A landmark milestone for Greece’s energy upgrade and the strengthening of its geostrategic role in the broader Southeastern Europe region is the mega deal between ATLANTIC – SEE (joint venture of Aktor and DEPA Commercial companies) with the American company Venture Global Inc for the supply of significant quantities of liquefied natural gas (LNG) from the United States.
In parallel, the Greek company signed Memoranda of Understanding (MoU) with state entities in Romania and Ukraine for the sale of significant quantities of LNG to them, marking the next step in its strategy for distributing LNG from Greece to Central and Eastern Europe.
The signing of the contract with Venture Global Inc, which opens a new cycle of commercial and energy cooperation between Greece and the United States, seals the commercial viability of the Vertical Corridor. More specifically, on the sidelines of the Partnership for Transatlantic Energy Cooperation (P-TEC), held at the Zappeion Mansion, ATLANTIC – SEE signed a twenty-year purchase and sale agreement with Venture Global Inc, which will be implemented from January 1, 2030.
Based on the terms of the agreement, the supply of at least 0.5 million tons of LNG annually (MTPA) is planned, while the company has the option to extend its purchase commitment to approximately 1.5 million tons annually (MTPA). Additionally, there is provision for the possibility, by mutual agreement of the parties, to increase the relevant quantities even further.
These quantities will be transported to Greece by ATLANTIC – SEE, with the aim of selling them to markets in Central and Eastern Europe. It should be noted that this is the first long-term LNG supply agreement with a supplier from the United States in Greece’s energy history, at a time that marks the dynamic strengthening of energy cooperation between the two countries.
Venture Global Inc, based in Louisiana, is one of the largest LNG producers in the United States. Also, yesterday a Mutual Interest Agreement was signed with the Ukrainian state company Naftogaz of Ukraine, based on which Naftogaz expressed interest in concluding an LNG purchase and sale contract of up to approximately 0.7 million tons annually (MTPA), after regasification, for a duration of twenty years, starting from January 1, 2030. Similarly, a Memorandum of Understanding (MoU) was signed with Romanian companies Nova Power & Gas SRL and SNTGN Transgaz S.A., based on which the two companies expressed interest in concluding an LNG purchase and sale contract of up to approximately 1.4 million tons annually (MTPA), for a period of twenty years, also from 2030. In total, the Memoranda of Understanding correspond to LNG quantities of up to 3.7 billion cubic meters (BCM). As can be understood, the above developments confirm Greece’s leading role as a regional hub for importing, transporting and distributing LNG in Europe, as our country becomes a critical factor for the diversification of energy sources, supply security and energy autonomy of the region. In essence, through ATLANTIC – SEE’s moves, Greece acquires for the first time a coordinated LNG export arm.
Pivotal role
After signing the agreements, Mr. Alexandros Exarchou, CEO of ATLANTIC – SEE and chairman and CEO of the Aktor Group, spoke of “a day of pride for all of us. The Aktor Group participates in the vision of transforming Greece into an international hub of the new European vertical energy corridor for American natural gas.” “This vision became reality thanks to the determination, close cooperation and contribution of the Prime Minister, Mr. Kyriakos Mitsotakis, the Minister of Environment and Energy, Mr. Stavros Papastaurou, and the US Ambassador to Greece, Mrs. Kimberly Guilfoyle. Greece now acquires a pivotal role in the region, which creates historic opportunities and we feel tremendous joy that we are part of this national effort,” Mr. Exarchou characteristically added.
Historic transition
For his part, Mr. Konstantinos Xifaras, chairman of ATLANTIC – SEE and CEO of DEPA Commercial, stated: “Today’s agreement marks a historic transition from vision to practice. Greece, with the close cooperation and steady support of the Prime Minister, Mr. Kyriakos Mitsotakis, and the Minister of Environment and Energy, Mr. Stavros Papastaurou, acquires for the first time a long-term strategic LNG supply line from the United States, strengthening its role as a pillar of energy security and diversification in Europe. Through ATLANTIC – SEE, the joint company of DEPA Commercial and the Aktor Group, we are building a new commercial and geostrategic corridor, which transforms our country into a point of reference for all of Southeastern Europe. This is an important long-term step towards a resilient, sustainable and energy-independent Europe, with Greece in the role of a reliable protagonist, who can provide and pioneer.”
Finally, Shannim Hynnes, Senior Vice President of Venture Global, expressed her satisfaction with the agreement, emphasizing that it marks “a new era of cooperation between the United States and Greece in the energy sector.” “On behalf of our CEO, Mike Sabel, and our entire Venture Global team, we are excited to celebrate this new supply agreement, which significantly extends our cooperation with Greece, a key ally of the United States,” she noted, adding that “this agreement represents the first long-term LNG supply contract between Greece and an American exporter.”
Published in “Parapolitika”
