided within the concession settlement.