The economic newspaper of Dusseldorf Handelsblatt refers to the Greek plans for liquefied gas and writes “It was an ambitious plan. With a network of terminals for the import of liquefied natural gas (LNG), Greece wanted to become a natural gas supply hub in southeastern Europe. Five new units were planned where LNG delivered by tankers would be regasified, then exported to neighboring countries via pipelines. The planned terminals should have a capacity of 25 billion cubic meters, four times the needs of Greece itself. This would make the country the most important energy hub in the region. But now the grandiose plans receive a blow.”

The country’s only LNG terminal is located on the island of Revythoussa

And a little further down the article continues: “But the initial situation has changed dramatically, demand for liquefied natural gas has now collapsed. The country’s only LNG terminal is on the island of Revythoussa near Athens, which has been operating since 1999 and handled almost 60% of Greece’s natural gas imports in 2023. In April, for the first time in five years, no gasoline tankers went there . According to the company, there are no reservations for August either. “The environment has changed as early as 2023,” said Motor Oil CFO Petros Tzanetakis. And the trend continues. In the first quarter of 2024, Greek natural gas exports to the Balkan countries decreased compared to the previous year by 95%. This is one of the reasons why investment decisions on some new terminals that have been pending for years are still pending. However, it seems more and more unlikely that new facilities will be built. The natural gas market has been completely turned upside down. Russian state company Gazprom is flooding southeastern Europe with natural gas. And the countries are happy to benefit, because the gas of the Russian pipeline is cheaper than that of the USA, Algeria or Qatar.”