How will the promotion of US LNG purchases affect Greece?
Greece's energy sector may benefit from US LNG via new corridor The promotion of US liquefied natural gas (LNG) has accelerated the development of the Vertical Gas Corridor, a route intended to bring US LNG into Greece. This effort involves the Greek state-owned energy company DEPA and the Greek company Aktor, which formed the joint venture Atlantic-SEE LNG. This venture has already signed memoranda of understanding and commercial agreements with gas companies in several Southeast European nations, including Bulgaria, Ukraine, and Romania.
- Effect
- Mild positive
- How direct
- Stated in the reporting
- When
- Within weeks
- The story
- No new developments lately
How it reaches Greece
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The US Ambassador to Greece, Kimberly Guilfoyle, traveled to Bulgaria to encourage the country to purchase American liquefied natural gas (LNG) valued in the billions of dollars. Guilfoyle was accompanied by Christos Marafatsos, a lobbyist for the Greek construction company Aktor. The US administration sought to persuade allies on Europe’s eastern flank to buy US natural gas, directing Bulgarian officials toward Aktor as a potential partner. The Greek company subsequently signed agreements with Bulgarian gas companies.
The full event1independent outlet -
The US administration, through Ambassador Kimberly Guilfoyle, urged allies to purchase US LNG, leading to the establishment of Atlantic-SEE LNG. This joint venture, owned 60% by Aktor and 40% by DEPA, is central to the Vertical Gas Corridor, which is intended to bring US LNG into Greece.
1 report connects these two. Brind only summarizes; follow a link to read the reporting itself.
- novinite.com Friday
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country in Southeast Europe
Everything about Greece
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The facts so far
As reported. Each one links to where it comes from.
- The Vertical Gas Corridor is intended to bring US LNG into Greece and transport it by pipeline to Ukraine.novinite.com
- Aktor established Atlantic-SEE LNG, a joint venture owned 60% by Aktor and 40% by DEPA.novinite.com
- Atlantic-SEE LNG has signed memoranda of understanding and commercial agreements with gas companies in Bulgaria, Ukraine, Bosnia and Herzegovina, and Romania.novinite.com
- A USD6 billion agreement was secured in Albania, which would result in Albania purchasing gas from the company through 2050 if implemented.novinite.com
Why it matters
The development of the Vertical Gas Corridor is strategically important for Greece and Southeast Europe, as it aims to reduce the region's dependence on Russian energy. By facilitating the import of US LNG, the infrastructure project supports Greece's energy security and positions it as a key transit point for natural gas into Central and Eastern Europe.
This initiative highlights the intersection of energy policy, infrastructure development, and corporate interests in the region. The involvement of Greece's state-owned energy company, DEPA, in the joint venture underscores the national importance of securing reliable, non-Russian energy supplies for the country and its neighbors.
What we don't know yet
- Will the potential USD6 billion agreement in Albania ultimately be completed?
- How will the suspension of talks over future purchases from Atlantic-SEE by Ukraine's state-owned gas company affect the project?
What would change this answer
Reporting
- novinite.comFriday
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Brind's analysis is written by AI from the reporting linked above and can be wrong. It explains possible effects; it is not investment advice.