ATHENS – Trying to faster more away from reliance on Russian energy in the aftermath of the invasion of Ukraine, Greece approved construction of a floating gas and regasification unit (FSRU) on the Revithoussa islet.

That is near the Greek capital, the process being fast-tracked as part of plans to find more sustainable and alternative sources, and Greece exporting Liquefied Natural Gas (LNG) to other countries in the Balkans and European Union, said the Reuters news agency.

The Development Ministry said as the demand for LNG has grown in the region and bloc that Greece has relied heavily on its sole terminal on Revithoussa, to replace Russian gas imports, less needed because of a mild winter.

Bulgaria also used the facility last year to secure LNG after Russia cut Russian pipeline gas supplies to the country when Bulgaria refused to pay in roubles although Russian supplies were exempted from EU sanctions.

Seeking to become a key transit route for gas destined for Europe, Greece has been more eager to build new LNG terminals that could be operational by 2025, the news site said.

The new gas terminal will be developed by Motor Oil off its oil refinery in Corinth, near Athens, at a cost of 340 million euros ($370 million) and it will have a capacity of up to 210,000 cubic meter either regasified and exported through Greece’s gas grid or sold as LNG via vessels and trucks.

Motor Oil had pushed back to Jan. 25 the deadline for interested parties to submit binding offers for booking capacity at the terminal, citing increased market interest, the report also added.