Greece is about to get its second private LNG terminal. AKTOR Group and Motor Oil have agreed in principle for AKTOR to ...

Greece is about to get its second private LNG terminal. AKTOR Group and Motor Oil have agreed in principle for AKTOR to take a 50% stake in the "Diorygа GAS" FSRU project at Agioi Theodoroi in Corinth, a deal that directly breaks the monopoly held by DESFA, the state-linked natural gas system operator that has controlled the country's only LNG terminal at Revythoussa near Megara. DESFA's Revythoussa terminal has served as Greece's primary energy lifeline, handling 43% of all gas imports in the first half of 2026. That monopoly has been lucrative, with reports estimating DESFA earned around 400 million euros from it, while usage costs ballooned from 1.2 to 4 euros per MWh. The new FSRU, a licensed and permit-ready project requiring around 400 million euros in investment, will add 21 to 24 TWh of LNG import capacity, roughly 30% of the Greek market, and increase storage capacity in southern Greece by 45%. The timing matters enormously. Russian gas flowing through TurkStream into Greece via Sidirokastro will be banned from 2027, leaving a projected supply gap of 2 to 6 billion cubic meters annually depending on whether regional export needs are counted. The new terminal is positioned to help fill that gap and advance Greece's broader ambition to become an LNG hub for the Balkans and Central and Eastern Europe. AKTOR's energy trading arm, Atlantic See LNG Trade, has already secured supply agreements with buyers across the Balkans and Eastern Europe. Motor Oil's existing relationship with global energy trader Mercuria also signals serious commercial backing for the venture. AKTOR is expected to finance its 50% stake through a 650 million euro capital increase. Today, Greek Energy Minister Stavros Papastavrou and Bulgarian Deputy Energy Minister Velislava Petrova are hosting a meeting of nine gas system operators from the region to advance the so-called Vertical Corridor, the pipeline network connecting Greece all the way to Ukraine and linking the Western Balkans with Slovakia and Hungary. For the first time, representatives from Serbia, North Macedonia, Slovakia, and Hungary are all participating. The Greece-North Macedonia pipeline, expected to complete in ...