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Greece's Mytilineos inks long-term Russian gas import contract

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Greece's Mytilineos inks long-term Russian gas import contract


Deal with Gazprom Export to run to 2030

Bought 0.6 Bcm in 2019 under short-term deals

State-controlled DEPA has Russian deal to 2026

  • Author
  • Stuart Elliott
  • Editor
  • Aastha Agnihotri
  • Commodity
  • Coal LNG Natural Gas

London — Greek industrial group Mytilineos has signed a long-term contract with Gazprom Export for the import of Russian gas until 2030, the company said in a statement late June 1.

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Mytilineos -- which holds a leading position in the Greek power and gas trading -- began importing Russian gas in 2017 and last year imported 0.6 Bcm under short-term contracts.

"This long-term contract will enhance the competitiveness of Mytilineos in the region's gas market and will make a substantial contribution to maximizing the efficiency of our industrial and power assets," Mytilineos CEO Evangelos Mytilineos said in the statement.

Greek gas demand was around 5 Bcm last year, but consumption is set to rise to some 7 Bcm/year later this decade due to a switch away from coal-fired power generation.

Greece's state-controlled DEPA already has a long-term Russian gas import contract with Gazprom that runs to 2026.

Last year, Greek gas imports from Russia totaled 2.4 Bcm, according to data from Gazprom.

"The cooperation between Gazprom Export and Mytilineos is proof of the demand for Russian gas in the Greek market, and it will help further strengthen the interaction between our countries in the energy sector," Gazprom Export CEO Elena Burmistrova said in the statement.

No volume was given for the contract, with neither Gazprom Export nor Mytilineos available for further comment.

LNG imports

The Greek gas market is currently undergoing a significant shift due to the fall in spot LNG prices, which has seen LNG cargoes increasingly head to the southeast European country.

DEPA Vice President Kostas Andriosopoulos said late April that LNG was now penetrating the Greek market "at very competitive prices."

According to data from S&P Global Platts Analytics, LNG supplies to Greece rose sharply in the first quarter of 2020, with some 1.1 Bcm of regasified gas supplied in the period, more than double the volume imported in Q1 2019.

Total Greek LNG imports last year amounted to around 2.8 Bcm of regasified gas equivalent, according to Platts Analytics data, outpacing pipeline gas imports from Russia.

Greece is also set to play a bigger role in the regional gas market in the coming years, with the country set to become a gateway for LNG supplies into Southeast Europe with both the 7 Bcm/year Revithoussa import terminal and the planned 5.5 Bcm/year FSRU at Alexandroupolis expected to serve the wider regional market.

Last month, the developer of the Alexandroupolis project -- Gastrade -- won binding capacity commitments for 2.6 Bcm/year of LNG into the terminal.