GasLog Ltd. (NYSE: GLOG) today announces that a wholly owned subsidiary of GasLog has entered into a sale and purchase agreement (“SPA”) to acquire a twenty percent (20%) shareholding in Gastrade S.A. (“Gastrade”). Gastrade is licensed to develop an independent natural gas system offshore Alexandroupolis in Northern Greece utilizing a floating storage and regasification unit (“FSRU”) along with other fixed infrastructure.
Gastrade is a private limited company, incorporated in Greece and wholly owned by Asimina-Eleni Copelouzou. Gastrade has been involved in the development of this FSRU project over a number of years. Closing of the SPA acquisition is subject to the satisfaction of certain closing conditions set out in the transaction documents. GasLog, as well as being a shareholder, will provide operations and maintenance (“O&M”) services for the FSRU through an O&M agreement.
