Μotor Oil is advancing two major energy transactions that are expected to strengthen its position across Greece’s electricity and natural gas markets and accelerate consolidation in the sector.
The first involves AKTOR, which is set to acquire a 50% stake in Dioriga Gas, the Motor Oil subsidiary developing a floating storage and regasification unit (FSRU) off the Agioi Theodoroi site in the Corinth Gulf. The deal has entered the stage of finalizing its main terms, with definitive agreements expected to be signed in September.
The FSRU is designed to add LNG storage and regasification capacity to Greece and provide another entry point for natural gas into the national system. With planned storage capacity of up to 210,000 cubic meters, the project is also intended to support gas flows toward southeast and eastern Europe through the billed Vertical Energy Corridor.
For AKTOR, the investment is part of a strategy to establish a larger role in regional energy security and infrastructure. The group has already secured LNG commercial agreements involving 1.5 billion cubic meters, with long-term commitments generating an estimated 9 billion euros in revenue between 2030 and 2050. It is also seeking additional agreements.
The second transaction involves Motor Oil and GEK TERNA, which are preparing to combine their electricity and natural gas supply businesses, Nrg and HERON, in a joint company. Administrative procedures for the new entity are already underway after the European Commission approved the concentration earlier this year.
The new group will have about 1.5 GW of flexible power generation capacity, led by the 877 MW combined-cycle gas plant in Komotini, jointly owned by the two groups. It is expected to serve roughly 550,000 electricity customers and hold about 17% of the electricity market, while securing an estimated 11% share of the natural gas market.
Source: tovima.com
