The starting signal for a new energy era, with Greece in a leading role, has been given and the horizon opening up, with promising agreements, reveals multi-level benefits. The symbolically significant presence of Environment and Energy Minister Stavros Papastavrou in Washington and his participation in the Summit themed “Transatlantic Gas Security Summit,” attended by leading energy sector representatives, including Atlantic SEE LNG Trade represented by the company’s CEO Alexandros Exarchou, constitutes yet another tangible proof of Greece’s upgrade on the energy map.
Analyzing the significance of Greece’s participation in the Energy Summit in Washington for parapolitika.gr, Kostas Yfantis, Professor of International Relations and Director of IDIS at Panteion University, made special reference to the Vertical Corridor, emphasizing that this is an important piece in a puzzle that has been coming together for years. Commenting on developments in Washington, he spoke of the “crowning of the very good US-Greece relations,” while regarding Europe’s process of becoming independent from Russian gas, he emphasized that after “2022, Europe’s need to become independent from Russia emerged.” He then made sure to refer again to the “vertical axis, an important piece” in the entire energy project at a time when “geography benefits us.”
“Expectations for an even greater upgrade of the country are evident,” Mr. Yfantis also stated. Regarding possible Turkish reactions due to our country’s new role on the energy map, the Professor of International Relations spoke of a clear advantage for Greece over its neighbor, however immediate and obvious reactions from Ankara are not expected, only irritation.
When the discussion reached drilling and deposits, he spoke of great optimism, of enormous energy, economic and political benefits since the probabilities indicate the existence of hydrocarbons. Regarding whether Greece could produce natural gas, Mr. Yfantis considers it likely and as he explains, it will become known within the next one to two years.
Papastavrou: The positive message for energy agreements from Washington
“Greece emerges at the forefront. With Chevron, with ExxonMobil, with the Vertical Corridor, Greece grows stronger. And this means for the Greek citizen more investments, more jobs, more money for the Greek economy. But it also means something else. Greater self-confidence, greater pride for our Homeland, which does not follow developments, but shapes them,” was the message sent by Environment and Energy Minister Stavros Papastavrou from Washington.
He participated in the ministerial Summit organized at the Donald J. Trump Institute of Peace in Washington by the White House and the US National Energy Dominance Council (NEDC) themed “Transatlantic Gas Security Summit.” The summit was chaired by the US Secretary of the Interior and Head of the Energy Dominance Council, Doug Bergam and the US Secretary of Energy, Chris Wright.
New long-term agreements for the Vertical Corridor
New long-term agreements for selling American LNG with four countries were secured by Atlantic SEE LNG Trade within the framework of the ministerial summit organized in Washington by the White House and the US National Energy Dominance Council (NEDC), focusing on transatlantic energy cooperation.
With these specific agreements, Greece gains a strategic advantage amid geopolitical fluidity that establishes it as a stable and international energy hub for the broader region.
Specifically, Atlantic SEE LNG Trade, in which AKTOR Group participates 60% and DEPA Commerce 40%, signed long-term LNG sales agreements with 4 countries of the Vertical Corridor:
– With the Ministry of Infrastructure and Energy of Albania.
– With the public company BULGARGAZ of Bulgaria.
– With Aluminij Industries and M.T. Abraham group of Bosnia and Herzegovina.
– With Naftogaz of Ukraine.
At the summit, Atlantic SEE LNG Trade was represented by the company’s CEO (and head of AKTOR Group), Alexandros Exarchou, who signed the relevant agreements.
It’s worth noting that both for implementing the Vertical Corridor and organizing the ministerial summit, intensive efforts have been made by the US Ambassador to Athens, Kimberly Guilfoyle.
Joint statement after the Transatlantic Gas Security Summit
A joint statement for strengthening natural gas supply security in Central and Eastern Europe, with participation from Greece, Bulgaria, Hungary, Poland, Romania, Slovakia, Moldova, Ukraine, Croatia, Lithuania, Serbia, Bosnia and Herzegovina, and the United States, was released following the Ministerial Summit in Washington.
The Energy Ministers and representatives of the Hellenic Republic, Republic of Bulgaria, Hungary, Republic of Poland, Romania, Slovak Republic, Republic of Moldova, Ukraine, Republic of Croatia, Republic of Lithuania, Republic of Serbia, Bosnia and Herzegovina, and the United States of America, hereinafter referred to as the “Participants,”
- RECOGNIZING the strategic relations among the Participants and the long-term cooperation among Participants in the fields of energy, trade, security and other areas;
- RECOGNIZING the continuing strong collaboration within the Partnership for Transatlantic Energy Cooperation (P-TEC) and the Three Seas Initiative (3SI);
- RECOGNIZING that diversification of natural gas supplies and routes is vital to European energy security and that past dependencies on supply underscored the importance of resilient and diversified energy sources, and that cooperation with the United States will enhance Europe’s energy resilience and ensure secure and reliable access to natural gas;
- RECALLING threats to European energy security in 2006, 2009, 2014, 2018, and from 2022 onward;
- NOTING the United States’ leadership in energy abundance, goals of enhanced regional integration, and enhanced transatlantic energy trade cooperation;
- TAKING INTO ACCOUNT the increasing importance of liquefied natural gas (LNG) projects in countries such as Croatia, Greece, Lithuania, and Poland as significant investments contributing to energy security and economic prosperity in central and eastern Europe;
- COMMENDING regional efforts to enhance energy security through increased liquidity of regional natural gas markets and through entering into commercial contracts with United States LNG suppliers; and
- RECOGNIZING that Ukraine has one of Europe’s largest underground natural gas storage facilities, which should be integrated into regional natural gas markets and into a commercial trading hub, supporting Ukraine’s economic recovery and reconstruction;
- SUPPORTING the shared sense of urgency for re-industrialization of manufacturing capacity through strategic policy, capital deployment, and supply chain risk mitigation, particularly to facilitate development and expansion of energy systems and infrastructure as a means of promoting mutual prosperity, economic resilience, and national security;
HAVE REACHED THE FOLLOWING UNDERSTANDING:
- The Participants seek to enhance resilience of natural gas markets by fully utilizing existing infrastructure while making additions as required to increase deliveries and create economies of scale to meet strategic energy priorities.
- The Participants seek to continue their cooperation in promoting transparent and non-discriminatory access to natural gas infrastructure in central and eastern Europe, with the aim of enhancing natural gas supply security for the Signatories.
- The Participants intend to work toward increasing natural gas market transparency, harmonization of natural gas exchanges, promotion of efficient and cost-effective regulatory pricing frameworks, and mitigation or, where possible, elimination of regulations that would impede natural gas imports, construction of new natural gas infrastructure, and long-term stability of natural gas trade.
- The Participants commit to mobilizing public and private sector financing, including export credit agencies and multilateral financial institutions, to achieve the national and regional energy goal of ensuring secure and affordable natural gas supply throughout central and eastern Europe.
- The Participants express their intention and desire to consult regularly on implementation of the cooperation principles confirmed in this Joint Statement.
- The Participants are united in their commitment to enhancing European energy security and diversification, ensuring stable and resilient energy supply free from manipulation or coercion, and fostering mutually beneficial opportunities for American and European companies.
