EIB Fund Greek LNG Bunkering Vessel Construction

European Investment Bank (EIB) and Public Gas Corporation of Greece (DEPA) have signed an agreement to finance with up to 20 million euros the construction of a new liquid natural gas (LNG) bunkering vessel for maritime use in Greece which will be based in Piraeus.

 EIB said that the first vessel of its kind in Greece and the Eastern Mediterranean will have a capacity of 3,000 cubic meters and will be supplied with LNG at Revithoussa LNG terminal.

The bunker tanker will refuel its LNG at Revithoussa LNG terminal and will carry out bunkering both in Piraeus and other Greek ports, as well as the wider region, in support of the shift towards green shipping with more environmentally friendly fuels.

The agreement was signed by Konstantinos Xifaras, Chief Executive Officer of DEPA, and Andrew McDowell, EIB Vice-President, in the presence of the President of the Board of Directors of DEPA, Ioannis Papadopoulos, who said: “The new financing from the EIB, the largest investment arm of Europe, is yet one more vote of confidence to the growth prospects of the Greek economy and confirms the significant improvement of the investment climate. It comes in support of a crucial investment in the area of natural gas, which is at the center of global developments, and contributes to the transformation of Greece into a regional hub."

Ioannis added: "Furthermore, this is a “green” investment, which paves the way for “cleaner” and more competitive maritime transport in the eastern Mediterranean, contributing to the reduction of the country’s environmental footprint, in accordance with the ambitious targets set by the new National Plan for Energy and Climate.”

Following the signature of the agreement, Xifaras said: “The new vessel will serve the supply needs not only of Piraeus but also of other Greek ports and it represents one more decisive step in DEPA’s efforts to expand the use of LNG in maritime transport in the eastern Mediterranean, thus creating an integrated and efficient LNG supply chain."

Xifaras added: "Through targeted investments, such as this one, as well as through multilevel international collaborations, DEPA supports the transition of both big ports and ships in the region to the LNG era, contributing to the protection of the environment and improving the competitiveness of Greek shipping and the ports of our country.”