This transition is more than a commercial adjustment; it represents a geopolitical reshaping that redefines Greece’s role as a key energy hub in Southeast Europe. While it presents economic challenges and costs, it also opens up new business opportunities.

Increased Activity Around LNG and US Partnerships

In recent months, this major energy shift has been accompanied by heightened activity in Athens. High-level US officials have been meeting with the Greek government and leading Greek energy entrepreneurs, with American liquefied natural gas (LNG) at the center of discussions.

Washington views Greece not just as a buyer but as a strategic partner, channeling new LNG flows to Europe to gradually replace Russian gas. From the LNG terminals at Revithoussa and Alexandroupoli through the Balkans to Central Europe, Greece is emerging as a vital player in the continent’s new energy map.

US LNG Leads the Market

Since 2020, US LNG has steadily gained ground in Greece, marking an impressive upward trend. Of the approximately 7 billion cubic meters of LNG Greece consumes annually, about 3 billion cubic meters now come from the US, dominating the market.

According to DESFA (the Greek gas system operator), LNG already covers 40% of Greece’s total natural gas imports, with 88% of that LNG coming from the United States, which has become the dominant supplier.

Greece also imports smaller LNG quantities from Nigeria (5%), Norway (5%), and Algeria (2%), which once was the main LNG supplier to Greece. Meanwhile, pipeline imports through Sidirokastro (from Russia) still account for 45% of total supplies, with the Trans Adriatic Pipeline (TAP) bringing Azerbaijani gas representing about 10-12%.

LNG Exports to Northern Europe

Greece is solidifying its position as a strategic natural gas hub in Southeast Europe, as LNG exports northwards become increasingly important for diversifying European energy flows.

The so-called Vertical Corridor aims to strengthen energy security and diversify gas sources in the region, allowing bidirectional gas flow from south to north. This corridor connects Greece to Bulgaria, Romania, Hungary, Slovakia, Moldova, and Ukraine, integrating existing and new European gas and LNG infrastructure.

The US is highly invested in this project since Greece’s gas network is the main gateway for American LNG into the Balkans and Eastern Europe. Currently, Greece’s national LNG capacity exceeds 10 billion cubic meters annually through the Revithoussa terminal and the Alexandroupoli Floating Storage and Regasification Unit (FSRU).

DESFA plans to immediately increase export capacity to Northern Europe from 6 to 8 billion cubic meters per year. A new compression station in Komotini, set to open soon, supports this goal.

New Deals and Strategic Partnerships

Washington’s ambition is to flood Europe and Greece with American LNG. This was reinforced during Interior Secretary Doug Bergam’s recent visit to Athens. He will return shortly to attend the Transatlantic Energy Cooperation Summit (P-TEC).

Athens is pursuing a flexible procurement strategy, with shorter-term agreements to maintain adaptability for future choices. Nonetheless, partnerships between Greek and US companies are already underway and expected to intensify.

Upcoming High-Level Energy Summit in Athens

Next week, Greece will host ministers of energy from 25 countries, including Poland, Hungary, Romania, Ukraine, the Czech Republic, Slovakia, Bulgaria, Slovenia, Austria, Germany, and Greece’s own Minister of Environment and Energy, alongside 400 invited guests.

The US delegation will include Energy Secretary Chris Wright, Interior Secretary Doug Bergam, and Deputy Secretary of State for Management and Resources Michael Rigas.

Bilateral high-level meetings between Greek and American companies will focus on LNG supply and transport to Greece and Southeast Europe.

Strong Private Sector Presence

Leading private companies such as Google, Amazon, ExxonMobil, Baker Hughes, Venture Global LNG, ConocoPhillips, Cheniere, Excelerate Energy, and Woodside Energy will participate in the business forum, discussing investments in infrastructure, technology, and system resilience.