Energy Crisis

Romania’s Transgaz to take over stake in LNG terminal project in Greece


Photo: iStock


September 21, 2023






September 21, 2023





Mediterranean Gas, a Greek company developing the Argo project for an LNG terminal offshore Volos, asked the country’s energy regulatory body to approve the entry of Romania’s gas TSO Transgaz into ownership with a 15% stake.

Numerous European Union member states are working on replacing the natural gas coming from Russia through pipelines with liquefied natural gas, LNG. Greece is determined to become a regional hub. It is building a floating terminal offshore Alexandroupolis and a gas-fired power plant nearby. Plans are also underway to expand the existing Revithoussa LNG terminal.

Greece’s third LNG terminal

Other Southeastern European countries want in on the action. And they are no exception, as most of the EU was stung by the 2021-2022 energy crisis and the uncertainty of supply worsening after Russia’s invasion of Ukraine.

Romania’s state-owned transmission system operator SNTGN Transgaz reached an agreement with Mediterranean Gas, a company developing a project for the third LNG terminal – Argo, to acquire a 15% stake.

The Argo facility is expected to be able to regasify three billion cubic meters per year in the first phase

The floating LNG facility is planned to be installed offshore the port of Volos, halfway between Athens and Thessaloniki. The Greek company filed a request with the Regulatory Authority for Energy, Waste and Water (RAAEY) for clearance.

Annual capacity seen at 4.6 billion cubic meters

The floating storage regasification unit or FSRU is envisaged with an annual capacity of 4.6 billion cubic meters. In the first phase, it is expected to be able to process enough LNG for three billion cubic meters. The company plans to commission it in 2025.

Last year Mediterranean Gas got expressions of interest exceeding 5.2 billion cubic meters, which was the initially planned capacity. The company is controlled by Vapiando, which owns 71%. Goldenport Marine and Norion are minority shareholders, with 20% and 9%, respectively.

In addition, Transgaz has just taken over Moldova’s National Gas Transmission System. It said the designation of its subsidiary Vestmoldtransgaz (VMTG) as sole operator is the consequence of Moldovatransgaz’s failure to meet the unbundling and certification requirements according to the European Union’s Third Energy Package.

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