Romania’s Transgaz will take part in the LNG terminal project in Greece

A Greek company, Mediterranean Gas, which is developing the Argo project for an offshore LNG terminal in Volos, has requested approval from the country’s regulatory body to allow Romania’s Transgaz to acquire a 15% stake in the project. This initiative reflects Greece’s determination to establish itself as a regional hub for liquefied natural gas (LNG) as many European Union member states aim to reduce their reliance on Russian natural gas via pipelines. In pursuit of this goal, Greece plans to construct a floating terminal off Alexandroupolis and a gas-fired power plant in the vicinity. Additionally, there are plans to expand the existing Revithoussa LNG terminal.

The Argo facility is anticipated to have the capacity to regasify up to three billion cubic meters of LNG annually in its initial phase. This floating LNG facility is slated for installation off the port of Volos, strategically positioned between Athens and Thessaloniki. Mediterranean Gas has submitted an application for authorization to the Regulatory Authority for Energy, Waste, and Water (RAAEY). The Floating Storage Regasification Unit (FSRU) is envisioned to have an annual capacity of 4.6 billion cubic meters, with the first phase capable of processing LNG equivalent to three billion cubic meters. The company aims to commence operations by 2025.

Notably, Mediterranean Gas received expressions of interest exceeding 5.2 billion cubic meters last year, surpassing the originally planned capacity. Vapiando holds a controlling 71% stake in the company, with Goldenport Marine and Norion as minority shareholders, owning 20% and 9% respectively. Furthermore, Transgaz has recently taken over Moldova’s National Gas Transport System, with its subsidiary Vestmoldtransgaz (VMTG) becoming the sole operator due to Moldovatransgaz’s failure to comply with the separation and certification requirements outlined in the European Union’s third energy package.

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