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Aktor and Motor Oil released separate stock announcements on Monday following media reports that the two firms are in “advanced” negotiations regarding the second FSRU-based LNG import terminal in Greece.
Motor Oil said that “given the engagement in the natural gas sector both at the parent company and group level, potential collaboration prospects with business groups, including Aktor, are examined continuously in the context of the group’s strategy associated with the natural gas market.”
“Presently, neither a final decision nor a binding agreement has been reached that requires disclosure to the investment community,” the company said.
Aktor released a similar announcement saying that discussions are underway, but neither a final decision nor a binding agreement has been reached.
Over the last year, Aktor has been active in the LNG market with its joint venture with Depa, Atlantic–See LNG Trade.
The JV and US LNG exporter recently doubled volumes under their previously announced LNG supply deal.
Under the amended deal, Atlantic-SEE is doubling its existing contract with Venture Global from a minimum of 0.5 mtpa to 1 mtpa.
On the other hand, Switzerland-based energy trader Mercuria and Greece’s Motor Oil recently signed a memorandum of understanding to collaborate on the Dioriga Gas FSRU-based LNG import project.
Under the MoU, the parties have worked on step-by-step cooperation regarding regasification capacity reservation at the terminal, the long-term supply of LNG by Mercuria to Motor Oil for delivery through the Dioriga Gas FSRU, and the joint development of the framework required to bring the project to commercial operation.
Second Greek FSRU
The Dioriga Gas FSRU-based facility has been in development for years.
In 2023, the project was characterized as a “strategic investment” by the Greek government.
The terminal will be located about 70 km away from Athens, in the area “Agioi Theodori” of the regional district of Corinth, near Motor Oil’s refinery, and at a distance of about 1.5–2 km from the national natural gas system.
According to the Dioriga Gas website, the project “brings 21-24 TWh of LNG imports (30 percent of the Greek market) and additional storage of 177,000 cbm in Southern Greece (+45 percent).”
Dirioga Gas said in a May 8 status update that the project has already offered its capacity through a market test with “strong participants.”
“Moreover, it is highlighted that this project comes at a time when Greece is enhancing its role as a regional LNG hub, covering 2 – 6 bcma (2 only Greece and 6 with exports) deficit after the full phase‑out of Russian gas from 2027 onwards,” the LNG terminal developer said.
Dioriga Gas said its project team is currently working towards “obtaining a sea license, third-party exemption from RAAEY, and is in negotiations with important LNG market participants to join the existing project stakeholders.”
Greece currently imports LNG via DESFA’s Revithoussa LNG terminal and Gastrade’s Alexandroupolis FSRU-based facility.
LNG deliveries to these facilities rose in the first quarter of this year, with the US supplying the majority of the volumes.