Wood Group announced that it has secured a new front end engineering design (FEED) contract with Gastrade S.A. for the Alexandroupolis Independent Natural Gas System (INGS) offshore Greece.
The project aimed to develop a floating LNG receiving terminal with utilizing a floating storage and regasification unit (FSRU) to be provided by one of the project’s shareholders, GasLog.
Wood Group said that its subsea team will perform the design and engineering definition of the Alexandroupolis FSRU and its subsystems which will support the final investment decision for the project, planned for late 2017 [with the FSRU to be operational by the first quarter of 2020].
The Alexandroupolis terminal would create a new natural gas gateway to the markets of south eastern and central Europe. This project, along with the Interconnector Greece-Bulgaria (IGB) pipeline project that would flow to Bulgaria are both designated as EU Projects of Common Interest (PCIs).
IGB's 50-50% shareholders, Bulgarian Energy Holding and IGI Poseidon, took the FID on constructing the pipeline last year and its construction is expected to last until mid-2018.