Greek infrastructure group Aktor has reached a preliminary agreement to buy a 50% stake in Dioryga Gas, the Motor Oil subsidiary developing a floating LNG storage and regasification terminal near Agioi Theodoroi in Corinth. The transaction would add another strategic and financial partner to one of Greece’s largest proposed gas-infrastructure projects. Dioryga is positioned to become the country’s second operational floating storage and regasification unit after Alexandroupoli, subject to securing sufficient long-term capacity commitments.
Capacity bookings and conditions for final investment
The partners view capacity bookings as a prerequisite for a final investment decision. Definitive agreements are expected only after the commercial structure shows that the terminal can generate predictable revenues and support the financing required for development. The project’s next steps therefore depend on how the terminal’s capacity is contracted over time.
Motor Oil would share both cost and execution risk associated with the capital-intensive development. Aktor would gain a direct position in LNG infrastructure, extending its involvement beyond construction. The move also aligns with Aktor’s wider strategy of building an integrated infrastructure portfolio across Southeast Europe.
FSRU vessel purchase versus lease economics
A key decision for the terminal concerns whether it will purchase or lease an FSRU vessel. Leasing is estimated at approximately $120,000 per day, equivalent to almost $44 million annually before operating and associated expenses. Buying an FSRU vessel would require approximately €300–350 million.
The offshore component would be supported by around €200 million of investment in pipelines, metering stations and other onshore infrastructure. Under a vessel-purchase model, the project’s indicative capital requirement would be approximately €500–550 million before financing costs, contingencies and any additional marine works.
Long-term contracting targets and regional competition
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 demand could strengthen enough to support two LNG vessels operating as permanent floating storage units in Greek waters.
Dioryga is set to operate 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.
Bankability is described as depending less on 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.
