Three European Commission co-funded initiatives – Poseidon Med II, CYnergy and elemed – are driving forward the uptake of alternative fuels in the Eastern Mediterranean region.
The Poseidon Med II project is a practical roadmap that aims to promote wide adoption of liquefied natural gas (LNG) as a safe, environmentally efficient and viable alternative fuel for shipping and help the East Mediterranean marine transportation propel towards a low carbon future.
The project, which is co-funded by the European Union, involves three countries: Greece, Italy and Cyprus, six European ports (Piraeus, Patras, Lemesos, Venice, Heraklion, Igoumenitsa) as well as the Revithoussa LNG terminal. The project brings together top experts from the marine, energy and financial sectors to design an integrated LNG value chain and establish a well-functioning and sustainable LNG market.
The mission of the project is to propose a holistic approach towards LNG bunkering operations, promoting a competitive investment roadmap and setting a flexible regulatory framework for LNG operations.
Poseidon Med II started in June 2015 and will be completed in December 2020, it has a €53.3 million budget, 50% co-financed by the European Union – Connecting Europe Facility.