Referring to his meeting with U.S. Energy Secretary Chris Wright, Papastavrou stressed that Greece is a strategic ally of the United States in the energy sector, noting that the country has evolved into a pillar of stability in the region.
As he explained, Greece’s energy infrastructure and geographic location enable the transportation of American LNG (liquefied natural gas) to Southeastern Europe, helping reduce dependence on Russian natural gas.
The minister placed particular emphasis on energy diversification and the Vertical Corridor project, explaining that American LNG enters through the Revithoussa terminal and the FSRU floating storage and regasification unit, before being transported through Bulgaria, Romania, and Moldova to Ukraine. According to him, this development strengthens regional energy security, which he described as inseparable from national security.
Papastavrou reiterated that energy diversification is essential for regional security and highlighted the importance of the Vertical Corridor.
“In this sense, we have American LNG arriving through Greece, via Revithoussa and the FSRU terminal, and from there through Bulgaria, Romania, and Moldova all the way to Ukraine, providing the energy diversification that is necessary. At the same time, we are working with ExxonMobil and Chevron to develop Greece’s hydrocarbon sector. We will carry out the first exploratory drilling operation in half a century, and we hope that our country will become a natural gas producer in the coming years.”
Asked why some European Union member states continue to purchase energy from Moscow despite Russia’s ongoing war against Ukraine, Papastavrou replied:
“I believe it is because Russia managed to offer very low prices, and many confused low prices with security. When you do not have secure supply, then you do not truly have low prices. Security of supply is a crucial factor in every country’s energy security.”
He added that the European Union has now committed to fully phasing out Russian natural gas imports by the end of 2027.
Papastavrou also argued that Greece must utilize all of its domestic energy resources:
“What does Greece have, besides being a beautiful country? It has wind, sunshine, hydroelectric potential, and potentially hydrocarbons. We must make use of all of them. We must also capitalize on our geographic position. All of this should lead to more affordable prices for Greek households and the Greek economy.”
He acknowledged that Greece had neglected hydrocarbon development for decades.
“We did not do this for 50 years, and that was a mistake. Now we are accelerating and moving quickly. As I said, with ExxonMobil we hope that by February 2027, in less than a year, the first exploratory drilling will take place. Chevron will also conduct seismic surveys south of Crete by the end of this year. So we are moving fast.”
At the conclusion of the interview, Fox Business host Maria Bartiromo praised Greece’s economic progress:
“You and the government in Greece have completely changed the country’s economic story. Congratulations.”
Papastavrou responded:
“Ten years ago, Greece was on the verge of bankruptcy. Today, it is growing faster than many other European countries. Unemployment has fallen from 18% to below 8%. Prime Minister Kyriakos Mitsotakis has reduced more than 80 taxes.”
He concluded by emphasizing the country’s economic transformation and ongoing growth trajectory.
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