x

Economy

Greece Lines Up Crucial Winter Gas Supplies from France’s Total

September 30, 2022

ATHENS – Still uncertain about the level of supplies this winter from Russia in the fallout over the invasion of Ukraine, Greece’s gas utility DEPA signed a deal with French energy giant TotalEnergies to get more liquefied natural gas (LNG) just in case.

That will last from November, 2022 through March 2023 as Greece has been scrambling to build up inventory in its lone LNG facility and trying to find alternate sources of energy, anxious that Russia may limit supplies.

Russian energy, which provides up to 45 percent of the needs of Greece and the European Union, has been exempted from sanctions over the invasion but President Vladimir Putin has indicated he may curtail the amounts.

Under the deal, TotalEnergies would supply DEPA with two cargoes each month or 10 cargoes, enough for electricity totaling about 10 terrawatt hours (TWh), said a statement from Greece’s Energy and Environment ministry.

It added that the price of the LNG supplies would not be linked to the highly volatile TTF price and that Greece also has the right not to purchase the LNG cargoes but pay a cancellation fee in that case.

The ministry said Greece has reduced Russian pipeline gas supplies to 34 percent already as the EU seeks to wean itself off dependence, with Putin essentially using energy as a blackmail weapon.

Imports via DESFA’s LNG import terminal located on the island of Revithoussa near Athens increased significantly, accounting for 44 percent of total natural gas imports, up from 31 percent last year, the ministry noted.

DESFA previously said the Revithoussa LNG terminal received in total 39 vessels during the six months, compared to just 15 shipments in the same period last year.

Besides the United States, Greece also receives supplies from Algeria, Nigeria, Oman, and others.

The EU is looking to Greece to become a central spot for ensuring energy security in the southeastern region. Bulgaria opened a natural gas link with Greece at a ceremony attended by the leader of the European Union’s executive arm, who emphasized the determination to stop relying on Russian energy imports.

Speaking at the event in Sofia, European Commission President Ursula von der Leyen hailed the pipeline as an important contribution to limiting opportunities for Russia to use its gas and oil reserves to blackmail or punish the EU.

“This pipeline changes the energy security situation for Europe. This project means freedom,“ von der Leyen told an audience that included heads of state and government from the region.

The European Commission committed nearly 250 million euros ($247.59 million) to finance the project, she said.

The importance of the Gas Interconnector Greece-Bulgaria pipeline, which was completed in July, has risen significantly after Russia decided to turn its natural gas deliveries into a political weapon.

 

(Material from the Associated Press was used in this report)

RELATED

ATHENS - A Member of Parliament for the ruling New Democracy, Stratos Simopoulos, said he received a written threat signed by “Golden Dawn Youth” because he voted in favor of a measure that allowed same-sex marriage in Greece.

Top Stories

Columnists

A pregnant woman was driving in the HOV lane near Dallas.

General News

NEW YORK – Meropi Kyriacou, the new Principal of The Cathedral School in Manhattan, was honored as The National Herald’s Educator of the Year.

Video

Philippine and Chinese Vessels Collide in Disputed South China Sea and 4 Filipino Crew Are Injured

MANILA, Philippines (AP) — Chinese and Philippine coast guard vessels collided in the disputed South China Sea and four Filipino crew members were injured Tuesday in high-seas confrontations as Southeast Asian leaders gathered for an Asian summit where alarm over Beijing’s aggression at sea was expected to be raised.

WASHINGTON (AP) — Vice President Kamala Harris met on Monday with a member of Israel’s wartime Cabinet who came to Washington in defiance of Israeli Prime Minister Benjamin Netanyahu as the Biden administration intensifies its efforts to push more humanitarian aid into war-battered Gaza.

A new city claims the coveted title of America’s pizza capital.

An Israeli airstrike killed at least 17 people in the southern Gaza city of Khan Younis on Tuesday, Palestinian officials said, adding that a total of 97 people had died in the last 24 hours.