Energy group Motor Oil is reexamining its plan for the Dioryga Gas FSRU project in Corinth, west of Athens, over concerns created by a change in market conditions, the group’s management revealed yesterday during its presentation of 2022 financial results to analysts.

Petros Tzannetakis, Motor Oil’s deputy managing director, told analysts the group is taking a closer look at details concerning the project.

“We are not saying that we will not go ahead, but that we are still looking at a lot of details,” Tzannetakis noted.

Results of a market test were favorable but market conditions have changed as it has become costlier and more difficult to find LNG carriers, the Motor Oil deputy explained, noting “we still need time before making an investment decision.”

If the project is deemed feasible, the investment will go ahead, Tzannetakis informed.

In its final market test, the Dioryga Gas FSRU project attracted record slot reservation figures for durations of up to 25 years and quantities totaling up to 2 bcm per year.

Located just 22 km from Greece’s existing Revythoussa islet LNG terminal, the Dioryga Gas FSRU would supply electricity producers in Greece as well as markets in southeast Europe.

Last October, RAE, the Regulatory Authority for Energy, approved a capacity increase for the Dioryga Gas FSRU to between 135,00 and 210,000 cubic meters. Motor Oil aims to launch the FSRU in the first quarter of 2024, if the company decides to go ahead with the project’s development.