European Commission Grants 134 Million Euros to Greece’s DESFA

Greece’s DESFA will have 134 million euros funds to invest in the Liquefied Natural Gas (LNG) facilities in Revythoussa, the Compression Station facilities in Nea Mesimvria and the pipelines towards Evia and Peloponesus.

“The state aid approval for four development for four development projects and the expansion of the Natural Gas Network in Greece that was announced by the European Commission is a tangible proof of confidence that surrounds not only DESFA’s development program but also the potential of the Greek economy,” DESFA CEO George Paparsenos said in a note released on Wednesday.

The European Commission decided to grant 134 million euros, both from national and from European structural funds. The total investment cost is estimated at 414 million euros.

‘These projects have as a target to increase gas transmission capacity, to improve security in gas supply in Greece and, indirectly, to reduce CO2 emissions,’ reads the note. 

The investment in the LNG terminal in Revythoussa is expected to improve security of gas supply. The Compression station in Nea Mesimvria would enhance gas flow from the North to the South of the Country. The last two projects – new high-pressure gas pipelines – should allow differentiation in energy sources in areas where there is no access to natural gas.