KTOR is set to acquire a 50% stake in Motor Oil’s planned Dioriga Gas floating LNG terminal, according to market sources, bringing a new partner into a €400 million project that has emerged as a key part of Greece’s post-2027 gas strategy.
The agreement in principle gives the group led by Alexandros Exarchou an equal stake in the floating storage and regasification unit (FSRU), which is planned offshore from Motor Oil’s refinery complex in Agioi Theodoroi, west of Athens.
The investment comes after months of uncertainty surrounding the project and follows a broader reassessment by policymakers and market participants of Europe’s future gas needs after the European Union decided to phase out Russian gas imports from 2027.
A Mature Project Awaiting FID
Dioriga Gas is regarded as one of Greece’s most advanced LNG projects from a permitting and licensing perspective and is effectively ready for a final investment decision.
Once operational, the terminal is expected to add between 21 and 24 terawatt-hours of LNG imports annually — equivalent to roughly 30% of the Greek gas market — while increasing LNG storage capacity in southern Greece by 177,000 cubic meters, or approximately 45%.
The project would provide additional LNG import capacity alongside DESFA’s Revithoussa terminal near Athens and the Alexandroupolis FSRU in northern Greece.
DESFA figures for the first half of 2026 showed Revithoussa accounting for 43% of Greece’s total natural gas imports, highlighting the increasingly important role of LNG in the country’s energy mix.
Preparing for the End of Russian Gas in Europe
The commercial rationale behind the project has strengthened as Europe prepares for the end of Russian gas imports.
Russian gas currently reaches Greece via the TurkStream pipeline through the Sidirokastro entry point on the Greek-Bulgarian border. Replacing those volumes is expected to increase demand for LNG imports and alternative supply routes.
Market estimates suggest the region could face an annual supply gap of between 2 billion and 6 billion cubic meters after Russian imports are phased out, depending on the extent of exports to neighboring countries.
At the same time, the war between Iran and the US and the closure of the Strait of Hormuz have reinforced the importance of supply diversification and additional import infrastructure.
Great Expectations
According to market sources cited by OT.gr, the AKTOR-Motor Oil partnership is expected to support additional LNG procurement agreements and exports through the Vertical Corridor, the network of gas pipelines linking Greece with Southeast and Central Europe.
The initiative has received strong backing from both Athens and Washington as part of efforts to diversify gas supplies across the region.
ATLANTIC SEE LNG Trade, the company established by AKTOR and DEPA Commercial, has already secured agreements with buyers in the Balkans and Eastern Europe, while several memorandums of understanding are gradually being converted into commercial contracts.
Motor Oil’s cooperation with international energy trader Mercuria is also seen as strengthening the commercial prospects of the project.
AKTOR’s participation in the FSRU is expected to be financed through the group’s €650 million capital increase.
Expanding the Vertical Corridor
The investment coincides with renewed efforts to expand the Vertical Corridor further north.
Representatives of nine gas transmission system operators are meeting under the auspices of Greek Energy Minister Stavros Papastavrou and Bulgarian Deputy Energy Minister Velislava Petrova to discuss the next phase of the initiative.
Serbia, North Macedonia, Slovakia and Hungary are participating in the discussions for the first time.
A key priority is the integration of the Western Balkans through the completion of the Greece-North Macedonia gas interconnector, expected to enter operation in 2027 with an initial capacity of 1 billion cubic meters annually and the ability to expand to 2.8 billion cubic meters.
A separate interconnector linking North Macedonia and Serbia is expected to be completed around the same time, extending the corridor further north.
DESFA officials say the aim is to sign a memorandum of understanding on expanded cooperation, potentially around the Thessaloniki International Fair in September.
Source tovima.com
