Motor Oil and Aktor Forge Energy and Infrastructure Alliance

Greek energy firm Motor Oil has secured a strategic partner in Aktor, a move expected to accelerate the development of a planned floating storage and regasification unit (FSRU) in Corinth. The agreement will see Aktor acquire a 50% stake in Dioriga Gas, a Motor Oil subsidiary spearheading the FSRU project.

This partnership is part of Motor Oil's broader strategy to bolster its presence in the natural gas value chain and develop critical energy infrastructure. For Aktor, the deal aligns with its goal to vertically integrate its natural gas operations and expand its footprint in key energy infrastructure projects, with plans to invest €3 billion by 2031.

The FSRU project is envisioned as a crucial component of Southeastern Europe's energy corridor, serving as a hub for importing liquefied natural gas (LNG). Aktor has already secured commercial LNG agreements totaling 1.5 billion cubic meters, with a projected turnover of €9 billion between 2030 and 2050. The facility will add significant storage capacity, enhancing energy system resilience and diversifying supply sources, thereby reducing dependence on Russian gas.

This energy sector collaboration follows closely on the heels of another recent agreement between Motor Oil and Aktor. Just days prior, the two groups announced exclusive negotiations for Aktor to acquire a 75% stake in Motor Oil subsidiaries Hlektor and Thalis. This move signals Aktor's intent to expand its involvement in the circular economy and pursue environmental projects, including waste management and waste-to-energy facilities, expected to be a significant market in Greece over the next decade.