Eastern Mediterranean port officials met in Brussels on Wednesday, marking the end of the Poseidon Med LNG-bunkering and the beginning of the Poseidon Med II project.
The Poseidon Med II is the continuation of the Poseidon-Med project which together are a part of a global initiative aiming to take all the necessary steps towards adoption of LNG as marine fuel in East Mediterranean Sea.
Total investment in the action is estimated at €53.2 million will see Greece becoming an “ international marine bunkering and distribution hub for LNG in South Eastern Europe, ” according to the project’s website.
Additional aims of the Poseidon Med II are to facilitate the adoption of regulatory framework for the LNG bunkering as well as to design the extension of the Greek Revithoussa LNG terminal.
Project participants will also look to design and construct an LNG fuelled specific feeder vessel, implement technical designs and plan approvals for the retrofit or newbuild LNG fueled vessels and for additional ports’ infrastructure for bunkering operations.
According to the European Parliament member, Mariya Spyraki , retrofitting could cost up to €15 million.
Also in the plan is to examine potential synergies with other uses of liquefied natural gas, develop a sustainable LNG trading ad pricing pattern and develop financial instruments to support the port and vessel installations.
The project will be co-funded by the European Union and coordinated by the Public Gas Corporation of Greece. It is expected to be completed before the end of 2020.
LNG World News Staff