The 6th Transatlantic Energy Cooperation Summit (P-TEC), being held today November 6 and tomorrow November 7 in Athens, is evolving into a pivotal milestone for shaping the new energy landscape of the country and for the further upgrade of Greece’s geopolitical position in Southeastern Europe.

The event, which draws the interest of top American officials and representatives of energy giants, constitutes a strong message for the deepening US–Europe cooperation in the field of energy, but also a critical step for new strategic deals that will redefine the map of natural gas flows and investments in the region.

Since yesterday in our country, and meeting with the Prime Minister at the Maximos Mansion, are US Interior Secretary and “Energy Czar” Doug Burgum, Energy Secretary Chris Wright, Undersecretary of State for Management and Resources Michael Rigas, and Undersecretary of State for Economic Growth, Energy and Environment Jacob Helberg.

Their presence in the Greek capital, along with senior executives from Cheniere Energy, ExxonMobil, ConocoPhillips, Venture Global LNG, and also technology giants such as Amazon and Google, underscores Greece’s new geostrategic role in Europe’s energy architecture.

The deals

Transatlantic cooperation in natural gas supply opened yesterday with DEPA Commercial and Aktor announcing the establishment of a joint venture for the supply and export of American LNG. The new company is named ATLANTIC SEE LNG, with a shareholding structure of 60% DEPA Commercial and 40% AKTOR. According to sources, the new entity will have a purely export-oriented character, with exclusive activity the transport of liquefied natural gas to Southeastern Europe.

The same sources note that the Development Finance Corporation (DFC), the US state development bank, is expected to play a role in the joint venture. It remains to be seen from the announcements whether its role in the energy scheme will be financial or also equity. In any case, the involvement of the DFC, which also participates in other infrastructures in the country, is perceived as a clear message of American confidence and strategic investment in the Greek energy corridor.

ExxonMobil’s research in Crete also appears to be entering a new phase, with information indicating that the American giant is heading to a decision for an exploratory drilling.

The Vertical Corridor

The new cooperation between DEPA Commercial and Aktor at the heart of the Vertical Corridor will allow the flow of American LNG from Greece to Bulgaria, Romania, Hungary and Ukraine.

According to information, Aktor will contribute to the agreement long-term LNG supply contracts of up to 2 bcm annually or even more, which will be channeled to Ukrainian companies, including the state energy company and the private DTEK group. The natural gas will come from American Venture Global LNG, based on a 20-year contract that is in the final stage of negotiation.

The project is part of the full utilization of the Alexandroupolis FSRU and the creation of new regasification terminals, such as the second Gastrade FSRU in Thrace – which has already received a positive opinion for the Environmental Impact Study.

As Gastrade executives recently said, the final investment decision for the project is expected within 2026, so that the new FSRU unit will be operational in 2028.

Given the planned capacity of 6 bcm of natural gas, the total investment cost is estimated between 550 and 600 million euros. For comparison, the existing Alexandroupolis FSRU, with a capacity of 5.5 bcm, cost about 500 million euros.

Gastrade, whose shareholders – Elmina Kopelouzos, DEPA, DESFA, Gaslog and Bulgartransgaz – jointly support the project, aims at the timely signing of station usage contracts. In this way, it seeks to secure the commercial viability of the project without having to proceed to a market test process. It should be noted that in 2024 natural gas consumption in the countries of the Vertical Corridor was 51 bcm and the forecast for 2030 is 68 bcm. This means that there will be a 17 bcm gap while additionally the approximately 15-16 bcm coming from Russia will be missing from the system.

The DFC and the “locking in” of European agreements

The conclusion of long-term contracts with European companies is estimated to be the “key” for activating financing from the US development organization DFC.

Such a development would open the way for the implementation of upgrade projects for the Vertical Corridor, through which American LNG will be able to be channeled from Greece to Hungary and Slovakia.

Thus, the Vertical Corridor will emerge as a main energy artery of Europe, simultaneously consolidating the role of Greece as a strategic fuel entry gate to the continent.

Acceleration factors

The conference takes place at a critical juncture, as European suppliers are preparing for the period after the end of 2027, when the supply of Europe with Russian natural gas will be fully discontinued.

At the same time, the clock is ticking for the implementation of the EU–US agreement, which provides for energy imports worth 750 billion dollars within three years, redefining the energy balance of the continent.