The fact that Greece does not import natural gas from the Gulf region and therefore does not face market supply issues due to developments in the area, was emphasized by sources from DESFA management, adding that the natural gas market is international and prices are affected for everyone.
They noted that the continuation of the war for several more months would be a negative development for the market.
DESFA: LNG terminal operations continue
Regarding the operator’s activities in Kuwait, they added that operations continue normally, as the liquefied natural gas (LNG) terminal in the country has not ceased operations. However, there is daily contact with employees there, with relevant authorities and with the Greek embassy. It should be noted that DESFA has undertaken to provide operation and maintenance services for the station in the country, which is one of the world’s largest LNG storage and regasification stations.
Vertical Corridor presents interesting prospects
Regarding developments related to the Vertical Corridor for supplying Eastern Europe with natural gas through Greece, the same sources said it represents a very interesting prospect for both the country and the operator. “It constitutes,” they emphasized, “an opportunity for exports and to support the goal of replacing Russian gas, taking advantage of the country’s geographical position as a gateway to Eastern Europe.”
They added, however, that time will be needed for the required adaptations by the respective natural gas system operators in the region’s countries, up to Ukraine, in compliance with European legislation provisions. These adaptations will be made gradually, with the goal of making this specific route more competitive for corridor users. In any case, since stopping EU supply of Russian gas is a common goal for both the EU and the US, achieving this goal requires utilizing all available supply routes to the region’s countries, as the capacity of pipelines from the north (Germany, Poland) is insufficient to cover demand.
The same sources mentioned that depending on market developments in the broader Southeast Europe region, possibly one or two additional liquefied natural gas terminals may be needed in Greece, beyond the two already operating in Revithousa and Alexandroupoli. As they said, the operator will cooperate with any interested investor.
Green transition implementation will be gradual
Finally, regarding the green transition, DESFA’s assessment is that it will not be implemented overnight, but gradually. “The mix will change gradually, as demand for electricity increases due to digitization. We cannot satisfy demand from a single source, gas will be present for a long time.”
