Motor Oil and Aktor groups announced a preliminary agreement for Aktor to acquire a 50% stake in Dioriga Gas.
The transaction concerns the floating storage and regasification unit (FSRU) project for liquefied natural gas (LNG) at Agioi Theodoroi, which was included in the Strategic Investments framework in early 2023, with an approved budget at the time of 339.6 million euros. (Note: the two groups have not yet officially disclosed the investment budget.)
Under the agreement, Aktor will enter the LNG infrastructure sector, while for Motor Oil it marks the first step towards cooperation with a strategic partner for the project, following its announcement in late June that it was exploring partnership opportunities in its natural gas activities. For Aktor, the investment in Dioriga Gas forms part of the 3 billion euro investment programme it has announced through 2031, aimed at developing critical energy infrastructure and expanding its presence in the energy sector.
According to the group, its participation in the Agioi Theodoroi FSRU project is part of its strategy to pursue projects that enhance security of supply and diversify natural gas sources in Greece and Southeast Europe. Aktor said it has secured LNG commercial agreements for a total volume of 1.5 billion cubic metres (bcm), through long-term binding contracts corresponding to revenues of 9 billion euros over the 2030-2050 period, while it is also seeking to secure additional agreements for a total volume of 5 bcm. For Motor Oil, Aktor’s entry is part of the group’s strategy to further develop the project, as it expects the partnership to strengthen its financing, operational and commercial foundations, within its broader strategy to develop critical energy infrastructure and expand its role across the natural gas value chain. According to Motor Oil, the Dioriga Gas FSRU at Agioi Theodoroi is the most advanced project of its kind in Greece, having secured all required permits and studies.
The facility is expected to add LNG storage capacity of between 170,000 and 210,000 cubic metres and will be connected to the National Natural Gas Transmission System, creating a new gas entry point for the Greek market as well as the markets of Southeast and Eastern Europe.
The project’s development also includes Motor Oil’s recent memorandum of cooperation with Mercuria for capacity reservation and the establishment of the commercial framework for the terminal’s operation. At this stage, the two groups have signed a term sheet outlining the main terms of the transaction.
The deal will be completed following the finalisation and signing of definitive agreements, as well as the receipt of all required corporate, regulatory and other approvals.
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