Aktor to buy 50 percent stake in Greek FSRU project from Motor Oil

Aktor and Motor Oil announced in separate stock announcements last week that the two firms entered into a framework term sheet under which Aktor plans to acquire 50 percent of Dioriga Gas, the developer of the second FSRU-based LNG import terminal in Greece.

The two firms did not provide further details regarding the agreement.

“Pursuant to the above framework term sheet, completion of the proposed transaction is subject, among others, to the finalization and execution of definitive transaction documents between the parties as well as the granting of all required corporate, regulatory, and other approvals,” the firms said.

Akto and Motor Oil recently confirmed that they were in negotiations over the Dioriga Gas FSRU-based LNG import project, with no binding deal.

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 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.

The Dioriga Gas FSRU-based facility has been in development for years.

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.

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 half of this year, with the US supplying the majority of the volumes.