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. The project is part of one of Greece’s largest proposed gas-infrastructure developments. Completion would add another strategic and financial partner to the Dioryga venture.
Dioryga could become Greece’s second operational floating storage and regasification unit after Alexandroupoli. The terminal would still need sufficient long-term capacity commitments before moving forward. The partners have indicated that those bookings are treated as a prerequisite for a final investment decision.
Capacity bookings and timing for final investment decisions
The partners expect definitive agreements only after the commercial structure shows the terminal can generate predictable revenues. That assessment is also linked to whether the project can support the required financing. Capacity bookings are therefore positioned as a key step ahead of any final commitment.
Motor Oil would share cost and execution risk on what is described as a capital-intensive project. Aktor would take a direct position in LNG infrastructure, extending its role beyond construction. The agreement is also described as consistent with Aktor’s strategy of building an integrated infrastructure portfolio across Southeast Europe.
FSRU vessel choice and indicative investment figures
A central element of the project concerns whether the terminal should 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 a vessel would require approximately €300–350 million.
The offshore component would be supported by around €200 million for pipelines, metering stations and other onshore infrastructure. Under a vessel-purchase approach, the indicative capital requirement is estimated at approximately €500–550 million, excluding financing costs, contingencies and any additional marine works.
Long-term contracting targets and regional LNG 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 said market demand could support two LNG vessels operating as permanent floating storage units in Greek waters. This outlook is tied to how capacity utilisation develops over time.
Dioryga is set to compete in a regional LNG market with multiple proposed projects. 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 is described as depending more on long-term capacity utilisation than on technical availability of LNG.
Greece’s existing network of LNG, pipeline and interconnector assets means contracted demand from regional utilities and traders is expected to be essential before another large terminal can reach financial close. The Dioryga development therefore relies on securing sufficient commercial commitments alongside its technical build-out.
