Greece’s Strategic Move in LNG Supply: A Closer Look at the Motor Oil Hellas and Aktor Partnership
Greece’s energy landscape is on the cusp of a transformation, primarily through the recent collaboration between Motor Oil Hellas (MOH) and Aktor. This partnership is anchored in the divestment of half of MOH’s subsidiary stake in the Dioriga Gas floating storage and regasification unit (FSRU) project. This project is not just pivotal for Greece but also represents a significant step toward enhancing liquefied natural gas (LNG) supply in the broader European region.
The Rationale Behind the Deal
Just after entering a Memorandum of Understanding (MOU) with Mercuria, aimed at fostering long-term cooperation on the FSRU Dioriga Gas project in the Saronic Gulf, MOH has outlined a framework for Aktor’s acquisition of a 50% stake in its subsidiary, Dioriga Gas. This initiative is characterized as Greece’s most advanced and mature FSRU project, and is poised to significantly bolster LNG imports into both Greece and Southeast Europe.
Connecting to National Infrastructure
This FSRU project is designed to integrate seamlessly with the National Natural Gas Transmission System, thereby enhancing the infrastructure for LNG imports. However, the finalization of the transaction with Aktor hinges on the signing of definitive contracts and securing necessary corporate and regulatory approvals. This careful approach emphasizes MOH’s strategic focus on the enhancement of energy infrastructure in Greece.
Expanding the Energy Landscape
The collaboration is not merely a commercial transaction. It represents a broader strategy by MOH to firmly establish itself within the natural gas value chain. Through this deal, MOH aims to facilitate the development of the FSRU project, significantly broadening its financial, operational, and commercial foundation. The implications of this deal extend beyond mere economics, reflecting a larger vision to enhance energy security and diversification in the region.
Aktor’s Strategic Interests
For Aktor, this partnership aligns with their business strategy to strengthen their foothold in critical energy infrastructure. The firm seeks to be actively involved in projects that contribute to the security of energy supply and the diversification of energy sources in Greece. This is particularly timely given the anticipated regional demand for LNG as countries phase out reliance on Russian gas by 2027.
Financial Considerations
With plans underway, the partners are weighing their options on whether to purchase a new FSRU or lease an existing unit. Financial reports suggest that procuring a new FSRU could incur costs up to €350 million, while leasing an existing unit may range around $120,000 per day. This decision will largely depend on the volume of LNG that Aktor can secure, with a target of establishing contracts for 4.5 billion cubic meters (bcm) of gas by the end of the year.
Increasing Greece’s LNG Hub Potential
At a time when Greece is ramping up its capabilities as a regional LNG hub, this project is particularly crucial. As demand for LNG is expected to increase sharply, the FSRU Dioriga Gas project will play a vital role in meeting these needs, especially as European countries transition away from traditional gas sources.
Current Progress and Future Outlook
According to the latest updates from Dioriga Gas, as of May 2026, the project team is actively pursuing a sea license and seeking a third-party exemption from the regulatory authority (RAAEY). They are also engaging in discussions with various stakeholders in the LNG market to further solidify partnerships.
The FSRU Dioriga Gas is set to be situated offshore, southwest of MOH’s refinery in Agioi Theodoroi, near Corinth, approximately 65 kilometers west of Athens. The planned specifications for this unit include a substantial storage capacity of 210,000 cubic meters, with a regasification capacity of 132,000 MWhs/d, and an expected annual regasification throughput of around 2.5 bcm.
This ambitious undertaking signals not only a local investment but a significant step into shaping the future of energy supply in Greece and Southeast Europe, aligning with broader European energy transition goals.