Liquefied natural gas
The imposition of new environmental regulations for the consumption of low-sulfur fuel by oceangoing vessels has seen the liquefied natural gas (LNG) market take center stage in global shipping, with Greek shippers recently overtaking the Japanese as the top owners, after ordering a large number of vessels since 2018, according to a VesselsValue report published on Wednesday.
Private Greek industrial group Mytilineos has overtaken incumbent DEPA to become the country's biggest LNG importer this year, the first time in history that an independent company has knocked the state-owned company from the top spot, ICIS an information platform on petrochemicals and specifically on energy issues, fertilisers and other commodities said in a report.
Three joint ventures have been selected by Cyprus in the first stage of a tender to provide a floating storage and regasification unit (FSRU) to import liquefied natural gas (LNG).
The first joint venture is led by China Petroleum Pipeline Engineering, Natural Gas Public Company of Cyprus (DEFA) said on its website.
Less than a year after it was upgraded with a third tank, the gas terminal on the island of Revythousa is confirming its strategic role as a feeder of the broader Balkan market, as on August 31 it will receive the first liquefied natural gas load destined for Bulgaria that is procured directly by a Bulgarian company.
Imports of liquefied natural gas (LNG) are hampered by the decision of the Regulatory Authority for Energy over the pricing of the natural gas network, reversing the strategic advantages of the Revythousa terminal for the broader region and depriving Greek enterprises of a relatively cheap source of energy.