AKTOR Takes 50% Stake in Greece's Dioriga Gas FSRU Project

Greek infrastructure and energy group AKTOR will acquire a 50 percent equity stake in the Motor Oil-developed Dioriga Gas project, advancing Greece's floating storage and regasification unit sector. Revealed in stock exchange filings on 9 July, the deal supports development of what is expected to become Greece's second FSRU terminal, located near Motor Oil's refinery around 70 kilometres from Athens. The near-shore terminal, with storage capacity of up to 210,000 cubic metres, forms part of Greece's broader push toward energy diversification through LNG.

 

Details of the Transaction

 

AKTOR is set to take a significant stake in the Dioriga Gas project. Stock exchange filings on 9 July revealed the infrastructure and energy group's plans. Under the agreement, AKTOR will acquire a 50 percent equity stake in the project. The project was developed by Greek energy major Motor Oil. This brings two domestic majors together in the venture.

Dioriga Gas serves as the project company behind the terminal. It is responsible for the development and operation of the floating storage and regasification unit. The FSRU is expected to be connected to the National Natural Gas Transmission System. This connection would allow the terminal to feed gas into Greece's wider network. The acquisition positions AKTOR as an equal partner in this infrastructure.

 

The Dioriga Gas Terminal

 

The terminal is planned as a substantial piece of energy infrastructure. It will have a maximum storage capacity of up to 210,000 cubic metres. The facility will be located in the Agioi Theodoroi area, near Motor Oil's refinery. This site sits approximately 70 kilometres from Athens. The proximity to the existing refinery offers logistical and operational advantages.

The project would mark a significant addition to Greece's gas import capacity. It is expected to become Greece's second FSRU terminal. This follows the FSRU Alexandroupolis, which has an LNG storage capacity of 153,500 cubic metres. That existing facility offers a regasification capacity of 23 million cubic metres per day. Dioriga Gas would therefore expand the country's floating regasification footprint.

 

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How the Terminal Will Operate

 

The facility is designed to function as a flexible near-shore import terminal. It will operate based on a floating storage and regasification unit configuration. LNG will be delivered to the terminal by LNG carriers. The fuel will then be stored in the floating unit's cryogenic storage tanks. This provides a buffer between delivery and onward distribution.

The terminal offers multiple routes for distributing the imported gas. LNG can be regasified onboard and exported as natural gas into the Greek transmission system. Alternatively, it can be supplied directly as LNG through bunkering vessels. It can also be distributed via LNG trucks for road transport. This flexibility allows the terminal to serve several different market channels.

 

Supply Agreements and Cooperation

 

Motor Oil has been building the commercial framework around the project. In late May, it signed a memorandum of understanding with Mercuria Energy. This established a framework for long-term cooperation on the Dioriga Gas project. The arrangement covers regasification capacity reservations at the terminal. It also addresses the long-term supply of LNG by Mercuria to Motor Oil through the FSRU.

The cooperation is structured to advance the project toward operation. The parties have worked on step-by-step cooperation across several areas. This includes jointly developing the framework needed to bring the project into commercial operation. Such agreements help secure both supply and demand for the terminal. They form an essential part of making the project commercially viable.

 

Strategic Context and Energy Diversification

 

The transaction aligns with AKTOR's strategic priorities in energy infrastructure. The group said the deal supports its strategy of strengthening its presence in critical energy infrastructure. It also reflects an ambition to participate in projects supporting Greece's energy diversification. AKTOR has already expanded its LNG activities in recent months. In November, it established a joint venture with DEPA Commercial to import and trade LNG.

For Motor Oil, the agreement reinforces its position across the gas value chain. The group said the deal supports its strategy of developing critical energy infrastructure. It also strengthens its standing in the natural gas sector. Motor Oil operates one of Europe's most advanced refineries and exports to more than 70 countries. The FSRU project extends its involvement further into the natural gas market.