Aktor has signed a term sheet with Motor Oil to acquire a 50% stake in Diodoriga Gas, the company behind a planned floating liquefied natural gas import terminal on Greece's southern coast.
Diodoriga Gas, currently a wholly owned subsidiary of Motor Oil, was established in 2016 to develop a floating storage and regasification unit (FSRU) at Agioi Theodoroi, west of Athens. The terminal is designed to connect to Greece's National Natural Gas Transmission System, providing an additional entry point for LNG imports into the country and the wider region. The company has held an Independent Natural Gas System licence since 2018, valid through 2068, while the planned facility is expected to have storage capacity of up to 210,000 cubic metres of LNG.
Aktor's entry is expected to revive a project that has remained largely dormant for several years as it awaited a final investment decision. Rising construction costs and the gradual reduction of European funding for new natural gas infrastructure have weighed on its development. Total investment is estimated at around €500 million. While the floating terminal itself is expected to cost approximately €350 million, depending on its storage capacity and regasification equipment, the project also requires significant spending on the jetty, pipeline connections, onshore installations and its integration with Greece's gas transmission network.
The scale of Aktor's commitment was foreshadowed only days ago by the group's Chairman and Chief Executive Officer, Alexandros Exarchou, who said the company's investment in the project would amount to roughly €190 million.
ΔΙΑΒΑΣΤΕ ΕΠΙΣΗΣ
For Motor Oil, one of Greece's largest energy groups, the agreement marks the transition of the project into a new phase. Bringing in a strategic partner reduces the financial burden of developing a capital-intensive energy asset while allowing the company to retain equal ownership and continue shaping the project's future.
The significance of the FSRU extends beyond the investment itself. Europe has accelerated efforts to diversify gas supplies since Russia's invasion of Ukraine, with LNG infrastructure becoming a central element of the continent's energy security strategy. Once operational, the Agioi Theodoroi terminal would provide Greece with another LNG import gateway while strengthening supply routes to Southeast and Eastern Europe through the country's expanding gas transmission network. The project is expected to enhance supply diversification, increase market competition and contribute to the European Union's REPowerEU strategy aimed at reducing dependence on Russian natural gas.
Despite being incorporated nearly a decade ago, Diodoriga Gas remains a development-stage company with no commercial operations. At the end of 2024, it held cash and cash equivalents of €2.17 million, total assets of €6.55 million and shareholders' equity of €5.97 million. Its share capital remained unchanged at €7.27 million.
