Mediterranean Gas completes ARGO FSRU market test

Greek energy utility company Mediterranean Gas has completed the first phase of the market test for the expression of interest and capacity allocation for the ARGO FSRU terminal in Volos.

According to Mediterranean Gas, an expression of interest was submitted by Greek and international companies, which exceeded the total capacity of the LNG terminal, while the quantities declared are for a period of up to 25 years.

The company added that the demand for additional storage space in the terminal was also particularly high.

It further explained that the project, soon proceeding with the next binding phase, is being developed to contribute to the country’s energy needs as well as to increase its import and storage capacity in all Balkan countries and Southeastern Europe.

The new ARGO terminal is located in the heart of the Mediterranean and in the centre of the National Natural Gas Transmission System.

Its regasification capacity is expected to be 5.2 bcm of natural gas per year.

The process of the first phase of the Market Test was completed under the supervision of Greece’s Regulatory Authority for Energy (RAE).