Argo FSRU project greenlighted by Greece’s regulatory authority

The ARGO FSRU project in Volos port, developed by Mediterranean Gas, has been greenlighted by Greece’s Regulatory Authority for Energy (RAE).

Mediterranean Gas is a Greek energy utility company that is behind the FSRU-based Volos Port Authority project Argo. The project has the ambition to become the LNG and energy hub for Balkan, Mediterranean Region, and Europe in general.

Back in October 2021, ExxonMobil LNG and Mediterranean Gas signed an MoU to assess ExxonMobil LNG’s supply into the proposed LNG regasification terminal in Volos.

The companies informed via social media that the Argo FSRU project has now reached a major milestone. By securing this license, MedGas now has the authority to construct and operate the proposed LNG terminal.

The Argo FSRU name comes from a ship from Greek mythology. It will have a capacity of 150,000 to 180,000 cubic meters.

The project’s total cost will amount to about €226.5 million ($248.5 m).

Additionally, the company says it targets to make Volos Port an international hub of energy supply. Its scope will cover LNG, CNG, natural gas, bunkering, power production, as well as electricity generation. 

The project would specifically support European energy security and diversification.

On the other hand, Greek company Gastrade is planning its second FSRU project. After Alexandroupolis FSRU, it is planning the new project Thrace INGS that will feature an FSRU unit at the Sea of Thrace.