Mediterranean Gas: high interest in Argo FSRU capacity

Greece’s Mediterranean Gas, the developer of the Argo FSRU terminal, said that Greek and international firms have shown high interest to secure capacities at its planned facility in Volos following a market test.

Mediterranean Gas launched the first phase of the market test for capacity allocation on October 31.

The first phase of the test was completed under the supervision of Greece’s Regulatory Authority for Energy (RAE) on December 19, according to a statement by the LNG terminal developer.

“An expression of interest was submitted by Greek and international companies, which exceeded the total capacity of the terminal, while the quantities declared are for a period of up to 25 years,” Mediterranean Gas said.

The demand for additional storage space in the terminal was “also particularly high”, it said.

Mediterranean Gas added that the project would soon proceed with the next binding phase.

The Argo FSRU project won an independent natural gas system (INGS) license from RAE in February this year.

Back in October of 2021, the firm signed a memorandum of understanding with ExxonMobil. The US energy giant would supply LNG to the proposed regasification terminal.

Besides signing the deal with ExxonMobil LNG Market Development, the firm signed deals with Lithuanian LNG terminal operator, Klaipedos Nafta, and Greece’s Goldenport Shipping Management, it previously said.

The FSRU-based terminal would be able to deliver up to 5.2 bcm of natural gas per year to the Greek grid. The unit would also have a storage capacity of 160,000-180,000 cbm.

Besides Greece, the facility could supply North Macedonia, Bulgaria, Romania, Albania, Italy, and the rest of Europe, according to Mediterranean Gas.

Plans also include small scale-LNG, LNG truck loading, and LNG bunkering.

The company’s goal is to commission the FSRU-based terminal in the first quarter of 2025.

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