Swiss commodities trader Mercuria Energy and Greek energy company Motor Oil Hellas signed a memorandum of understanding on May 25 to establish a framework for long-term co-operation on a floating storage and regasification unit in Greece.
Developed by Motor Oil Hellas through its subsidiary Dioriga Gas, the Dioriga Gas terminal is located in the Saronic Gulf.
Under the agreement, the two entities have established step-by-step co-operation regarding regasification capacity reservation at the terminal, with Mercuria set to provide long-term supplies of liquefied natural gas for delivery.
The partnership also involves the joint development of the operational framework required to bring the import terminal into commercial operation.
Motor Oil Hellas described the terminal as an import option for Greece and the wider Southeast European region to help diversify gas supply sources and enhance regional energy security.
Both parties added that they look forward to advancing the project to expand the region's overall liquefied natural gas import capacity.