Greece is positioning itself for a larger role in the region’s natural gas trade as it prepares to host a high-level energy forum in Athens this week, where new partnerships for US liquefied natural gas (LNG) are expected to be announced.
The Partnership for Transatlantic Energy Cooperation (P-TEC) Ministerial and Business Forum, which will be held in Athens on November 6–7, brings together officials from the United States, 24 European countries, and the European Union. The forum is an initiative by Greece’s Minister of Environment and Energy Stavros Papastavrou and U.S. Secretary of Energy Chris Wright, who will also meet with Prime Minister Kyriakos Mitsotakis during his visit.
The talks come at a challenging time for Europe as it finally begins to phase out Russian gas imports by 2028, thus creating demand for alternative sources. While Greece’s role remains limited compared with larger European players, it hopes to serve as a transit hub for US LNG flowing to Southeastern Europe.
U.S. Energy Players Arrive in Athens
Top American and international energy companies are attending the Athens forum, including Cheniere, ConocoPhillips, Venture Global LNG, Excelerate Energy, and LNG Allies. Representatives from ExxonMobil and Australia’s Woodside Energy are also taking part.
The event is expected to feature commercial discussions and potential announcements involving DEPA Commercial, Greece’s state-owned natural gas trading company. DEPA holds about 40% of the domestic market and exports gas through pipelines to the Balkans and Ukraine.
Sources suggest DEPA may sign new long-term LNG supply agreements with U.S. producers, expanding its imports through the Alexandroupolis floating storage and regasification unit (FSRU)—a key project in northern Greece where it holds a 25% stake. These shipments would replace part of the Russian gas currently covered under DEPA’s contract with Gazprom, which expires in 2026.
New Private Players Enter the LNG Market
The growing focus on American LNG is also attracting new Greek investors. Infrastructure and construction group AKTOR, led by shipowners Dimitris Bakos and John Kaimenakis alongside CEO Alexandros Exarchou, has entered the LNG trade through a new joint venture with DEPA Commercial.
The venture, ATLANTIC – SEE LNG TRADE S.A. (AS LNG), will focus on importing and distributing LNG and pipeline gas. AKTOR holds a 60% stake, with DEPA Commercial holding the remaining 40%.
The board of directors is chaired by Konstantinos Xifaras, CEO of DEPA Commercial, with Alexandros Exarchou serving as CEO of the new venture. Other board members include Anastasios Aranitis, Konstantinos Adamopoulos, and Dr. Kostas Karayannakos.
According to statements from the partners, the company is already assessing opportunities for collaboration and investment to achieve its commercial objectives. Industry sources say AS LNG plans to invest around $1 billion in four LNG carriers, potentially financed by the U.S. International Development Finance Corporation (DFC). The company aims to transport up to 2 billion cubic meters of gas annually across Southeastern Europe by 2030.
“This partnership strengthens DEPA Commercial’s regional presence and export orientation,” said Xifaras, describing the joint venture as part of DEPA’s broader strategy to expand into Southeast Europe and contribute to the region’s energy security.
Exarchou, in turn, said that global shifts in the energy market have created “historic opportunities,” adding that AKTOR’s collaboration with DEPA highlights Greece’s potential to play a meaningful role in Europe’s changing energy landscape.
Broader Corporate Strategies
The joint venture comes as both companies pursue strategic transformations. AKTOR Group, a leading construction and infrastructure company with more than 70 years of experience in Southeast Europe, is diversifying into new sectors such as renewable energy, concessions, real estate, and integrated facility management. The group aims to be “a driving force for sustainable growth” and create value for both shareholders and society, according to company statements.
DEPA Commercial, meanwhile, is evolving into a multi-faceted energy group amid growing competition. Its €250 million investment plan for 2025–2028 focuses on infrastructure, power generation, and renewable energy, while reinforcing its presence in regional gas and LNG markets.
Through participation in key projects such as the Vertical Corridor—which links Greece’s gas network to Bulgaria, Romania, and Ukraine via interconnections and the Alexandroupolis FSRU—DEPA is enhancing Greece’s energy security and export capacity. The company is also working on new cross-border commercial agreements to integrate the Greek gas market more closely with global LNG flows.
Prospects for Power Generation
The AKTOR–DEPA partnership may extend to the “Thermoilektriki Larissas” gas-fired power project in central Greece. The 792-megawatt plant is under development with DEPA Commercial holding 35% and energy supplier Volton, linked to Bako interests, holding 10%.
AKTOR’s leadership has signaled plans to expand further into the energy sector, building on its existing portfolio in renewable energy and storage.
Aiming for a Regional Role
While Greece’s LNG projects remain modest compared with Europe’s largest energy markets, the country’s efforts reflect a broader push to reposition itself as a key regional energy link. With growing American engagement and private-sector participation, Athens hopes to translate its strategic location into a long-term role in Europe’s evolving energy map.
Source: tovima.com
