Aktor takes 50% stake in 4bcm Greek LNG terminal, citing southeast Europe's Russian gas dependence

Aktor takes 50% stake in 4bcm Greek LNG terminal, citing southeast Europe's Russian gas dependence Aktor's stake in the Dioriga FSRU advances the region's most significant new LNG import route ahead of the EU's planned 2027 Russian gas phase-out. Aktor, a Greek construction and infrastructure group, has taken a 50% stake in the planned Dioriga floating LNG terminal, the firm told Montel on Wednesday (2026-07-15), adding commercial weight to a project designed to channel up to 4bcm of gas per year into one of Europe's most Russian-dependent corners.⁵ The EU is pushing toward a full phase-out of Russian pipeline gas by 2027, and southeast European states including Bulgaria, Serbia and Hungary have been slower than western counterparts to secure alternative import infrastructure. A 4bcm terminal in Greece, if operational before that deadline, would give the region an alternative that currently does not exist at scale.² Greece has already demonstrated the commercial logic. In the first quarter of 2026, Greek LNG imports rose 36% year-on-year to 14.90 TWh from 10.96 TWh a year earlier, even as domestic demand remained subdued. Total gas demand climbed 18.5% to 26.42 TWh (2.4bcm) mainly because exports to neighboring countries nearly quadrupled to 5.99 TWh (0.56bcm), according to TSO Desfa. LNG accounted for around 56% of Greece's total gas imports in Q1.¹ That re-export surge reflects Greece's existing role as a regional gas hub, moving regasified LNG north and east into countries that lack their own import capacity. The Dioriga project would roughly double what the country can physically receive and redistribute.¹ But Russian pipeline gas has not collapsed. TurkStream 2 averaged around 54mcm per day through southeast Europe in the first three months of 2026, Entso-G data showed, and overall Russian pipeline exports to Europe rose 10%, or 5bcm, year-on-year in Q1 amid heightened winter demand. More than 13% of EU gas imports still came from Russia as of April 2026.^4,3 The simultaneous rise in Q1 of both Russian flows and LNG imports reflects the region's constrained position. Greek domestic demand was lower, yet LNG was absorbed because neighboring countries needed gas and had limited alternatives. Cold weather in January and February (2026) accelerated demand from Hungary and other southeast European buyers, traders told Montel, with weather cited as a major driver of the Russian pipeline uptick alongside the void left by the transit deal's expiry.⁴ Hungary's gas position will shape demand for Dioriga's capacity. One trader told Montel that LNG demand in the region would grow materially once Russian deliveries stop in 2027, with LNG expected to fill a significant portion of the gap. The floating terminal format, an FSRU rather than a fixed onshore facility, shortens construction timelines relative to conventional regasification plants, a practical advantage if the 2027 political deadline holds.² Bulgaria has been moving on parallel infrastructure. Balkan Gas Hub launched a new LNG auction service on Wednesday (2026-05-20), positioning itself to intermediate cargoes for buyers across the region. Greek terminal capacity and Bulgarian trading infrastructure would complement each other if both advance on schedule.² ICE Endex TTF front-month gas held at €44.18 per megawatt-hour on Wednesday morning (2026-07-15), a level that keeps LNG competitive against remaining pipeline alternatives for southeast European buyers at current freight and regas margins. Aktor's investment signals the Dioriga project has moved past the concept stage. What Montel's report did not include was a commissioning date — the figure that will determine whether the terminal delivers capacity before 2027 or arrives after the deadline it was built to meet.⁵