Panayotis Zacharioudakis - Managing Director, Ocean Finance - Greece

1. Business development and financing LNG
investments in Energy and Transport
Dr. Panayotis Zacharioudakis
Managing Director – Ocean Finance Ltd.
Eurasian Natural Gas Infrastructure Conference
30 May 2017, Milano
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2. 2
Contents
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› CEF Transport Program
› 2017 CEF Transport Blending Call
› CEF Energy Program
› 2017 CEF Energy Call
› CEF Synergy Program
› European Fund for Strategic Investments (EFSI)
› The Role of EIB
› The Role of EBRD
› The Role of Ocean Finance

3. 3
Energy & Transport Sectors
› Transport sector
– Ensuring sustainable and efficient transport systems, by supporting a transition to innovative low-carbon and
energy-efficient transport technologies and systems, while optimising safety.
› Energy sector
– Increasing competitiveness by promoting the further integration of the internal energy market and the
interoperability of electricity and gas networks across borders.
– Supporting projects promoting the interconnection of networks in the Member states;
– Removing internal constraints;
– Decreasing energy isolation;
– Increasing the interconnectivity in electricity and achieving price convergence between the energy markets.
› Synergies in Transport & Energy
– By contributing to achieving the above objectives we support the deployment of sustainable and efficient
transport and energy infrastructure.
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4. 4
CEF Transport Program (Annual & Multi-annual)
• Decarbonisation of transport and energy efficiency.
• Projects should be deployed on the core network corridors.
• Co-Funding rate: 50% for studies with pilot deployment, 20% for works,
85% for all type of projects (Cohesion Countries).
New Technologies and Innovation
• Alternative clean fuels infrastructure (e.g. Scrubbers only for shortsea
outside SECA).
• New maritime links.
• Co-Funding rate: 30% for infrastructure works and, 50% for pilot actions,
up to 85% for all type of projects (Cohesion Countries).
Motorways of the Sea (MoS)
• Nodes of 9 Core Network Corridors.
• Directive 2014/94/EU on the deployment of alternative fuels
infrastructure.
• Works, studies and/ or pilot actions.
• Co-Funding rate: 20% for works and 50% for studies (General Envelope),
85% for all type of projects (Cohesion Countries).
Urban Nodes of the Core Network
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The 9 core network corridors as
adopted by the European Parliament
and the Council in December 2013
The Cohesion Fund is providing funding for 15 MSs: Bulgaria, Croatia,
Cyprus, the Czech Republic, Estonia, Greece, Hungary, Latvia, Lithuania,
Malta, Poland, Portugal, Romania, Slovakia and Slovenia.

5. 5
2017 CEF Transport Blending Call (1/2)
Call opening:
8 February 2017
Deadline for Submission:
14 July 2017
30 November 2017
Evaluation:
July to November 2017
December 2017 to March
2018
European Commission
Decision on selected
projects: January 2018
May 2018
Signature of grant
agreements: January
2018 May
2018
• €1 billion of funding available for PCI projects open to all EU Member States;
• Maximizes the leverage of private involvement and capital;
• At least one EU Member State for decarbonisation of all transport modes along the TEN-T Core Network
Corridors and nodes.
Indicative Call Timeline
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6. 6
2017 CEF Transport Blending Call (2/2)
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• Only works for the roll-out of the innovative solution, e.g. along and
entire corridor.
• Combination of grant and loan.
• More flexibility on eligible costs funding.
• At least a significant part of a Core Network Corridor.
• Budget: EUR 140 million (General Envelope).
• Co-Funding rate: 20% of the eligible costs.
New Technologies and Innovation
• Access and connections (connections to waterways, access to inland ports
and connections between inland ports).
• Basic infrastructure.
• Fixed infrastructure to supply alternative energy .
• Waterside terminals infrastructure
• Maximum EU contribution rates: 20% for inland ports & 20% for inland
waterways.
Inland waterways and inland ports
• At least 1 Core Port, 1 Comprehensive Port and 1 Maritime
operator on the link concerned.
• Only WORKS ELIGIBLE - Studies & Pilot Actions not
supported under the blending call.
• Budget: EUR 40 million (General Envelope)
• Co-Funding rate: 30% for infrastructure works and facilities.
Motorways of the sea

7. 7
CEF Energy Program
• EUR 4.7 billion available for the period 2014-2020.
• Aims at ending energy isolation, eliminating energy
bottlenecks, and completing of the internal energy market.
• By the end of 2016, 75 actions for a total amount of EUR 1.2
billion.
• Implementation of 66 Projects of Common Interest (PCI).
• 35 in electricity & 31 in gas.
• Financial support is provided to 51 different beneficiaries
from 23 EU Member States and 2 third countries.
• Studies/works: 50% of eligible costs & up to 75% for actions
with a high degree of regional or EU-wide security of supply.
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8. 8
2017 CEF Energy Call
• €800 million available to finance projects of common interest in the energy sector, namely in electricity
and gas;
• One or more Member States;
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Indicative Call Timeline
Call opening:
26 April 2017
Deadline for Submission:
12 October 2017
Evaluation:
November –December
2017
Consultation of the CEF
Committee: December
2017-
January 2018
Information to the
European Parliament:
December 2017-January
2018
Adoption of the Selection
Decision: February 2018
Adoption and Signature
of individual Grant
Agreements: February
2018

