Zepos & Yannopoulos advised Gastrade and its existing shareholders (namely Ms. Asimina-Eleni Copelouzou, DEPA Commercial, GasLog and Bulgatransgaz) on securing merger clearance from the European Commission for the acquisition of joint control of Gastrade by DESFA (new entrant), Ms. Copelouzou, DEPA Commercial, GasLog and BTG. Gastrade is developing the Liquefied Natural Gas (LNG) Floating Storage and Regasification Unit (FRSU) to be located offshore of Alexandroupolis in Northern Greece. The LNG terminal in Alexandroupolis has been included in all the lists of European Projects of Common Interest in the energy sector, given its strategic importance, as it contributes materially to the diversification of sources and energy supply routes of the entire South East Europe. The project enhances energy security in the region and supports the creation of a regional gas hub.

The transaction was cleared within Phase I unconditionally by the European Commission on 29 November 2021, finding that DESFA’s entry into Gastrade would raise no competition concerns given: (i) the presence of competing gas import infrastructures; and (ii) the Greek regulations in place.

Our firm’s Antitrust & Competition team was led by Stamatis Drakakakis, partner, assisted by associates, Ellie Gavriilidou and Argyris Papaefthymiou.