Yesterday’s visit by Volodymyr Zelensky to Athens marked a pivotal moment, confirming Greece’s leading role in the energy (and evolving geopolitical) landscape, while immediately spotlighting key Greek companies like AKTOR, DEPA Trading, the Atlantic SEE consortium, and GEK TERNA, regarding the role our country can play in Ukraine and beyond.
Specifically, as reported by the Big Mouth column of Powergame.gr, the benefits from the Atlantic – SEE LNG Trade agreement become immediate and tangible (well before 2030), with AKTOR participating at 60% and DEPA Trading at 40%, focusing on transporting American LNG to Europe. This becomes clear from the mega agreement signed by DEPA Trading and Ukraine’s Naftogaz for natural gas supply to Ukraine’s market during the winter period, from December 2025 to March 2026, marking a substantial step in strengthening regional energy cooperation and European energy security. This is confirmed by statements from DEPA’s CEO, Kostas Xifaras, who noted that American LNG supply will be delivered through ATLANTIC – SEE company, signaling DEPA’s commitment to providing practical and secure energy solutions throughout Southeast Europe.
Through this agreement, Atlantic SEE LNG TRADE’s strategy for selling LNG to Eastern and Central Europe begins to unfold, as recently announced, within the framework of establishing Greece as an international hub for American liquefied natural gas in Europe. This deal represents the first concrete example of recent announcements made within the Partnership for Transatlantic Energy Cooperation (P-TEC).
The delivery of American LNG to Ukraine through the Route 1 Corridor, jointly operated by transmission infrastructure managers from Greece, Bulgaria, Romania, Moldova, and Ukraine, announced yesterday, confirms the role that energy infrastructures can play in the broader new geopolitical environment and the energy security of the European continent.
AKTOR Group’s presence in the Atlantic – SEE LNG Trade consortium confirms the Group’s targeting of energy investments and expansion into new activities aimed at revenue diversification and building an even more dynamic economic profile that will generate shareholder value and demonstrate resilience against fluctuations traditionally found in the purely construction market.
It should be noted that Atlantic – SEE LNG TRADE has signed a 20-year purchase agreement with Venture Global Inc., which will take effect on January 1, 2030, providing for the supply of at least 0.5 million tons of LNG annually (MTPA), with expansion potential up to approximately 1.5 million tons annually (MTPA). This represents the first long-term LNG supply agreement with a United States supplier in Greece’s energy history. Similarly, it has signed a Memorandum of Understanding (MoU) with Romanian companies NOVA POWER & GAS S.R.L. and S.N.T.G.N. Transgaz S.A., whereby the two companies expressed interest in concluding an LNG purchase contract for up to approximately 1.4 million tons annually (MTPA), for a 20-year period, also starting in 2030.
Energy and national security
Energy security, of course, doesn’t just mean covering energy needs: It’s intertwined with national security, something highlighted by the new US Ambassador, Kimberly Guilfoyle, regarding yesterday’s agreements. “Energy security is national security. It’s that simple. I had the honor to witness today in Athens the historic signing of a letter of intent between ATLANTIC-SEE LNG TRADE, a consortium between Greek energy company DEPA and AKTOR, and Ukraine’s Naftogaz. This achievement builds on recent agreements that will bring American natural gas to our European partners, creating necessary alternatives to Russian energy.” Thus, according to the column, Greece’s pivotal role in American plans for Southeast Europe is confirmed.
GEK TERNA: How it becomes the first European infrastructure group to enter Ukraine’s energy sector
Particularly significant and strategic in nature was GEK TERNA’s agreement with Ukraine’s state hydroelectric giant, Ukrhydroenergo, for developing a new unit that will operate as a “lung” of stability for the Ukrainian electrical system. More specifically, according to GEK TERNA Group sources, through its construction arm TERNA, it signed a Cooperation Memorandum (MoU) with Ukrhydroenergo on November 15, 2025, marking the first agreement by a Greek and European infrastructure group in Ukraine’s energy sector. Thus, GEK TERNA confirms its role as the largest and most reliable infrastructure company in SE Europe, with internationally recognized expertise.
The cooperation between GEK TERNA and Ukrainian Ukrhydroenergo involves jointly developing and implementing a 1,263 MW Dniester pumped storage station (Dniester PSPP Pump Storage) and a new 220 MW pumping station (New Pumping Station). The total budget amounts to approximately €1.5 billion. These two projects, located in Western Ukraine, are those that will initially be implemented within the MoU framework, while other opportunities in the country’s hydroelectric and pumped storage projects are also being examined.
It should be noted that Ukrhydroenergo is Ukraine’s largest hydroelectric power generation company and is 100% state-owned. TERNA, Greece’s largest construction company, has extensive international experience in designing, constructing, and operating complex energy infrastructures, particularly pumped storage projects. Today it is implementing the Amfilochia pumped storage system, the largest storage project investment in Greece.
The critical energy infrastructures that TERNA will implement in Ukraine will contribute to stabilizing the energy grid and accelerating the country’s energy transition. The projects are expected to receive significant support from international financial institutions and European bodies (EBRD, EIB, etc.), including technical and regulatory assistance.
