November 2 (SeeNews) - Greek company Mediterranean Gas, the developer of the ARGO floating liquefied natural gas (LNG) terminal at the eastern port of Volos, said that it launched a market test for allocating storage capacity at the facility.
Interested parties, including LNG producers, international traders, large-scale consumers, industrial users, marine and shipping companies are invited to submit expressions of interest once the market notice is approved by Greece's energy regulator, Mediterranean Gas said in a press release on Monday.
The project company targets the first quarter of 2025 as the date for launching operations at the terminal. It has already commissioned studies for final technical designs as well as an environmental impact study as part of the process of securing a construction permit.
The ARGO facility will have a regasification capacity of 5.2 billion cubic metres (bcm) of natural gas per year. The gas will flow via the Greek natural gas transmission system and through cross-border pipelines to North Macedonia, Bulgaria, Romania, Albania, Italy, and the rest of Europe, further enhancing energy independence for the Southeast Europe region and the wider continent.
In February, Mediterranean Gas secured an independent natural gas system license from Greece's Regulatory Authority for Energy (RAE) and has been registered as a user of the country's national gas grid.
In October 2021, the Greek company and a unit of US oil and gas major ExxonMobil signed a memorandum of understanding (MoU) to explore the supply of ExxonMobil LNG into the proposed terminal at Volos. ExxonMobil affiliates process some 12 million tonnes of LNG per year of liquefied natural gas (LNG) supply opportunities, including potential projects in Papua New Guinea, Mozambique and the US, ExxonMobil said in a statement at the time.
Greece has a functioning LNG terminal at Revithoussa and a second one under development at the port of Alexandroupolis.