February 8, 2023

Athens News

News in English from Greece

Prometheus Gas acquires stake "Gazprom Export" in Greece

After more than three decades of fruitful investment cooperation in Greece, the Kopelouzos group of companies and the Russian energy giant Gazprom have decided to terminate their partnership.

Subsidiary “Gazprom Export” is leaving the gas company of the Greek group Prometheus Gas, and its 50% share is transferred to the group. The news about the termination of long-term relations Copelouzos-Gazprom was confirmed FROM sources in the Greek company, explaining this by the production reasons of the Greek group.

Causes

In fact, as other market participants say, the divorce was a foregone conclusion. And, as they note, long before the start of the war in Ukraine. According to the same sources, the Kopelouzos group is now actively involved in the Alexandroupoli LNG Terminal (FSRUs), an investment project that enjoys US hot support.

The war between Russia and Ukraine was the impetus for the collapse of the partnership between the Copelouzos Group and Gazprom. Even before the war, the Greek group had taken care to phase out its investments in Russia. The war in Ukraine has, in fact, hastened the predictable divorce of the two sides, with the Greek group revisiting the orientation and strategy of investments and new corporate alliances for several years.

Russian gas

The Kopelousos Group was the first Greek company – through Prometheus Gas – to deliver Russian gas to Greece. Its quantity, according to OT sources, will vary depending on demand in the domestic market. The contractual supply relationship between Kopelouzos and Gazprom will remain in effect until it expires in 2027.

Prometheus Gas imported 1 billion cubic meters of natural gas annually from Russia, but in 2022, these volumes were reduced to 500,000 cubic meters. And for 2023, in accordance with the agreement between the Greek company, the Russian group and the electricity company ΔΕΗ, 400,000 cubic meters will be supplied by the latter directly from Gazprom. Prometheus Gas still has 100,000 cubic meters of Russian gas at its disposal.



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