Ince & Co has advised longstanding client GasLog Ltd., an international owner, operator, and manager of liquefied natural gas (LNG) carriers, on a sale and purchase agreement to acquire a 20% shareholding in Gastrade S.A. A.S. Papadimitriou in Athens provided Greek law advice to GasLog, and Norton Rose Fulbright advised Gastrade.
Gastrade is licensed to develop an independent natural gas system offshore Alexandroupolis in Northern Greece. The system utilizes a floating storage and regasification unit (FSRU), along with other fixed infrastructure. Closing of the SPA acquisition is subject to the satisfaction of certain closing conditions set out in the transaction documents.
According to Ince & Co., the project will provide a new route and a vital source of gas diversification to a number of European countries that are currently highly dependent on pipeline gas in South East and Central Europe. As well as enhancing security of supply in the region, it will promote competition and pricing flexibility. The project has the backing of the Greek and the Bulgarian Governments as well as the support of the EU.
The London-based Ince & Co. team was led by Partners Jonathan Goldfarb and Mona Patel, supported by Partner Stephen Jarvis and Corporate Associate Sam Batchelor.
Norton Rose Fulbright did not reply to our inquiry on the matter.