9. 9
CEF Synergy Program
• CEF Synergy Call launched in 2016 for the first time
– actions between transport and energy sector (&
cyber – security).
• Provides financial assistance to projects of common
interest (PCIs).
• Overlap TEN – T and TEN – E:
– TEN – T: entire comprehensive network (emphasis on
core transport network corridors).
– TEN – E: only on location of one of the 195 (Energy) –
PCIs.
• Type of actions:
– Studies without pilot deployment.
– Studies with pilot deployment (= real – life trials).
• One or more Member States.
• EUR 40 million available budget - 60% co-funding
rate
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4 Transport
Priorities
Motorways of
the Sea
Maritime Ports
Multimodal
Transport Modes
EU funding: EUR
8.8 million
1 Smart
Grids
Priority
Railway
Transport
EU funding: EUR
1 million
2 Electricity
Sector
Priorities
Roads and
multimodal
transport modes
EU funding: EUR
12.3 million
2016 Synergy Call Results
– EUR 22.1 million were allocated to 7 out of 9 projects
submitted

10. 10
European Fund for Strategic Investment (EFSI)
• Additional investment of at least EUR 315
billion over a three year period.
• Supports bankable projects.
• No geographical or sectoral allocation.
• Provides risk financing instruments via EIB
(no grants).
• EUR 500 billion in additional investments by
2020.
› EFSI Transport, as of 31 January 2017:
– 34 transport operations approved
– Triggering > EUR 14 billion in related
investment
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11. 11
European Bank for Reconstruction and Development (EBRD)
• The EBRD is investing in 36 countries that stretch from
central Europe to Central Asia, the Western Balkans and
the southern and eastern Mediterranean including
Cyprus and Greece.
• Owned by 65 countries and two inter-governmental
institutions (the EU and EIB).
• Capital base of €30 billion.
• EBRD activity in Greece: 17 projects, €926 million, 100%
Private sector.
• EBRD priorities in energy and transport sector:
– Provide support and participate in Government’s
privatisation/PPP programme.
– Support gas and power infrastructure for further integration
into regional markets.
– Provide finance for private renewable energy producers.
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Financial
Institutions
37%
Bank Debt/Equity,
Small Business
Finance.
Infrastructure
18%
Transport &
Municipal
Environmental
Infrastructure.
Corporate
28%
Manufacturing and
Services, Property
& Tourism.
Energy
17%
Power & Energy,
Natural Resources

12. 12
Ocean Finance’s business development methodology for LNG
infrastructure:
• Industrial projects set-up;
• Analysis of the required LNG
infrastructure per case;
• Extended focused studies in both
sectors of transport and energy in order
to mature set-up projects;
• Facilitation of projects implementation
progress;
• Supportive measures for solutions to
the financial obstacles in transport and
energy sector.
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Small-scale LNG infrastructure projects:
COSTA I - CO2 & Ship transport emissions
abatement by LNG Project: LNG Masterplan
for Med, Black Sea and Atlantic.
COSTA II EAST Global plan for LNG
infrastructure development / Poseidon Med
Project: Conceptual Studies for East Med.
POSEIDON-MED II Global plan for LNG
infrastructure development Project:
Detailed Studies and works.

13. 13
CYnergy: Large-scale LNG infrastructure project
› Establishment of a Natural Gas supply and distribution system in Cyprus by taking as a focal point the floating LNG
Facility (FSRU or FSU and side regasification unit).
› Optimization of the upstream, midstream and downstream NG facilities through:
– The definition of the best available solution for main and possible complementary schemes in NG supply, storage, trade and distribution in Cyprus;
– The possible development of a secondary LNG market (INTRAMED) utilizing small-scale LNG bunkering vessels;
– The investigation of the possible development of a complementary CNG waterborne supply chain;
– The exploration of the possible consumption and distribution of NG by road transport, industrial and commercial users and the maritime sector;
– The analysis of legal and regulatory framework and development of dedicated implementation plans for the use of NG by road transport, industrial and
commercial users and the maritime sector;
› Duration: 01/04/2017 – 31/03/2020
› Total Budget: EUR 7,470,000 | CEF Funding Rate: 60%
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Ministry of
Energy, Commerce, Industry and Tourism
Ministry of
Transport, Communications and Works

14. Dr. Panayotis Zacharioudakis
Managing Director
Ocean Finance Ltd.
info@oceanfinance.gr
Telephone: 215 5002901
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Thank you for your
attention!