Monaco - February 9, 2017
GasLog Ltd. ("GasLog", NYSE: GLOG), an international owner, operator and manager of liquefied natural gas ("LNG") carriers, today announces that it has closed the sale and purchase agreement ("SPA") to acquire a twenty percent (20%) shareholding in Gastrade S.A. ("Gastrade"). Gastrade is licensed to develop an independent natural gas system offshore Alexandroupolis in Northern Greece utilizing a floating storage and regasification unit ("FSRU") along with other fixed infrastructure.
Following an initial announcement on December 22, 2016, where GasLog announced it had entered into the SPA, all conditions required to close the SPA acquisition have now been satisfied and GasLog has become a 20% shareholder in Gastrade.
Gastrade is a private limited company, incorporated in Greece and formed by Asimina-Eleni Copelouzou. Gastrade has been involved in the development of this FSRU project over a number of years. GasLog, as well as being a shareholder, will provide operations and maintenance ("O&M") services for the FSRU through an O&M agreement.
Gastrade is currently in discussions with a number of additional potential investors, including DEPA, the Greek state owned gas company, Bulgarian Energy Holding (BEH), the holding company of the Bulgarian Ministry of Energy and major gas suppliers. Other large scale international companies have expressed an intention to participate in the ownership and development of the terminal. A number of companies have also expressed interest in supplying LNG to the project.
This FSRU project would provide a new route and a vital source of gas diversification to a number of countries that are currently highly dependent on pipeline gas in South East and Central Europe. As well as enhancing security of supply in the region, it will promote competition and pricing flexibility. The project has the backing of the Greek and the Bulgarian Governments as well as the support of the EU. It has been assigned the status of an EU Project of Common Interest ("PCI"), that is further designated as a priority EU energy infrastructure project. The front-end engineering and design ("FEED") study is expected to be part-funded by an EU grant, and is scheduled to commence in the coming weeks.
Gastrade targets to take final investment decision ("FID") by the end of 2017 with the Project scheduled to be operational by end of 2019.
About GasLog Ltd.
GasLog is an international owner, operator and manager of LNG carriers providing support to international energy companies as part of their LNG logistics chain. GasLog's consolidated fleet consists of 27 LNG carriers (22 ships on the water and 5 on order). GasLog also has an additional LNG carrier which was sold to a subsidiary of Mitsui Co. Ltd. and leased back under a long-term bareboat charter. GasLog's consolidated fleet now includes nine LNG carriers in operation owned by GasLog's subsidiary, GasLog Partners. GasLog's principal executive offices are at Gildo Pastor Center, 7 Rue du Gabian, MC 98000, Monaco. GasLog's website is http://www.gaslogltd.com.
GasLog Ltd. press release