Greece’s Mediterranean Gas testing market interest for Argo FSRU

Greece’s Mediterranean Gas, the developer of the Argo FSRU terminal, is inviting companies willing to secure capacities at its planned facility in Volos to submit their bids.

Mediterranean Gas officially launched the market test for the capacity allocation on October 31, according to a statement.

“All interested parties, including LNG producers, international traders, large-scale consumers, industrial users, marine and shipping companies locally and internationally, are invited to submit their interest in becoming registered users of the new gate to Europe,” the LNG terminal developer said.

The Argo FSRU project won an independent natural gas system (INGS) license from Greece’s Regulatory Authority for Energy (RAE) in February this year.

Mediterranean Gas said in the new statement it had already commissioned the preparation of the studies for the finalization of the technical design, as well as the environmental impact study for the project.

Launch planned in Q1 2025

Initially, Mediterranean Gas planned to launch the project in the second quarter of 2023 and then moved the date to 2024, according to its website.

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

Back in October of 2021, the firm signed a memorandum of understanding with ExxonMobil for the latter’s LNG’s supply into the proposed regasification terminal.

Besides signing the deal with ExxonMobil LNG Market Development, the firm penned 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.

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 project is advancing well to meet the commercial timeline and contribute to the European energy independency,” the LNG terminal developer said.

Greek LNG imports

Greek liquefied natural gas imports via DESFA’s Revithoussa terminal jumped to record 60 cargoes in the January-September period due to significantly higher volumes from the US.

The country currently only imports LNG via the Revithoussa facility but there are plans for several FSRUs in the future as Europe looks to reduce its reliance on Russian pipeline gas supplies.

The European Union sees Greece as an important hub for ensuring energy security in southeastern Europe.

Gastrade’s shareholders DESFA, Copelouzou, DEPA, GasLog, and Bulgartransgaz in January took a final divestment decision on the first FSRU-based import project in Greece. This project should go online next year.

Gastrade is also planning to install a second FSRU offshore Alexandroupolis, while Dioriga Gas, a unit of Motor Oil, is looking to develop another FSRU-based import project in Greece’s Gulf of Corinth.

Elpedison, a power firm owned by Greece’s Hellenic Petroleum and Italy’s Edison, revealed plans to install an FSRU off Thessaloniki as well.

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