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Greece’s Motor Oil Hellas (MOH) has struck a deal with its compatriot Aktor to divest half of its subsidiary’s stake in a floating storage and regasification unit (FSRU) project, which is anticipated to boost liquefied natural gas (LNG) supply in the European country.
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Shortly after inking a memorandum of understanding (MOU) with Mercuria to establish a framework for long-term cooperation in connection with the FSRU Dioriga Gas project in the Saronic Gulf, Motor Oil has signed a framework of basic terms for Aktor’s acquisition of a 50% stake in Dioriga Gas, MOH’s subsidiary, which is developing what it describes as the most advanced and mature FSRU project in Greece.
The company claims that this FSRU project will strengthen LNG imports into Greece and the wider Southeast European region. This development is planned to be connected to the National Natural Gas Transmission System. The completion of the transaction with Aktor is subject to the signing of definitive contracts between the two players, as well as the receipt of the required corporate, regulatory and other approvals.
This is part of MOH’s broader strategy for the development of critical energy infrastructure and the strengthening of its presence in the natural gas value chain. The transaction aims to further develop the FSRU project through the expansion of its financial, operational and commercial base.
The deal with Motor Oil is part of Aktor Group’s business plan to fortify its presence in the critical energy infrastructure sector, boosting the firm’s participation in projects that contribute to security of supply and diversification of energy sources in Greece and the wider region.
The partners need to decide whether to buy an FSRU or lease an existing unit. According to Greek financial press reports , purchasing an FSRU could cost up to €350 million, while leasing an existing unit could cost around $120,000 per day.
This decision is expected to hinge on LNG volumes locked in by Aktor, which is targeting deals for 4.5 bcm of gas by year-end. This project comes at a time when Greece is enhancing its role as a regional LNG hub, as regional LNG demand is expected to rise following the planned phase-out of Russian gas from 2027 onward.
Based on Dioriga Gas’ most recent update from May 2026, the project team was pursuing a sea license, alongside a third-party exemption from RAAEY, and engaging in negotiations with LNG market participants to join the existing project stakeholders.
The FSRU Dioriga Gas will be anchored offshore southwest of Motor Oil’s refinery in Agioi Theodoroi near Corinth, located 65 kilometers west of Athens.
The planned storage capacity of the unit is up to 210,000 cubic meters, with a regasification capacity of 132,000 MWhs/d and projected annual regasification throughput of around 2.5 bcm.
14 days ago
Greece’s Motor Oil Hellas (MOH) has struck a deal with its compatriot Aktor to divest half of its subsidiary’s stake in a floating storage and regasification unit (FSRU) project, which is anticipated to boost liquefied natural gas (LNG) supply in the European country.
