Greek infrastructure group Aktor has reached a preliminary agreement to acquire a 50% stake in Dioryga Gas, the Motor Oil subsidiary developing a floating LNG storage and regasification terminal near Agioi Theodoroi in Corinth.
Completion of the transaction would bring an additional strategic and financial partner into one of Greece’s largest proposed gas-infrastructure investments. Dioryga could become the country’s second operational floating storage and regasification unit after Alexandroupoli, although the project must first secure sufficient long-term capacity commitments.
The partners regard capacity bookings as a prerequisite for a final investment decision. Definitive agreements are expected only after the commercial structure demonstrates that the terminal can generate predictable revenues and support the required financing.
Motor Oil would benefit by sharing the cost and execution risk of a capital-intensive project. Aktor would gain a direct position in LNG infrastructure, extending its activities beyond construction and reinforcing its wider strategy of building an integrated infrastructure portfolio across Southeast Europe.
A central decision concerns whether the terminal should purchase or lease an FSRU vessel. Leasing is estimated to cost approximately $120,000 per day, equivalent to almost $44 million annually before operating and associated expenses. Buying a vessel would require approximately €300–350 million.
The offshore component would be accompanied by around €200 million of investment in pipelines, metering stations and other onshore infrastructure. A vessel-purchase model could consequently place the project’s indicative capital requirement at approximately €500–550 million, before financing costs, contingencies and any additional marine works.
Aktor is targeting long-term contracts covering 4.5 billion cubic metres of gas by the end of 2026. Chief executive Alexandros Exarchou has indicated that market demand could become strong enough to support two LNG vessels operating as permanent floating storage units in Greek waters.
Dioryga will compete in an increasingly crowded regional LNG market. Gastrade continues to offer capacity for another proposed FSRU in Thrace, while Helleniq Energy has retained the option of developing an LNG terminal near Thessaloniki in the Thermaic Gulf.
The project’s bankability will depend less on the technical availability of LNG than on long-term capacity utilisation. Greece already has an expanding network of LNG, pipeline and interconnector assets, making contracted demand from regional utilities and traders essential before another large terminal can reach financial close.
