Greece brokers landmark US gas agreement for Albania, Bosnia

Environment and Energy Minister of Greece Stavros Papastavrou and US Ambassador to Greece Kimberly Guilfoyle were present at a press conference announcing a deal worth 9 billion euros for the sale of 1.5 billion cubic metres of American natural gas per year from the United States via Greece to Albania and Bosnia, Atlantic See announced.

Atlantic See is a joint venture between DEPA Commerce and the AKTOR Group, CE Report quotes ANA-MPA.

The agreement includes the doubling of gas volumes that Atlantic See will purchase from US company Venture Global from 2030 onwards over a 20-year period, compared with the initial contract signed in November, as well as the onward sale of 1.0 billion cubic metres per year to Albania and 500 million cubic metres to Bosnia.

In his remarks, Papastavrou stressed that the vertical natural gas corridor supplying regional countries via Greece is an infrastructure project that will endure and can substantially enhance the security of supply in the region.

"Greece is playing a central role in the new energy architecture," he said. "New prospects are emerging. Natural gas from Cyprus will be imported in liquefied form into the European market, and in a few years Greece itself may also become a producer of natural gas. In this architecture, the vertical corridor will play a decisive role," he added.

Ambassador Guilfoyle noted that the agreement strengthens Greece-US cooperation and is not only commercial in nature, but also supports energy security in practice. She added that it reinforces Greece’s role as an energy hub and is beneficial for the United States as well as for countries in the region, which gain more options, resilience and energy security.

Konstantinos Xifaras, Chairman of ATLANTIC SEE LNG TRADE and CEO of DEPA Commerce, said that Greece and the United States are contributing to shaping a secure, resilient and diversified energy future for Europe. He added that access to reliable supply sources is not only an economic issue, but also one of stability, resilience and strategic autonomy. Greece, he noted, has invested in infrastructure and interconnections that enable it to function as a gateway for Central and Eastern Europe.

Alexandros Exarchou, CEO of ATLANTIC SEE LNG TRADE and Chairman and CEO of the AKTOR Group, said the agreement has a national dimension, as it is supported by both the US and Greek governments. He added that finalisation of gas supply agreements with other countries in the region is expected to follow, following preliminary discussions already underway.