When Greece signed its first-ever long-term contract for U.S. liquefied natural gas (LNG) during the Partnership for Transatlantic Energy Cooperation (P-TEC) summit in Athens, the symbolism was clear: Washington and Athens are deepening their energy ties, and Greece is poised to become a crucial link in Europe’s shifting energy landscape.
But behind the headlines and handshakes, the deal has sparked something more immediate—renewed investor interest in Greece’s floating LNG infrastructure. A cluster of proposed Floating Storage and Regasification Units, or FSRUs, is suddenly back in focus, as the country looks to evolve into a true regional hub for natural gas imports and re-exports.
From signature to strategy
The 20-year agreement, signed by Greek joint venture AS LNG and U.S. producer Venture Global, will bring American LNG to Greece starting in 2030 for re-export across Southeastern and Eastern Europe. Yet the volumes promised under the deal—potentially up to 4 billion cubic meters (bcm) per year—are only part of the story.
What the deal truly highlights is Greece’s need for additional infrastructure: the storage and regasification capacity required to handle, process, and deliver these gas flows northward through the so-called Vertical Corridor—a pipeline network connecting Greece with Bulgaria, Romania, Moldova, and Ukraine.
Those countries collectively consume about 50 bcm of natural gas each year, and that figure is projected to reach 68 bcm by 2030. With the European Union’s phaseout of Russian gas imports set for 2028, the region could face additional annual needs of up to 16 bcm. For Greece, expanding LNG infrastructure isn’t just an economic opportunity—it’s becoming a strategic necessity.
What exactly is an FSRU?
A Floating Storage and Regasification Unit (FSRU) is essentially a floating terminal that allows countries to import LNG without building large, permanent onshore facilities. These vessels can store liquefied gas at –162°C, convert it back into its gaseous state, and feed it directly into pipelines onshore.
Because FSRUs can be deployed relatively quickly and relocated if needed, they have become an increasingly attractive option for Europe’s energy diversification strategy.
Four projects moving toward investment decisions
Greece already operates one FSRU—the Alexandroupolis terminal, developed by Gastrade—but four more are in the pipeline. All are licensed, technically mature, and awaiting final investment decisions (FIDs). Together, they could multiply the country’s LNG handling capacity and strengthen its role in regional energy logistics.
Dioryga Gas (Motor Oil) – Planned near Corinth, this FSRU would have an annual capacity of 2.5 bcm and storage of 210,000 cubic meters. The company is seeking €179 million in financing, modeled after EU support mechanisms used for the Alexandroupolis project.
Thrace FSRU (Gastrade) – A second Gastrade project off the coast of Thrace, with regasification capacity of 5.5 bcm per year, is currently undergoing environmental permitting. Gastrade is reportedly in discussions with the U.S. International Development Finance Corporation (DFC) for potential funding, though an investment decision is unlikely before 2026.
FSRU Thessaloniki (HELLENiQ ENERGY/Elpedison) – Designed for 4.82 bcm of annual capacity and 270,000 cubic meters of storage, this project envisions a floating terminal in the Thermaic Gulf. If approved, operations could begin by late 2028.
FSRU ARGO (Mediterranean Gas) – Planned for the port of Volos, the ARGO project foresees regasification capacity of 5.2 bcm and LNG storage of 170,000 cubic meters.