Argo FSRU

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Argo FSRU is a proposed floating storage regasification unit (FSRU) terminal for LNG import in Greece.

Location

The terminal is proposed to be located in the Port of Volos, Greece.

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Project details

• Operator: Mediterranean Gas
• Owner: Mediterranean Gas
• Parent company:
• Location: Port of Volos, in the city of Volos, Greece
• Coordinates: 39.3512644,22.9324904 (approximate)
• Capacity: 4.6 bcm/y
  • Formerly 5.2 bcm/y (capacity will average 5 bcm/y and reach a maximum of 7.6 bcm/y)
• Status: Proposed
• Type: Import
• Start year: 2025
• Cost: €226.5 million (US$248.5 million)
• Financing:
• FID status: pre-FID
• Associated infrastructure:

Note: mtpa = million tonnes per year; bcfd = billion cubic feet per day; bcm/y = billion cubic meters per year

Background

In March 2022, Greece's Mediterranean Gas (MedGas) received approval to develop the Argo FSRU Terminal, with potential import capacity of 4.6 bcm/y, in the port of Volos. MedGas will develop the project with ExxonMobil LNG after being awarded an independent natural gas system license from Greece's Regulatory Authority for Energy in February 2022. The MedGas company was established in September 2020 to develop the Argo FSRU project. Companies involved in the project include ExxonMobil LNG, Greece's Goldenport Shipping Management, and Klaipedos Nafta, the operator of the Klaipeda LNG Terminal in Lithuania. In October 2021, the two companies signed a memorandum of understanding to assess the supply capability of ExxonMobil LNG, a unit of US energy giant ExxonMobil, for delivering LNG into the proposed FSRU. ExxonMobil is expected to supply LNG to the facility from sources including the US and Qatar. MedGas said that as well as supplying Greece, the FSRU could also supply Bulgaria, Montenegro, Kosovo, Bosnia, North Macedonia, Albania, Serbia, and other countries. MedGas was aiming to have the terminal facility operating in the third quarter of 2023.

In November 2022, MedGas announced that the FSRU's commissioning had been delayed until an anticipated start date in the first quarter of 2025. The FSRU terminal would have annual capacity of 5.2 bcm. The company said that it had launched a market test for the project's capacity allocation on October 31, and that it had already commissioned the preparation of the studies for the finalization of the technical design, as well as the environmental impact study.

In December 2022, Mediterranean Gas completed the first phase of a market test to assess interest and capacity allocation in the terminal, finding that demand exceeded the total capacity of the project.

In September 2023, it was reported that the project's sponsor was seeking permission from Greece's government to allow Romania's Transgaz to purchase a 15% stake in the project.